By Anh Minh  August 2, 2018 | 10:52 am GMT+7 U.S. dollar banknotes seen at a bank in Ho Chi Minh City, Vietnam. Photo by VnExpress/Anh Tu The dong has fallen against the U.S. dollar in recent days, but the central bank said the exchange rate is “under control.” Nguyen Thi Hong, deputy governor of the State Bank of Vietnam (SBV) Wednesday told the media at a government press conference that the greenback has also strengthened against other currencies in the world and the region. China’s devaluation of the renminbi is having an impact on how central banks around the world, including in Vietnam, are managing their currency, she said. The SBV has been adjusting the dollar reference rate by tracking the movements of many currencies, not just one, she said. The central bank fixed a central rate of VND22,666 on Thursday, up from VND22,669 the previous day but VND17 down from the weekend. Banks were buying and selling the greenback at VND23,245 and … [Read more...] about Exchange rate ‘under control’ assures State Bank of Vietnam
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KPMG hosts seminars to discuss State Bank of Vietnam’s Circular 13
Leading consulting firm KPMG recently organised talks in Hanoi and Ho Chi Minh City on the recent Circular No.13/2018/TT-NHNN, issued by the State Bank of Vietnam. KPMG speakers at the seminars The two seminars by KPMG took place on July 18 in Hanoi and July 20 in Ho Chi Minh City, as more than 260 senior executives from over 36 local banks and foreign bank branches in Vietnam gathered to discuss Circular 13 and Risk Management Practice. This seminars were a part of KPMG-run programmes to increase support for Basel II for Vietnam's banking industry. The keynote speakers were Amitava Mukherjee, director of Risk Consulting, KPMG Asia Pacific Area and Pham Do Nhat Vinh, associate director and head of FS Risk Consulting, KPMG Vietnam & Cambodia. The seminars also welcomed representatives from the State Bank of Vietnam, who talked about requirements of Circular 13, one of the laws aiming to change the quality of bank management in Vietnam. In his opening remarks, Tran Dinh … [Read more...] about KPMG hosts seminars to discuss State Bank of Vietnam’s Circular 13
Trial begins for ex deputy governor of State Bank of Vietnam
The trial of Dang Thanh Binh, former deputy governor of the State Bank of Vietnam, who is charged with “lacking responsibility and causing serious consequences” began yesterday at the HCM City’s People’s Court. The trial of Dang Thanh Binh, former deputy governor of the State Bank of Vietnam, who is charged with “lacking responsibility and causing serious consequences” began yesterday at the HCM City’s People’s Court.- Photo vietnamnet.vn Bình’s trial is connected to Pham Cong Danh, former chairman of the Vietnam Construction Bank (VNCB), who has been found guilty for illegally withdrawing more than VND9 trillion (US$402 million), the biggest-such loss ever uncovered in the country’s banking sector. He was sentenced last year to 30 years in prison. Danh was chair of VNCB’s board of directors and board of members, as well as general director of the Thiên Thanh Group. Bình is charged for his … [Read more...] about Trial begins for ex deputy governor of State Bank of Vietnam
Bank security lacking: State Bank of Vietnam
In light of recent widely reported cases of banking fraud related to automatic teller machine (ATM) transactions, the State Bank of Viet Nam (SBV) has advised the public to remain calm and adhere to banks’ regulations, while urging the banks to plug security holes. The State Bank of Viet Nam (SBV) has advised the public to remain calm and adhere to banks’ regulations, while urging the banks to plug security holes. The Payment Department under the SBV reported early this week that in 2016, out of the total 70 million transactions at 100 million ATMs, the number of fraud cases was not significant. Nonetheless, Government agencies and institutions in the financial and banking sector have been authorised by the SBV to increase security levels within the banking system. Nguyen Toan Thang, Secretary General of the Viet Nam Banks Association, said that commercial banks are cooperating with public security departments to fix these security breeches, while the SBV frequently … [Read more...] about Bank security lacking: State Bank of Vietnam
State Bank of Vietnam stops acquiring banks for 0 Dong
The Hanoitimes - From now on, State Bank of Vietnam stops buying the bank for 0 Dong, according to official statement on Vietnam Government electronic Portal, on 12th April. This policy was approved at Government meeting of building law, when the officials discussed the draft Law on Restructuring of Credit Institutions and bad debts. Along with solution mentioned in the draft, lawmakers agreed that, since now, all the weak banks would be placed under special control without form State Bank acquisition prices 0 Dong. Banks bought buy State Bank for 0 Dong earlier will be managed according to the project plan law. Three solutions for credit institution under control are: Recovery plans; plans for dealing with a legal entity (merger, unify, selling the entire charter capital, dissolution, bankrupt); plans for compulsory licensing credit institutions. About the last plan, compulsory licensing schemes are schemes owners, contributing members, shareholders of credit institutions are … [Read more...] about State Bank of Vietnam stops acquiring banks for 0 Dong