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
Vietnam State bank orders stop ATM fee hike
The three banks announced the increase of service fees for ATM cash withdrawals from VND1,100 to VND1,560 even at ATMs run by these same banks. After hearing the announcement of the three banks, the State bank of Vietnam liaised with the Vietnam Bank Association to cease the plan in order to calm down the public. Additionally, the State Bank of Vietnam ordered a transparency in collecting ATM fee to let customers understand more about the regulation. The Vietnam Bank Association also exchanged with representatives from the three banks about balancing between their benefits with customers’ rights and interest who are using financial services and to create harmony between service providers and service users. The three banks agreed to cancel their plan. As per the Vietnam Bank Association’s statistics, 38.73 million people are using ATM cards of the three credit institutions in circulation, accounting for over 50 percent of Vietnam’s total. Fee hike of the three banks … [Read more...] about Vietnam State bank orders stop ATM fee hike
Vietnam’s state bank tries to reassure clients in wake of multi-million fraud cases
By Anh Minh  April 3, 2018 | 11:06 am GMT+7 Bank tellers receive customers at an Eximbank office, as shown in a file photo by VnExpress. One client lost nearly $11 mln after a renegade bank employee used forged documents and fled overseas. Vietnamese banks and government authorities are trying their best to protect the legal rights of clients in the wake of multiple fraud cases that involved clients losing millions of dollars, an official from the State Bank of Vietnam (SBV) said at a press conference on Monday. Vice governor of the central bank, Nguyen Thi Hong, said banks have gone to great lengths to protect the rights of clients, and that the SBV has issued tight regulations to manage deposits and force credit unions to comply. “These documents [on regulations] clearly outline the procedures for managing deposits and explicitly state that credit unions are responsible for transparency. Violations will not be tolerated,” Hong said. She … [Read more...] about Vietnam’s state bank tries to reassure clients in wake of multi-million fraud cases