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A chief judge of the court of Minh Hoa District in the north-central province of Quang Binh was caught on video having some downtime with a female subordinate in his own office, according to the district's Party Committee. An anonymous informant sent the footage to the secretary of the district's Party Committee. In the clip, chief justice Dinh Lam Xuong and a junior employee appeared to have sexual intercourse in Xuong’s office during work hours. The footage has been confirmed to be authentic and undoctored by forensic experts. Xuong and the woman have also admitted their act although the chief justice claimed he was so drunk that he could not control his behavior. As of Tuesday, Xuong had been removed from all Party positions, including his roles as a member of Minh Hoa District's Party Committee and the Party secretary of the district court. Nguyen Thanh Xuan, the chief justice of the provincial court of Quang Binh, confirmed on the same day that procedures are being carried … [Read more...] about Vietnamese chief judge caught on video having sex with junior employee in office

Resolution No 10/2017 of the municipal People’s Council, which seeks to encourage investment to transform the farm sector into a modern, efficient and sustainable one in 2017-20, provides for the subsidy. The loan amount entitled to the support will be based on the investment scale and the regulations of the lending organisation.  The subsidy will be equal to the average VND12 month deposit interest rate at four State-owned banks - Agribank, BIDV, Vietcombank, Vietinbank - plus 2%. If the lending interest rate is lower than the subsidy rate, the subsidy provided will be equal to the former. The subsidy will cover the following components: basic construction, machinery and equipment for agricultural production and processing, harvesting birds’ nest, buying new fishing vessels and upgrading machine capacity, replacing existing unproductive dairy cows, and seed and hi-tech agricultural production. The term of support will depend on the approved production cycle but not … [Read more...] about HCM City to pay interest for hi-tech farms

Thanh told the press that with the bank’s strategic orientation and its business results in January 2018, the goal is completely within reach.  According to him, VCB became the first bank in Vietnam to obtain the profit target of VND10 trillion (US$439 million), and one of the banks with assets worth quadrillion VND in 2017.  VCB’s profit in 2017 hit VND11.3 trillion (over US$496 million) and its total assets last year valued at over VND1 quadrillion (US$43.9 billion), representing year-on-year increases of nearly 33% and 31%, respectively. In 2017, the bank also worked hard to effectively resolve bad debts, keeping its bad debt at 1.1% – the lowest among Vietnam’s credit institutions.  Thanh attributed the results to both effective credit and non-credit services of the bank.  Under its development strategy to 2020, VCB’s credit services are expected to contribute 32-33% to its revenue, while non-credit services will … [Read more...] about Vietcombank looks to earn US$570 mln profit in 2018

Vietcombank divested over $9 million from the share sale at the national airline Over the time period of January 25-February 8, the commercial bank was reported to conduct the stock transaction which subsequently downsized the bank’s proportion of shareholding at the national airline from the initial volume of 22.4 million shares to 14.8 million shares, commensurate with a reduction in the bank’s shareholding from 1.83 per cent to 1.21 per cent. As opined by the stock market’s analysts along the whole duration of the share deal, the commercial bank’s decision to divest such a hefty amount of stock at Vietnam Airlines was pondered as a “smart move” as the airline’s stock was regarded as an overweight on the domestic bourse with an unprecedented surging price of the ticker at VND70,000 ($3.07) per share. Briefly after the sale, the airline’s stock price plunged below VND50,000 ($2.2), a drop of roughly 30 per cent. The bottom of the … [Read more...] about Vietcombank sell-down sends national airline crashing

In a letter, it said all commercial banks must review and amend their internal regulations if needed to improve safety. “Banks must ensure all their staff fully understand and implement all regulations and regularly provide them with training.” The State Bank of Vietnam has instructed all banks to improve safety of their money transactions after the Ministry of Public Security issued an international warrant for a fugitive bank executive for allegedly misappropriating nearly 11 million USD from a customer (Photo: vietnamnet.vn) The central bank also called on lenders to upgrade their technologies to improve security and work closely with authorities to provide and receive information related to frauds. “Education on money transaction should be improved for customers. Oversight and rotation of staff are very important.” It said banks must immediately report to the SBV and other related authorities when they detect a fraud or security violation, it … [Read more...] about SBV tells banks to up security after US$11-million fraud