Vietnam joint stock commercial bank for industry and trade

Hanoi (VNS/VNA) - Though Tet (Lunar New Year) is approaching with rising capital demands, the liquidity of the banking system is abundant, helping interest rates in the inter-bank market drop sharply, industry insiders said. According to Hoang Minh Hoan, Deputy General Director of Saigon Commercial Bank, no credit institution has borrowed on the open-market-operation (OMO) to date this year because they had no demand. This year's liquidity of the banking system was much better than last year, especially as Tet, which falls on January 25, was approaching, Hoan said. Reports from the State Bank of Vietnam (SBV) showed the inter-bank interest rates have sharply declined on all terms in the past few weeks. By the end of last week, the overnight and one-week rates were 0.94 and 1.46 percent per annum, a fall of 0.98 and 1.08 percentage points against the previous week, respectively. The rates for two-week and one-month loans also declined by 0.35 and 0.28 percentage points … [Read more...] about Banks’ liquidity abundant ahead of Tet

Last month, the city’s People’s Court postponed the appeals trial because of the absence of many defendants. The People’s Procuracy said the legitimate rights and interests of the defendants and others connected to the case should be protected. … [Read more...] about Court resumes Dong A Bank appeals trial

The reduction in compulsory reserve interest rates is most likely a move by the SBV to reduce the burden on the state budget, because interest payments are taken from there. "But like the impact on profits of commercial banks, the savings will not amount to much," Dr. Luc said. … [Read more...] about Central bank cuts compulsory reserve interest rates

Hanoi (VNA) - The Asian Development Bank (ADB) and the provincial People’s Committees of Ha Giang, Vinh Phuc and Thua Thien-Hue on July 6 signed project agreements totaling 223.87 million USD for the Secondary Green Cities Development Project. The project will support environmentally sustainable and inclusive development in the provincial capital cities of Ha Giang, Vinh Yen and Hue to enhance their economic competitiveness, according to a news release issued by the ADB on the same day. “The ADB will help the cities of Ha Giang, Vinh Yen and Hue integrate green features into their urban infrastructure, such an energy efficient street lighting and nature-based embankments,” said Eric Sidgwick, ADB Country Director for Vietnam. “Building on ADB’s support in preparing Green City Action Plans for the three cities, this project will demonstrate how the right mix of integrated urban planning and blended financing can improve livability, resilience and … [Read more...] about ADB helps Vietnam develop green, resilient cities

Berlin (VNA) – Foreign investors, especially those from the European Union (EU) would find it more appealing to land investment in Vietnam when the EU- Vietnam Free Trade Agreement (EVFTA) takes effect, according to German broadcaster Deutsche Welle (DW). In a story posted on its website, DW said the trade agreement would be the most ambitious the EU has ever negotiated with a developing country, which abolishes 99 percent of customs duties, eliminates bureaucratic hurdles by aligning standards for goods like cars and medicine, and ensures easier market access for both European and Vietnamese companies. On January 21, the EU Parliament’s International Trade Committee (INTA) will present a draft resolution of the EVFTA. If the European Parliament accepts the resolution during its plenary session in February, the EVFTA will come into force one month later. The trade deal is a positive step for the economies of both Vietnam and the EU, DW quoted Vietnamese Ambassador to … [Read more...] about EVFTA makes Vietnam more attractive to EU investors: German media