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The State Bank of Viet Nam (SBV) has decided to push ahead with restructuring the banking system, applying stricter measures to effectively prevent cross-ownership at commercial banks. The State Bank of Viet Nam (SBV) has decided to push ahead with restructuring the banking system, applying stricter measures to effectively prevent cross-ownership at commercial banks. The SBV recently announced it is drafting a circular in a move to discourage cross-ownership among banks and encourage transparency in the capital contribution sources of shareholders. Under the draft circular, a revision of Circular No 06/2015/TT-NHNN, banks must bring their ownership thresholds in line with limitations stipulated in Article 55 of the Law on Credit Institutions before June 30 next year. Under the law, individuals are not allowed to own more than 5 per cent of the charter capital of a bank, while the permitted ratio for an institutional shareholder should not be more than 15 per cent, save for … [Read more...] about Tighter rules for banks

The dollar slipped against its global peers Friday and global stocks fell as the US slapped new tariffs on Chinese goods, reviving the markets' fears of an escalating trade war, dealers said. Dollar and European stocks fall as Trump hits China with tariffs, photo: Bay Ismoyo | AFP The greenback's weakness gave the euro some breathing space after a slump in the currency sparked by the European Central Bank's promise that interest rates will remain low for at least another year. Trump on Friday announced tariffs of 25 per cent targeting US$50 billion (€43 billion) in Chinese imports from "industrially significant" technologies, making good on a pledge to punish the alleged theft of American intellectual property. China swiftly retaliated by imposing "equal" tariffs on US products. The trade moves triggered profit-taking in European stock markets, a day after they benefited handsomely from the ECB's accommodating policy stance. Wall Street was also lower approaching midday … [Read more...] about Dollar and European stocks fall as Trump hits China with tariffs

Vietnamese shares closed Friday on a positive note as investors started buying in when exchange-traded funds (ETFs) offloaded stocks during their portfolio reviews. An investor watches stock prices on his laptop at MB Securities Company’s trading house.-VNS Photo Truong Vi The benchmark VN-Index on the HCM Stock Exchange inched up 0.08 per cent to end at 1,016.51 points and recovered from a 1.44 per cent drop made on Thursday. The HNX Index on the Ha Noi Stock Exchange gained 0.86 per cent to finish at 115.90 points, covering half of its 1.5 per cent loss made in the previous session. The VN-Index and the HNX Index recorded a weekly loss of 2.16 per cent and 3.3 per cent, respectively. More than 210.4 million shares were traded on the two local exchanges, worth VND6 trillion (US$266.8 million), up 1.8 per cent in volume and 17.3 per cent in value day-on-day. Foreign investors posted VND591.4 billion in net sell value on Friday. They net-sold VND660 billion worth of … [Read more...] about VN stocks positive on ETF reviews

Shares were mixed at closing on Friday morning, with the HCM City Exchange dipping but the northern Ha Noi bourse ending the morning session on a positive note. Shares were mixed at closing on Friday morning, with the HCM City Exchange dipping but the northern Ha Noi bourse ending the morning session on a positive note.- VNA/VNS Photo The benchmark VN Index on the HCM Stock Exchange fell 0.73 per cent to close at 1,008.32 points. It lost 1.44 per cent on Thursday. The HNX Index on the Ha Noi Stock Exchange inched up 0.35 per cent to close at 115.31 points. It had dropped 1.50 per cent the previous day. Liquidity remained low with nearly 87 million shares worth VND1.8 trillion (US$79 million) being traded on the two local exchanges. Declining stocks dominated the two indices, with losers outnumbering gainers 241 to 144, indicating a negative market breadth. Key areas of the stock market, including the banking-financial, property development, construction material, and food and … [Read more...] about VN stocks close morning trading with mixed results

Vietnamese shares slipped on Thursday as foreign investors struck a large net sell value after the US central bank raised interest rates and signaled more hikes to come this year. Officials at Ha Noi Stock Exchange monitors trading orders.-VNA/VNS Photo Pham Hau The benchmark VN Index on the HCM Stock Exchange lost 1.44 per cent to close at 1,015.72 points. It gained 0.96 per cent on Wednesday. The HNX Index on the Ha Noi Stock Exchange dropped 1.50 per cent to end at 114.91 points, reversing from a 0.15 per cent growth made in the previous day. Some VNĐ5.1 trillion (US$227.4 million) worth of more than 206.7 million shares was traded on the two local exchanges, up 17.4 per cent in value and 35.5 per cent in volume compared to the day before. Foreign investors on Thursday remained net sellers, striking a total net sale value of VNĐ660 billion and focusing on large-cap stocks such as property developer Vingroup (VIC), steel producer Hòa Phát (HPG), … [Read more...] about VN stocks fall on US rate hike