The State Bank of Vietnam is stepping up measures to penalise banks that are exceeding the deposit interest cap rate of 14 per cent per year by offering bonuses, promotions and incentives to customers. On September 15, the Tay Ninh Branch of the State Bank decided to dismiss Nguyen Thai Hau, director of a Dong A Bank branch in the southern province of Tay Ninh for violating interest rate regulations. It also asked the bank not nominate him to a managerial position for the next three years. Lam Thi Minh Anh, head of the accounting department of the bank was also discharged. In addition, Dong A Bank has been banned from opening any further branches, transaction offices and ATM machines across the country for a period of one year from September 14. Dong A Bank has also pledged in writing to comply strictly with regulations on interest rates in future. On the same day, the State Bank said that Nguyen Thi Thuy deposited VND1 billion into the Ba Dinh Branch of Agribank in Thanh Hoa … [Read more...] about Central Bank deals with banks violating interest cap
Bank deals open account
Talking Shop (29-03-2007) Hot stocks drive trend to open new banks in nation The trend to start new banks as financial institutions see more and more success on the stock market have made people ask whether this is a good thing for Viet Nam. Le Duc Thuy, governor of the State Bank of Viet Nam (SBV), spoke with the media yesterday on the sidelines of a National Assembly meeting. Is it true there is a movement to form new banks while the regulations on establishing them are still being drafted? The movement to establish new banks indicates two things. First off, the banking sector is very attractive to both domestic and foreign investors. The trend shows this field has become ripe with growth and opportunities because no one puts money into a sector that does not perform well. And secondly, people are looking to make a huge profit and therefore make careless decisions when proposing these types of businesses, as people often believe bank shares are hot in the official and … [Read more...] about Hot stocks drive trend to open new banks in nation
Business Banter (14-09-2007) Can banks handle direct deposit of wages? by Ha Phuong A Government mandate that State employees receive their wages by direct deposit to their bank accounts is a positive step in the ongoing effort to prevent corruption and improve the efficiency of State offices and State-owned enterprises. The move has raised concerns, however, over the capacity of the domestic banking system to meet the increased demand for ATM withdrawals by State workers seeking access to their wages Prime Minister’s Directive No 20/2007/CT-TTg, issued on August 24, ordered State and State-owned entities, beginning in 2008, to pay wages via direct deposit to employee bank accounts for their employees working in Ha Noi, HCM City, and some other major cities, provinces, industrial zones, and import and export processing zones. By early 2009, all other public employees would have to receive their pay in this manner. The benefits of direct deposit of wages is crystal clear, State … [Read more...] about Can banks handle direct deposit of wages?
DONG NAI — The Viet Nam International Agriculture Trade Fair will be held in the southern province of Dong Nai from November 3-8. The fair will house 28 stalls showcasing the products, inventions and initiatives of farmers and businesses. It will introduce high-tech equipment and cultivation techniques, help popularise trade names and provide a forum for exchanging experiences and expanding co-operation between farmers and enterprises. Work begins on $61m trade centre DA NANG — Nguyen Kim Trading Joint Stock Co started construction on a trade centre in Da Nang last week at a cost of VND1.2 trillion (US$61.53 million). The project, covering an area of 155,000sq.m, includes the Da Nang Market, the Nguyen Kim shopping centre and a trade centre complex. The project is expected to be completed before 2014. Techcombank invests $10.3m in power plant QUANG NGAI – Techcombank and Dakdrinh Hydroelectric Joint Stock Company late last week signed a VND200 billion ($10.3 million) … [Read more...] about Agroviet 2010 to open in Dong Nai
HCM CITY — Singapore-headquartered DBS Bank opened in HCM City on Wednesday its first branch in Viet Nam. In a release, it said it would support companies with business interests in the country by connecting them to the bank's extensive regional network and providing them trade financing, receivables financing, remittance, and cash management services and capital-market access. While initially it will only cater to companies, it will later expand into personal banking. Deals worth $240,000 signed in Vinh Phuc VINH PHUC — Businesses signed contracts worth VND5 billion (over US$240,000) during the northern – economic-zone trade fair which ended early this week in Vinh Phuc Province. The six-day event, part of the national Trade Promotion Programme 2010, attracted 80,000 visitors. Displays included exhibits of agricultural and seafood products, construction materials, handicrafts and fine arts, furniture, electronics and IT equipment. VN needs highly skilled accountants … [Read more...] about Singapore bank opens branch in VN