The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently opened its first overseas subsidiary in Vientiane, Laos. (Photo: VNA) Hanoi (VNA) – Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers. The most lucrative destinations are Laos and Cambodia which attracted 32 percent of the banks’ total overseas investment of 105.8 million USD in the first nine months of the year. This is understandable as Vietnamese businesses there have proven prospering with billion-USD projects in the fields of accommodation, hydropower, telecommunications, agriculture, mining and real estate. Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos. Located on Lane Xang Avenue, a finance-banking hub in … [Read more...] about Commercial banks race to expand foreign investments
Joint stock commercial bank for foreign trade of vietnam
Vietnam clears decks for foreign acquisition of weak banks
The government would sell banks it has acquired to foreign investors based on the Law on Credit Institutions, he told a forum on mergers and acquisitions held in HCMC on Wednesday. On the list are Oceanbank, Vietnam Construction Bank, and Global Petro Commercial Joint Stock Bank. Many investors have expressed interest in this new policy, he said. The restructuring of the financial-banking industry has helped reduce its bad debts from 10.08 percent in early 2016 to 6.9 percent last June, and the government continues to encourage the acquisition of small banks and credit institutions by large banks. “The number of credit institutions in Vietnam is still too high and we need to restructure the system,” Hue said. The government plans to let the Vietnam Bank for Agriculture and Rural Development (Agribank), the only 100 percent state-owned lender, launch an initial public offering next year. The Bank for Investment and Development of Vietnam JSC (BIDV) and Joint Stock Commercial … [Read more...] about Vietnam clears decks for foreign acquisition of weak banks
State Bank of Vietnam appoints new chief
The State Bank of Vietnam (SBV) has promoted Ngo Quang Luong to become the central bank’s chief administrator, replacing Nghiem Xuan Thanh. Nghiem Xuan Thanh left the position to become General Director of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), in place of Nguyen Phuoc Thanh. Reportedly, Nguyen Phuoc Thanh left the CEO post after he had been appointed as Deputy Governor at the central bank on July 19, 2013.-VNA … [Read more...] about State Bank of Vietnam appoints new chief
Four more commercial banks offer online tax payments
The General Department of Taxation under the Ministry of Finance and four commercial banks signed an agreement to facilitate online tax payments on July 11 in Ha Noi. Representatives of enterprises and individuals pay tax at the Hanoi Department of Taxation. Taxpayers can do online tax payments via four commercial banks after the General Department of Taxation under the Ministry of Finance signed an agreement with them on July 11 in Ha Noi. — VNA/VNS Photo HA NOI (Biz Hub) — The General Department of Taxation under the Ministry of Finance and four commercial banks signed an agreement to facilitate online tax payments on July 11 in Ha Noi. These banks are Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Bank for Agriculture and Rural Development (Agribank) and Military Commercial Joint Stock Bank (MBBank). According to the agreement, the department and the banks … [Read more...] about Four more commercial banks offer online tax payments
State Bank of Vietnam adjusts USD exchange rate
The State Bank of Vietnam (SBV) Operation Centre adjusted the reference exchange rate between the Vietnamese dong (VND) and the USD up by 90 VND on the morning of December 15. The SBV Operation Centre adjusted the reference exchange rate between the VND and the USD up by 90 VND on the morning of Dec. 15 The reference buying rate rose from 21,800 VND to 21,890 VND per one USD, and the selling rate, 22,575 VND per one USD. Accordingly, many commercial banks also raised their selling rate to the ceiling allowed by the SBV and increased the buying rate at the same time. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted its US dollar buying and selling prices at 22,540-22,547 VND while the Bank for Investment and Development of Vietnam (BIDV) is transacting at 22,517-22,547 VND per one USD. Meanwhile, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) set the buying and selling rates at 22,460 and 22,547 VND per one … [Read more...] about State Bank of Vietnam adjusts USD exchange rate