At the conference (Photo: VNA) Hanoi (VNA) - The banking system and operations of credit institutions are crucial to the nation's economy, according to an official. The statement was made by Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam during a conference, held in Hanoi on April 11, to implement the banking sector's action programme and development strategy. All the viewpoints, objectives, missions and solutions mentioned in the strategy will be the guideline for all activities, both State management and business activities of credit institutions, ensuring comprehensive development, opening a new fruitful development period for the banking industry, Anh said. Under the strategy, the overall objective of the banking industry by 2025 is to modernise the State Bank and develop the credit institutions system. For commercial banks, initially the goal of the banking sector is to restructure the credit institutions system, handle bad debts, ensure depositors' rights and … [Read more...] about Banking system crucial to economy: official
Merchant banking vs investment banking
Local banks continue to appeal to foreign capital
With high profitability and a strong rebound, local banks are becoming tempting targets for foreign investors mulling over stake purchase deals. Foreign investors show rising appetite for the shares of local banks Early this year, state banking giant Vietcombank wrapped up individual placements for its two foreign partners – GIC from Singapore and Mizuho Bank from Japan – to take back around VND6.2 trillion ($269.6 million) in proceeds. The bank also received the central bank’s (SBV) approval to scale up its charter capital to VND37.088 trillion ($1.6 billion), continuing its plan to grow into Vietnam’s largest bank. In its upcoming annual general shareholders’ meeting (AGM) this year, which is slated to take place on April 26, the bank will continue seeking shareholders’ approval for its capital hike plan as the recent proceeds from selling stocks to foreign partners only account for 30 per cent of Vietcombank’s proposed stock … [Read more...] about Local banks continue to appeal to foreign capital
Former Director General gets life imprisonment for big loss at Dong A Bank
Former Director General of the Dong A Bank Tran Phuong Binh (front, third, left) and other defendants listen to the verdict on December 20 (Photo: VNA) HCM City (VNA) – Former Director General of the Dong A Bank Tran Phuong Binh was sentenced to life in prison by the Ho Chi Minh City People’s Court on December 20 in the trial of 26 defendants who were involved in the loss of over 3.6 trillion VND (153.47 million USD) at the bank. The judging council concluded that as General Director, Vice Chairman of the Board of Directors, and Chairman of the credit council of the Dong A Bank (DAB), Binh initiated the idea and directly instructed his subordinates to arrange for staff members and their relatives to conduct illegal activities, causing losses of nearly 3.6 trillion VND to the DAB. Binh himself pocketed more than 2 trillion VND and instructed his subordinates to disburse more than 1.56 trillion VND in violations of rules. The judges gave him 20 years in prison for … [Read more...] about Former Director General gets life imprisonment for big loss at Dong A Bank
Vu Nhom yet to return money in DongA Bank case despite own request
Vu Nhom yet to return money in DongA Bank case despite own request The Saigon Times Daily Vu Nhom (L), former chairman of Bac Nam 79 Construction JSC, and Tran Phuong Binh, former general director and vice chairman of DongA Bank – PHOTO: THANH NIEN NEWSPAPER HCMC – Former Danang-based business tycoon Phan Van Anh Vu, alias Vu Nhom, has four times requested returning VND200 billion (US$8.6 million) to seek leniency in a high-profile graft case involving DongA Commercial Bank, but he and his family have yet to do so. Investigative police at the Ministry of Public Security have wrapped up their additional investigation into the DongA Bank case and submitted their conclusion to the Supreme People’s Procuracy on Wednesday, reported Thanh Nien newspaper. The police suggested prosecuting 26 people on alleged charges of causing a hefty loss of more than VND3.6 trillion (US$155 million) for the bank. They include Vu Nhom, 43, former chairman of Bac Nam 79 … [Read more...] about Vu Nhom yet to return money in DongA Bank case despite own request
LienVietPostBank and JPMorgan Chase Bank signed US$50 million loan
LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Hà Nội signed a credit contract worth US$50 million for three-year term. — VNS PhotoViet Nam News HÀ NỘI — LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Hà Nội signed a three-year credit contract worth US$50 million. The loan aims to improve LienVietPostBank’s position in the financial market both inside and outside the country while helping the bank add mid-and-long-term foreign currency. It should improve the bank’s capital mobilisation structure. Speaking at the signing ceremony, Phạm Doãn Sơn, LienVietPostBank’s general director, lauded co-operation of JPMorgan Chase in signing the contract. “The loan would help LienVietPostBank deeply integrate into international financial market,” Sơn added. By June 30, 2018, LienVietPostBank’s total assets reached VNĐ175.8 … [Read more...] about LienVietPostBank and JPMorgan Chase Bank signed US$50 million loan