Ha Noi plans to allow home debtors to pay arrears in cash (05-05-2006) HA NOI — The Ha Noi Department of Housing, Environment and Natural Resources said on Wednesday it would petition the municipal People’s Committee to allow resettlement property mortgage holders to make payments in cash rather than in gold bullion in light of skyrocketing gold prices. Under the department’s proposal, mortgage holders would be allowed to make payments in cash, plus non-term interest to the banks, during a period of 10 years. Under the capital’s current regulations, mortgage payments on resettlement properties are calculated and collected over a 10-year period in gold, a policy designed to preserve capital for housing development projects. However, many mortgage holders are in arrears because of higher gold prices. According to incomplete statistics from the Ha Noi Department of Housing, Environment and Resources, the city has nearly 300 mortgages on resettlement properties … [Read more...] about Ha Noi plans to allow home debtors to pay arrears in cash
Payment in cash
State Bank to limit payments in cash
State Bank to limit payments in cash (19-11-2005) HA NOI — State-funded organisations will not be allowed to make cash payments of more than VND10 million (US$629) per transaction, under a draft decree on cash payments being considered by the State Bank of Viet Nam. Under this second draft decree, only certain expenditures could be paid in cash, including wages and salaries, allowances, royalties, insurance payments, social welfare payments, site clearance compensation, and payments to individuals for purchase of goods and services. The draft decree would also limit cash payments by other, non-State-funded organisations to VND15 million ($943) per transaction. Cash payments continue to account for a major proportion of transactions in Viet Nam, according to the State Bank. However, an expert from the monetary policy department of the bank said that the continued predominance of cash payments in business transactions is linked to numerous socio-economic problems, providing … [Read more...] about State Bank to limit payments in cash
Many shareholders prefer dividends in cash
Many shareholders prefer dividends in cash (10-04-2008) HA NOI — The topic that gets most mention at stockholder meetings this year is dividend payments. It’s a subject that raises plenty of discussion. Many people now prefer payments in cash than receiving more shares. Quoc Viet, a stockholder with the Corporation for Financing and Promoting Technology (FPT), said, "At present, shares cannot make much profit. Meanwhile, stockholders are dealing with higher daily expenses, which cut backs on capital for securities investment." Viet observed that paying dividends in cash meant companies were supporting investors facing financial problems. "We need more money to invest in securities when share prices are so attractive. Meanwhile, what we earn from securities is not enough for new investment plans." Dao Van Khanh, an analyst from Agribank Securities, said, "Companies should be flexible in paying dividend. When the stock market is going through a hard period, such as now, cash … [Read more...] about Many shareholders prefer dividends in cash
Visa to intensify promotion for card payment in Vietnam
Visa to intensify promotion for card payment in Vietnam By Mong Binh - The Saigon Times Daily HCMC - Visa Inc. has disclosed a long-term major program to promote payment by Visa cards in Vietnam as part of its first global advertising campaign to migrate consumer and business spending from cash and cheques to the electronic payment. Ha said advertisement on print publications and in key outdoor locations in HCMC and Hanoi, the two biggest cities in Vietnam, would follow to further promote the campaign in this emerging market. Ha added there would be promotions for new Visa cardholders, especially the youth in Vietnam and those traveling to this country. But she declined to provide further detail. Ha said Visa Inc. expected that the campaign would encourage more people to pay by Visa cards because of more security and more convenience in Vietnam, where the bank account penetration was very low. She said Visa was unable to disclose the exact number of Visa cardholders in Vietnam … [Read more...] about Visa to intensify promotion for card payment in Vietnam
Vietnam’s finance ministry wants $219 mln in cash dividends from top lenders
In a new attempt to boost state revenue, the Ministry of Finance has sought the central bank's intervention to collect cash dividends from BIDV and Vietinbank, two of the largest lenders in which the government is a major stakeholder. In April, the shareholders of BIDV, Vietnam's largest partly-private bank by assets, agreed on distributing stock dividends at a yield of 8.5 percent, compared to the original plan of nearly 10 percent. The second biggest lender Vietinbank's shareholders voted on no dividend payment in either cash or stock. The government now owns over 95 and 64.46 percent of the banks, respectively. Both the banks said profits from the financial year 2015 should be reinvested into expansion plans, local media reported. However, in its letter to the central bank, the finance ministry cited existing rules as saying that as a major stakeholder, the government has to be consulted on dividend payout plans. The central bank should order its representatives at BIDV and … [Read more...] about Vietnam’s finance ministry wants $219 mln in cash dividends from top lenders