Departure of the tycoon is part of the government's efforts to reshape the country's banking system. The State Bank of Vietnam (SBV) has taken a banking tycoon and his son out of Sacombank’s management board, the central bank said in a statement on Friday. The Ho Chi Minh City-based lender, fully known as the Saigon Thuong Tin Commercial Joint Stock Bank, is the country’s fifth largest partly private bank in terms of total assets estimated at VND290.86 trillion ($12.77 billion) after merging with Phuong Nam (Southern) Bank in 2015. Banking tycoon Tram Be and his son Tram Khai Hoa will resign as members of Sacombank's management board. Their departure is part of a government plan to reform the banking system, the central bank said. Tram Be confirmed his resignation in an interview with VnExpress Friday afternoon while en route back to his hometown in the Mekong Delta province of Tra Vinh, 250 km (155 miles) south of Ho Chi Minh City. “I’m still fine," Tram … [Read more...] about Vietnam’s central bank terminates tycoon’ managing role in Sacombank
Sacombank tra vinh
Sacombank brings early Tet to poor
Sacombank brings early Tet to poor My Tran By My Tran in HCMC Saigon Thuong Tin Commercial Bank (Sacombank) on Sunday teamed up with HCMC’s Relief Association for Disabled Children to spend VND4.5 billion on a fabulous day for more than 6,000 homeless people from the elderly and orphaned to disabled children reared and supported in centers, open houses in HCMC and neighboring provinces. The program started in 2004 annually on the occasion of Tet and to date, Sacombank has spent VND22.5 billion helping needy people celebrate the holiday season. On the day, over 6,000 poor people were given gifts worth VND300,000 each and lucky money of VND200,000 in cash. Before that, from January 14 to 20, Sacombank donated 21 tons of rice, 100 kilograms of sugar, 50 boxes of milk and nearly VND320 million for poor people supporting centers and open houses in HCMC, Binh Duong, Dong Nai, Tra Vinh, Ben Tre, Tien Giang and Long An. … [Read more...] about Sacombank brings early Tet to poor
BUSINESS IN BRIEF 2/7
Five VN companies in Asia Pacific’s top 500 retailers Five Vietnamese companies have been listed among Asia Pacific’s top 500 retailers in 2014, according to the Retail Asia Publishing Pte and the Euromonitor (Asia) Pte Ltd. They are Saigon Union of Trading Cooperatives, with last year’s retail turnover of US$1,105 million, Big C chain under Casino Guichard Perrachon SA (US$534 million), Nguyen Kim Trading JSC (US$490 million), Saigon Jewelry Co.Ltd (US$487 million) and Mobile World JSC (US$395 million). Since 2004, the Retail Asia Publishing Pte has worked with Euromonitor International to rank the 500 leading retailers of 14 Asia-Pacific economies, namely Australia, China, Hong Kong (China), India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, the Republic of Korea, Thailand, Taiwan (China), and Vietnam. They also choose the top ten retailers of each economy based on retail turnover, growth, retail floor area, and the number of … [Read more...] about BUSINESS IN BRIEF 2/7
BUSINESS IN BRIEF 3/6
Markets suffer as sell-offs drag down stocks Benchmark indices tumbled on both national stock exchanges on June 2 as selling pressure intensified during afternoon trading. Foreign investors continued as net buyers of 131 billion VND (6.23 million USD) shares with the focus on large-cap stocks, including Masan Group (MSN), PetroVietnam Fertilisers and Chemicals Corporatioin (DPM) and PetroVietnam Gas Corporation (GAS). On the Ho Chi Minh Stock Exchange, the VN-Index shed 5.22 points, equivalent to 0.93 percent, to end at 556.8 points. Most of the market pillars fell on June 2 with the VN30-Index, tracking the performance of the southern bourse's 30 largest stocks by capitalisation and liquidity, dropping 7.01 points to 610.99 points. Only three codes in the VN30 managed to advance, including Eximbank (EIB), PetroVietnam Low Pressure Gas Distribution Corporation (PGD) and Vinamilk (VNM), and six others closed at their reference prices. Becamex IJC (IJC) lost 6.4 percent to close at its … [Read more...] about BUSINESS IN BRIEF 3/6
BUSINESS IN BRIEF 11/3
Four oil refineries due to enter operation by 2030 Vietnam aims to have four oil refineries fully operational by 2030 capable of processing 16-20 million tons of crude oil per annum by 2020. The Ministry of Planning and Investment made the announcement at a recent meeting, discussing the orientations of the oil refinery industry and projects for coastal socio-economic development along with adaptation to climate change. The project is expected to incrementally increase the capacity of the Nghi Son Oil Refinery and Petrochemical Complex to 10 million tonnes per year in the 2013-2020 period. Dung Quat Oil refinery’s capacity will be increased from its current annual 6.56 million tonnes to 10 million tonnes while three Ethanol plants will gradually step up production to 300 million litres per year. Plans for the 2021-2030 period for the Long Son and Vung Ro oil refineries will further elevate capacity to 10 million tonnes and 8 million tonnes per year respectively, bringing total … [Read more...] about BUSINESS IN BRIEF 11/3