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
Vietnam joint stock commercial bank for industry and trade
Vietnam stock scales new peak, Singapore extends gain
By Reuters  April 6, 2018 | 03:59 pm GMT+7 Traders gather for the IPO of Singapore-based Sea Limited on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. Photo by Reuters/Brendan McDermid Other Southeast Asian markets slipped as investors awaited China's response for Trump's $100 billion additional tariffs proposal. Singapore and Vietnam shares extended gains on Friday while other Southeast Asian markets slipped as investors awaited China's response after U.S. President Donald Trump proposed $100 billion in additional tariffs. "The silver lining is that Trump did open a path for de-escalation, stating that the U.S. is prepared to have discussions," Mizuho Bank said in a note. "The ball is now in China's court to either play hardball or change to a more conciliatory tone. Markets are thinking that much is posturing for negotiations, but the risk is that tit-for-tat can spiral beyond a point where it becomes … [Read more...] about Vietnam stock scales new peak, Singapore extends gain
Fitch upgrades ratings of three Vietnamese banks
Fitch Ratings upgraded the long-term issuer default rating (IDR) of Military Bank to ‘B+’ from ‘B’. — Photo Military Bank Fitch Ratings on Tuesday upgraded the long-term issuer default rating (IDR) of Military Commercial Joint Stock Bank (Military Bank) to ‘B+’ from ‘B’ with a stable outlook. Fitch also upgraded the bank’s viability rating to ‘b+’ from ‘b’. In a report released on Tuesday, the agency also upgraded the viability rating of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to ‘b’ from ‘b-’. The long-term IDRs of Vietnam Bank for Agriculture and Rural Development (Agribank), Vietinbank and Vietcombank have been affirmed at ‘B+’ with a positive outlook. The IDR of Asia Commercial Joint Stock Bank (ACB) has been affirmed at ‘B’ with a stable … [Read more...] about Fitch upgrades ratings of three Vietnamese banks
VN-Index rises for fourth day
Investors watch market movements at the SSI trading floor in Ha Noi. —VNS Photo Doan Tung Shares rose for the fourth consecutive day yesterday on the HCM City Stock Exchange, largely on the strength of a handful of banking and energy blue-chips. The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.17 per cent to settle at 1,121.54 points, falling from the intraday high of 1,129.89 points. It advanced by 0.46 per cent to close Tuesday at 1,119.61 points. Meanwhile, the HNX Index on the Ha Noi Stock Exchange (HNX) inched up 0.60 points to end at 128.05 points. The index edged up 0.88 per cent to end at 127.29 points on Tuesday. The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained slightly 0.03 per cent to finish at 60.09 points. It rose 0.55 per cent to stand at 60.07 points on Tuesday. More than 311.1 million shares were traded on the three local exchanges, worth VND9.2 trillion (US$406.2 million). Market trading conditions were quite balanced … [Read more...] about VN-Index rises for fourth day
Banks stock drive VN-Index over peak
The benchmark VN-Index on the HCM Stock Exchange advanced 0.62 percent to close at 1.133,31 points, totaling a two-day rise of 0.88 percent. According to BIDV Securities JSC (BSC), the VN-Index surpassed the peak with the dynamics from the smart cash flow. “Positive market sentiment will likely pull the index up in the next session. However, the risk still exists when the division tends to spread and liquidity has not really broke through,” BSC said. The minor HNX Index moved up 0.47 percent to end at 129.66 points. The northern market index advanced 1.16 percent to end at 129.06 points on Monday. More than 289.09 million shares were traded on the two local bourses, worth VND7.9 trillion (US$348 million). On the two stock markets, the market breadth was negative with 268 declining stocks against 214 gaining ones, while 249 other shares ended flat. The UPCOM Index on the Unlisted Public Company Market (UPCoM) fell 0.09 percent to 61.31 points, totaling a two-day lost of … [Read more...] about Banks stock drive VN-Index over peak