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
Bản in : Commercial banks racing to pool capital
Vietnamese commercial banks have, since late July, lifted interest rates on deposits in VND, especially short-term ones, in a bid to mobilise more capital in the remaining months of the year. The Ho Chi Minh City Housing Development Bank (HDBank) led the race, introducing an annual interest rate of 10.3 percent for 36-month deposits. Such banks as the Orient Commercial Bank (OCB), the Saigon Commercial Bank (SCB), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and the Saigon-Hanoi Joint Stock Commercial Bank (SHB) have increased deposit interest rate by 0.2-0.5 percent to stand between 8-8.5 percent a year. Besides lifting the deposit interest rate, a number of commercial banks also introduced attractive promotional programmes. The Asia Commercial Bank (ACB) has, for example, awarded each depositor a 0.2 percent increase in their savings interest rate. In the view of ACB Director General Ly Xuan Hai, the VND deposit interest rate will continue to rise … [Read more...] about Bản in : Commercial banks racing to pool capital
Commercial banks reduce bond purchases
Many banks have reduced the volumes of bonds to purchase in the last two weeks amid concerns about profitability and liquidity constrains, newswire Vnexpress reported. Meanwhile, according to the Hanoi Stock Exchange, the volume of successfully issued government bonds on July 28 was only VND450 billion, which accounted for just 22.5 per cent of the total value of the bonds put out for the bid. After a period of busily trading in the bond market, commercial banks seem to have halted their purchases. According to Dominic Scriven, general director of Dragon Capital, an investment fund management company, banks previously bought big volumes of bonds because they had idle capital which they could not lend due to the limitation in the credit growth rate. Now that they have purchased the bonds, banks have to reconsider where to invest their usable capital. They need to take measures to protect their liquidity, especially after Fitch Ratings, a well known credit rating firm, has warned … [Read more...] about Commercial banks reduce bond purchases
Commercial banks in Dong Nai province united in helping businesses
(VOV) - Following the State Bank of Vietnam’s instruction, commercial banks in Dong Nai province, since the middle of last month, have lowered interest rates on existing loans to a maximum of 15% to share the financial burden on businesses. Dinh Hung, a VOV stringer in Dong Nai reports. The Vietnam Joint Stock Commercial Bank for Industry and Trade in the Bien Hoa Industrial Zone, known as Vietinbank Bien Hoa, is offering business loans at 12%, on top of reducing rates on all existing loans to a maximum of 15%. In the near future, Vietinbank Bien Hoa will prioritize lending to rural and agricultural enterprises, small and medium-sized enterprises, exporters, and auxiliary industries. It is also considering credit packages worth millions of USD for export activities at a maximum interest rate of 8%. Le Hoang Son, Vietinbank’s Director in the Bien Hoa Industrial Zone, says ’Under the Governor’s direction on restructuring debts and interest rate reduction, we have … [Read more...] about Commercial banks in Dong Nai province united in helping businesses
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