Cao Sỹ Kiêm. — Photo dantri.com.vn Cao Sỹ Kiêm, former Director General of the Việt Nam State Bank, talks to the newspaper Kinh tế & Đô thị about the proposal to require all car drivers to open their bank accounts in order to pay traffic fines if they are found to have violated traffic regulations through a traffic camera Do you have any comments on the Ministry of Transport’s proposal? The first thing I should say that this is a good idea if it becomes a reality. The most visible benefit is that when car owners have their bank accounts linked to their other documents, fines levied for their traffic violations will be a lot easier for the authorities to collect. When the bank receives a notification from a functional agency which is charged with collecting the traffic fine, the bank will then automatically deduct the fine from the bank account and then transfer the money to the State budget. This method will save … [Read more...] about Car owners must open a bank account for traffic fines
Whats needed to open a bank account
Talking Shop (29-03-2007) Hot stocks drive trend to open new banks in nation The trend to start new banks as financial institutions see more and more success on the stock market have made people ask whether this is a good thing for Viet Nam. Le Duc Thuy, governor of the State Bank of Viet Nam (SBV), spoke with the media yesterday on the sidelines of a National Assembly meeting. Is it true there is a movement to form new banks while the regulations on establishing them are still being drafted? The movement to establish new banks indicates two things. First off, the banking sector is very attractive to both domestic and foreign investors. The trend shows this field has become ripe with growth and opportunities because no one puts money into a sector that does not perform well. And secondly, people are looking to make a huge profit and therefore make careless decisions when proposing these types of businesses, as people often believe bank shares are hot in the official and … [Read more...] about Hot stocks drive trend to open new banks in nation
VietNamNet Bridge – Financial expert Nguyen Tri Hieu spoke to Nong thon ngay nay (Countryside Today) newspaper on the need to launch a national finance education programme. Do you think the 10 per cent credit increase in the first eight months of 2015 as reported by the State Bank of Viet Nam (SBV) is much too low against the real figure? I should say, the demand for capital in our economy is always high. The 10 per cent credit increase by the SBV is the official figure. Meanwhile the percentage of credit in the black market must be much higher. The real figure may be double, as the capital demanded by individuals and enterprises, particularly small and medium enterprises is very high. However, the 10 per cent credit increase is higher than that of the previous year. It was attributed to the warming up of the real estate market and the slow recovery of the national economy. It is reported up to 60 per cent of Vietnamese enterprises cannot access registered credit … [Read more...] about Blackmarket credit tricky to define
International Finance Corporation (IFC), an arm of the World Bank, has committed this year to investing US$800 million in Vietnam, more than double the amount in 2010. The Saigon Times Daily spoke with Simon Andrews, IFC Regional Manager for Vietnam, Laos, Cambodia and Thailand, on the company’s investment priorities in Vietnam. Excerpts: The Saigon Times Daily: What are the investment priorities of IFC in Vietnam? - Simon Andrews: It is really around economic development. Our primary mission is to support the development of the private sector, since this is a sector that creates jobs and opportunities for people. We’re involved in three areas. One is in banking. By developing commercial micro-finance models, and increasing banks’ lending capacity, we help improve the access to finance for individuals and small and mid-sized companies. The second area is infrastructure, both physical infrastructure and soft infrastructure. Over the next ten years Vietnam probably … [Read more...] about Vietnam will be a very attractive manufacturing base
Confronted with a plunge in its stock markets last year, China's central bank swiftly reached out to the U.S. Federal Reserve, asking it to share its play book for dealing with Wall Street's "Black Monday" crash of 1987. The request came in a July 27 email from a People's Bank of China official with a subject line: "Your urgent assistance is greatly appreciated!" In a message to a senior Fed staffer, the PBOC's New York-based chief representative for the Americas, Song Xiangyan, pointed to the day's 8.5 percent drop in Chinese stocks and said "my Governor would like to draw from your good experience." It is not known whether the PBOC had contacted the Fed to deal with previous incidents of market turmoil. The Chinese central bank and the Fed had no comment when reached by Reuters. In a Reuters analysis last year, Fed insiders, former Fed employees and economists said that there was no official hotline between the PBOC and the Fed and that the Chinese were often reluctant to engage at … [Read more...] about China central bank to Fed: A little help, please?