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
Why open a bank account
Why M&A is so vibrant in Vietnam? Reported by Huong Duong Richard Fitton, VCSC’s senior manager in charge of Investment Banking Viet Capital Securities Joint Stock Company (VCSC) is eyeing opportunities from Merger & Acquisition (M&A) across the board in Vietnam. In the following interview with the Saigon Times, Richard Fitton, VCSC’s senior manager in charge of Investment Banking, elaborates on the issue. Q: Please give a brief account of the M&A market in Vietnam. - A: Ever since Doi Moi (Renovation) opened up the economy in the late 1980s, Vietnam has been considered by foreign investors as a market of great potential. But M&A activity was always constrained up until recently by a cumbersome privatization process that has taken a long time to materialize and still has some way to go. The last two or three years have seen a significant change in investor sentiment on the country and a huge rise in M&A, which increased 40% in 2015 to … [Read more...] about Why M&A is so vibrant in Vietnam?
HSBC inaugurates foreign-owned bank in Vietnam By Thuy Trieu - The Saigon Times Daily HCMC - The British lender HSBC on Monday inaugurated its local incorporation named HSBC Bank (Vietnam) Ltd., paving the way for it to expand its network and diversify its services to better serve individual and institutional clients in the country, said the bank's CEO. He also said at the press conference on Monday that the foreign-owned bank would help HSBC expand its network and diversify its services such as mobilizing funds in Vietnam dong and providing services relating to foreign exchange. HSBC is the first foreign bank to change operation model after gaining approval from the State Bank of Vietnam to set up a wholly foreign-owned bank in the country in September last year. The new entity, HSBC Bank (Vietnam) Ltd., is headquartered at the Metropolitan Building at 235 Dong Khoi Street in HCMC's District 1. The new bank, with registered capital of VND3 trillion, or some US$180 million, is … [Read more...] about HSBC inaugurates foreign-owned bank in Vietnam
Clarification demanded for money loss from bank account The Saigon Times Daily HCMC - The government of HCMC has written to the municipal police department and the central bank’s city branch asking them to determine why VND26 billion (US$1.16 million) vanished from a client’s account at VPBank. The police are tasked with investigating the case and reporting the finding to the city government. Meanwhile, the central bank’s HCMC branch is requested to coordinate with the police, the central bank’s headquarters and local competent agencies on matters relating to Vietnam Prosperity Bank (VPBank). According to Nguoi Lao Dong newspaper, Tran Thi Thanh Xuan, director of Quang Huan Investment and Development Company in Cu Chi District, HCMC, opened an account at VPBank in March 2015. Quang Huan customers transferred a combined VND26 billion to the firm’s account to pay for farm produce. In July last year, Xuan came to the bank to withdraw the money but was … [Read more...] about Clarification demanded for money loss from bank account
China is a step closer to obtaining Special Drawing Rights status for its currency from the International Monetary Fund, a move that would see the yuan joining the greenback, euro, yen and British pound. At a forum on Sunday, central bank Governor Zhou Xiaochuan swapped the topic of a panel discussion so he could pitch the renminbi’s readiness for reserve status to his co-speaker, IMF Managing Director Christine Lagarde. Premier Li Keqiang told Lagarde in a meeting Monday that China hopes to get the IMF’s seal of approval, according to the government. It may have worked. “The authorities have also expressed interest in having the RMB included in the SDR basket,” Lagarde said in a statement at the conclusion of her visit to China on Monday, referring to the renminbi, another term for the Chinese currency. “We welcome and share this objective, and we will work closely with the Chinese authorities in this regard.” Addition to the SDR -- created in 1969 … [Read more...] about Why China wants yuan to be the world’s 5th reserve currency