Hundreds of Millions Vanish from Bank Accounts in Hanoi
Customers of the Vietnam Maritime Bank's Thanh Xuan branch in Hanoi were shocked earlier this year to discover that over 338 billion dong (approximately 15 million USD) had disappeared from their savings accounts overnight. The incident has attracted significant public attention and raised
21 commercial banks and 6 finance companies have been approved to increase charter capital by the State bank.
According to a report sent to the National Assembly, the State Bank (SBV) had informed about coordinating with relevant ministries and branches to submit to the Prime Minister for consideration of supplementing state capital for BIDV from the remaining profit after taxes, After setting up funds in
Banks of Vietnam massively buy back bonds
Many large commercial banks, both private and state-owned in Vietnam, are rushing to buy back bonds ahead of time and issue new bonds.
Banks redeem bonds before maturity
HCMC – Many local banks have bought back their bonds before maturity while others have launched new bond issues this month, according to the Thanh Nien news site. VietinBank has recently redeemed VND800 billion worth of bonds which were issued on June 13, 2018 at a face value of VND1 billion each.
Deposit interest rates have passed their heyday
Despite a further reduction of 0.2-0.4%, even a 1% reduction within just 1 month, bank deposit interest rates will decrease further in the coming time.
Chances from businesses with strong profit growth
Most enterprises have reported their profits for the first quarter of 2023. Besides those suffering a sharp decline as predicted, there are still businesses with unexpectedly strong growth, making their valuations attractive. Looking for opportunities The stock market staged a major rally on May
Large commercial banks agree to further cut interest rates
HCMC – Four state-owned commercial banks have agreed to further reduce interest rates following their meetings with the Government and the State Bank of Vietnam (SBV). Prime Minister Pham Minh Chinh held a meeting with the SBV and state-owned commercial banks on credit growth yesterday in Hanoi,
Ambitious targets amid challenges
While the business community is concerned about a fall in profit this year, the banking system still expects positive growth. Optimistic goals Despite accomplishing 55% of its plan for 2022 with pre-tax profit of over VND1.7 trillion, down 13% against 2021, ABBank has confidently set a pre-tax
Foreign ownership at local banks may rise to 49%
HCMC – The State Bank of Vietnam (SBV) has proposed increasing the foreign ownership cap at some commercial banks from 30% to 49%. The Governor of the SBV, the nation’s central bank, has sought the Government’s approval to amend Decree No. 01/2014/ND-CP on foreign investors’ maximum cap in
Foreign ownership at some local banks may rise to 49%
HCMC – The State Bank of Vietnam (SBV) has proposed increasing the foreign ownership cap at some commercial banks from 30% to 49%. The Governor of the SBV, the nation’s central bank, has sought the Government’s approval to amend Decree No. 01/2014/ND-CP on foreign investors’ maximum cap in
Reference exchange rate up 13 VND
The State Bank of Vietnam set the daily reference exchange rate at 23,140 VND per USD on January 12, up 13 VND from the previous day.
