January 9, 2012
Ho Chi Minh City police have arrested one Vietnamese and three Malaysian men for allegedly using fake ATM cards to withdraw money from local banks. They are believed to be members of a transnational crime ring. The first arrest, of Co Kim Thach, a 39-year-old resident of District 5, was made on December 30, [...]
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December 30, 2011
Strong small banks should be allowed greater lending growth A local commercial bank’s employee counts money next to piles of dong notes in Hanoi on Monday The application of different credit caps on different banks based on their operational capacity is expected to correct a situation where banks with customers cannot offer loans while [...]
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December 19, 2011
Vietnam needs to implement the restructure of both small and large banks in a drastic manner, an economist says. The central bank has approved the merger of three small banks – Ficombank, Saigon Commercial Bank, and Vietnam Tin Nghia Bank – that are mired in liquidity problems. The restructure of banks will continue for the [...]
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December 17, 2011
Vietnam Tin Nghia, Ficombank and Saigon Commercial Bank will be merged into a new lender. Around 90 percent of shareholders at three local banks, Vietnam Tin Nghia, Ficombank and Saigon Commercial Bank, have voted in favor of the merger of the three. They also reached an agreement Thursday that the new bank formed by the merger [...]
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December 14, 2011
There was no panic rush on deposits after the merger of three Vietnamese banks was announced New deposits into the three banks that are going through a high-profile merger have risen over the last couple of days, an official involved in the merger said. The merger is the first major step being taken as part of efforts to [...]
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November 26, 2011
An employee at Joint-Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, counts dong bank notes in Hanoi. Vietnam’s central bank unveiled plans to create a three-tiered financial industry dominated by 15 lenders as part of efforts to allay concerns over the nation’s banking system. The country aims to have 15 “big” banks by [...]
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November 25, 2011
Vietnam increased penalties for foreign currency trading violations last month Vietnam’s central bank has imposed stiff penalties on two companies and a university in Hanoi for violating regulations on U.S. dollar trading and illegally listing prices in the foreign currency. The combined fine of VND650 million (US$30,940) showed that the State Bank of Vietnam is [...]
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October 17, 2011
An employee at Joint-Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, counts dong bank notes in Hanoi. Bank depositors are shifting their funds to other investment channels after the central bank ordered commercial banks to comply with a 14 percent ceiling on dong deposit interest rates. Several banks have said their deposits are [...]
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September 20, 2011
Employees at Joint-Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, attend to customers in Hanoi. Several commercial banks announced lending interest rate cuts, but companies complain they are being denied access to the lower rates. Major lenders like VietinBank and Vietcombank have lowered dong lending rates for loans to businesses and manufacturers to [...]
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September 20, 2011
Asia Commercial Bank’s assets will probably more than triple by 2015, making it the first non- government lender to overtake one of Vietnam’s four biggest lenders, Chief Executive Ly Xuan Hai said. Assets of Asia Commercial Bank, the nation’s fifth-biggest bank, are expected to climb to VND900 trillion ($43 billion) by 2015 from about [...]
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