January 20, 2012
Many banks in Vietnam fear that bad debts could rise this year. Many banks in Vietnam say dealing with bad debts rather than credit growth is going to be a priority task for 2012. According to the Dau Tu (Investment) newspaper, even large banks in the country fear that bad debts could rise this year. State-owned Bank [...]
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January 11, 2012
An upswing in mergers and acquisitions in the banking system will occur this year, bringing the number of banks in Vietnam to below 30, the Dau Tu (Investment) newspaper has reported, citing experts. Economist Nguyen Tri Hieu said there will be a strong M&A wave in the sector as many lenders are looking for [...]
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December 25, 2011
After years of sky-rocketing credit growth to finance development, Vietnam’s banking system is now weighed down by toxic loans that have forced the communist nation to launch tough reforms. The Southeast Asian country’s financial sector consists of about a hundred banks — either state-owned, private or foreign bank branches. But most have only limited [...]
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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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November 13, 2011
Wiping out small banks should not be the goal of banking reform A customer exits a branch of Joint-Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, in Hanoi. Bad debts at local banks are rising, raising concerns about the safety of the whole banking system. With bad debt exposure rising among local [...]
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October 29, 2011
Military-run telecom giant Viettel said it plans to acquire EVN Telecom, a subsidiary of state utility Electricity of Vietnam, in what will be Vietnam’s first M&A deal in the local mobile sector. The acquisition, if approved, will be completed in November, news website VnExpress reported Tuesday, citing Viettel officials. The company will first have [...]
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October 19, 2011
Bad debts at Vietnam’s banks have risen to 3.21 percent of outstanding loans at the end of August, from 3.04 percent a month earlier, a central bank report on Tuesday said. “Bad debt has been rising gradually every month so far this year,” the report said. Loans at the banks totaled VND2,389 trillion ($114.1 [...]
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October 17, 2011
Song Da No. 2 construction firm is now implementing the Ban Ve hydropower plant project in Nghe An Province, but the investor is finding it difficult to pay. Complicated capital disbursement procedures have prevented construction firms from reclaiming debts from investors, even years after their projects finish. Vu Tuan Duong, vice general director of construction [...]
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September 11, 2011
Foreign debt accounted for 42.2 percent of Vietnam’s GDP in 2010, up from 39 percent in 2009. Vietnam should focus on decreasing the current account deficit and approaching foreign exchange rate fluctuation with caution, economist Tran Du Lich told Thanh Nien Weekly in an interview. Thanh Nien Weekly: Foreign debt accounted for 42.2 percent of [...]
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Posted in Reports | Comments Off
September 3, 2011
The government will continue tightening monetary policies and take other measures to achieve a growth rate of six percent and keep inflation rate at around 18 percent for the year, a senior official told the press Thursday. According to Vu Duc Dam, head of the Government Office, the country’s gross domestic product (GDP) growth [...]
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Posted in Politics | Comments Off
