January 3, 2012
A street vendor walks past a Chanel SA store inside the Rex Hotel in downtown Ho Chi Minh City, Vietnam, on Tuesday, Dec. 27, 2011. Vietnam’s growth held near 6 percent this quarter, reducing the pressure for further monetary tightening after higher interest rates limited the boost to the economy from exports and domestic consumption. [...]
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December 5, 2011
Slowing inflation and talk of financial reforms have not boosted market sentiment as expected, and analysts are predicting the worst will not be over any time soon. Phan Dung Khanh, research manager at Kim Eng Vietnam Securities Co., said the stock market may move sideways or only recover slightly next year. Macroeconomic measures taken [...]
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November 16, 2011
Vietnam’s bonds fell Monday on speculation banks are using funds to lend in the money market rather than buy government debt. The dong weakened. Interbank lending rates more than doubled to as high as 36.5 percent last week from a maximum 16.2 percent the week before, said Nguyen Duy Phong, an analyst at ACB [...]
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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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August 31, 2011
Vietnam’s central bank said it will raise compulsory reserve ratios for foreign currency deposits from next month, the third increase this year as it strives to shore up the local currency and discourage the use of dollars. The move will effectively make it more expensive for banks to deal in dollars, which make up [...]
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August 30, 2011
Dong deposit rates have been capped at 14 percent. Lowering deposit rates will help reduce borrowing costs for businesses, experts said. With improved bank liquidity, Vietnam’s goal of reducing dong interest rates in September may be well within reach, according to local economists. In early August, the State Bank of Vietnam’s new governor Nguyen Van [...]
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August 5, 2011
Vietnam’s credit grew 7.57 percent from the end of last year through July 20, according to a statement posted late Wednesday on the central bank’s website. Money supply rose 3.57 percent over the same period, the State Bank of Vietnam said. Lending fell 0.19 percent as of July 20 from the end of June, [...]
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July 30, 2011
Saigon Asset Management Corp., run by a former managing director of Vietnam’s biggest fund manager, plans to start the country’s first distressed-assets fund as a credit crunch squeezes small to medium-sized firms. Saigon Asset Management will team up with the investment unit of Vietnam Joint-Stock Commercial Bank for Industry & Trade, or VietinBank, the [...]
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June 1, 2011
Economist argues that Vietnam should pursue a slow, holistic approach to solving its economic woes A branch of SeABank in Ho Chi Minh City now offers 14 percent per year on dong deposits. A university professor said a “war” between banks directly led to high interest rates. Interest rates on dong deposits at some [...]
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May 28, 2011
The State Bank of Vietnam is trying to keep credit growth at below 20 percent this year. Vietnam’s central bank does not have any plan to cap lending rates as it is not a feasible move, Governor Nguyen Van Giau told the press on Thursday. “There have been suggestions but there are no policies yet,” [...]
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