The Hanoitimes – 2017 is considered as a successful year for the stock market with VN-Index increased over 40% to nearly 1,000 points. This is one of the main reasons for banks to go public. HD Bank listed more than 980 million shares on the Ho Chi Minh City Stock Exchange (HOSE) on January 5. Before the listing, foreign investors had spent nearly US$ 300 million to own 21.5% of HD Bank’s chartered capital for price of VND 32,000 per share. With the initial offering price of VND 33,000 per share, HD Bank is valued at VND 32.4 trillion (or US$1.43 billion), thus becoming one of 20 largest companies on HOSE. HD Bank became the first commercial bank in Vietnam making IPO this year. This marks Vietnam’s first listing of a bank this year. The country’s banking sector, which includes state-owned entities, is being pushed to reform and modernize. It has seen progress after some delays. In 2017, 5 other banks have listed their respective shares on the stock market – a record number in recent years. Specifically, on last January, Vietnam International Bank (VIB) made their debut on the Unlisted Public Company Market (UPCoM), afterwards were Kienlong Bank, VP Bank, LienVietPost Bank and BacA Bank, thus, adding VND 95 trillion (roughly US$ 4.2 billion) to stock market capitalization. With this listing, it is expected that many companies with large market capitalizations will soon follow suit, thus increasing the liquidity in the market and opening chances for foreign and… [Read full story]
The General Department of Taxation recently signed agreements with 15 commercial banks to deploy electronic tax payment services. Fifteen signing banks include An Binh Bank (ABBank), Ho Chi Minh City Development Bank (HD Bank), Asia Commercial Bank (ACB), Saigon Commercial Bank (SCB), Vietnam Maritime Bank (MSB), Vietnam International Bank (VIB), Vietnam Technical Commercial Bank (Techcombank), Vietnam Prosperity Bank (VPBank), Saigon Hanoi Bank (SHB), Southeast Asia Commercial Joint Stock Bank (SeABank), TienPhong Bank (TPB), LienVietPostBank, Mekong Housing Bank (MHB), Saigon Thuong Tin Bank (Sacombank), and Viet Capital Bank. According to the agreement, these banks will build and implement a system for exchanging information…... [read more]
Total assets in the banking system climbed 0.74 percent in the first two months of the year to reach VND7,370 trillion (more than $331 billion), according to a report recently issued by the State Bank of Vietnam. While credit institutions' assets grew, state-owned commercial banks lost VND4.28 trillion (over $192 million) in assets during the first two months of 2016 to stand at $148 billion. Statistics for the 2015 fiscal year show a similar trend, but this happened amid general turmoil in the system, which lost 1.09 percent in total assets from both commercial banks and joint venture banks. Joint-stock…... [read more]
Foreign companies, organizations and individuals that request boards for management of Vietnamese laborers working overseas (under the Ministry of Labor, War Invalids and Social Affairs) to verify papers and documents on Vietnamese laborers working overseas shall pay the paper verification charge prescribed in this Circular.The Overseas Laborer Management Department and Viet Nam representative agencies abroad realize the collection of these fees and charges. No. Contents Rates 1 Fee for Vietnamese laborers working overseas for a period a New issuance VND5.000.000 per one b Re-issuance VND2.500.000 per one 2 Charge for verification of papers and documents on Vietnamese laborers working overseas applicable to overseas labor management boards…... [read more]
The international community has praised Viet Nam for a successful economic integration in 2017 thanks to creative and drastic management of the Government. Practical reform and better business environmentThe World Bank Group’s annual Doing Business Report announced that Viet Nam ranked 68th out of 190 economies, jumping 14 notches against 2017. The report assessed that Viet Nam and Indonesia were among the two countries which have conducted numerous innovations over the last 15 years. Each implemented 39 reforms. So far, businesses in HCMC have spent 22 days and 6.5% of their incomes for business registration, down from 61 days and 31.9%…... [read more]
HD Bank; HD Saison Finance and the Viet Nam Post and Telecommunications Group (VNPT) to help each other develop their service. — VNS Photo HCM CITY (VNS) – The Housing Development Commercial Joint Stock Bank (HD Bank) last week signed an agreement with HD Saison Finance and the Viet Nam Post and Telecommunications Group (VNPT) to help each other develop their services. HDBank and HD Saison Finance will provide banking and financial services to VNPT and its members as well as its customers. VNPT will provide HD Bank and HD Saison a post and telecom services package for use through…... [read more]
