State Bank of Viet Nam gave its nod to Saigon Commercial Bank (SCB) to close two of its branches in Tra Vinh Province and Can Tho City. The move is aimed at restructuring the bank’s network for better operation efficiency. Accordingly, Tra Vinh 1 branch, located on Nguyen Dang Street, Tra Vinh City, and Ninh Kieu Branch, located on Vo Van Tan Street, Can Tho City, will cease to operate. SCB said all interests of customers who had accounts in these two branches would be maintained with no changes. After the closure of these two branches, SCB will have one branch and five transaction offices in Can Tho, in addition to one branch and one transaction office in Tra Vinh. At the end of 2017, SCB was licenced to open two new branches in Thanh Hoa and Thai Binh Provinces and nine transaction offices in other localities, which would bring its network to 239 transaction offices in 28 provinces and cities nationwide. — VNS
The State Bank of Vietnam said Wednesday it has allowed four branches of foreign banks in the country to raise their registered capital.The central bank said in a statement it has allowed the Ho Chi Minh City branch of Huanan Commercial bank Ltd. to raise its capital to $65 million from $ 15 million, and that of Chinatrust Commercial Bank to $50 million from $15 million. Mizuho Corporate Bank Ltd.'s branches in Ho Chi Minh City and Hanoi have been allowed to raise their capital to $133.5 million each from $15 million each, it added. The central bank didn't provide…... [read more]
The price of gold in Vietnam on November 10 retreated from a record high of VND38.2 million a tael set the previous day after the State Bank of Vietnam announced that it would allow firms to import gold. Hanoi-based Phu Quy Jewelry Co. bought SJC-brand gold at VND36.5 million and sold at VND36.75 million. Bao Tin Minh Chau fixed the prices at VND36.48 million for buying and VND36.75 million for selling. In Ho Chi Minh City, Saigon Jewelry Co. bought the metal at VND36.5 million and sold at VND36.62 million. Sacombank Jewelry Co. purchased gold at VND36.48 million and sold…... [read more]
Hanoi Times - The central bank has done a good job in regulating the foreign currency market through its timely policies. In theory, a weak dong will boost exports and narrow the trade gap but speed up inflation. A strong currency, in contrast, will be effective in keeping prices in check but will widen the trade deficit, affecting the balance of payments. The dong is on a "controlled" float against foreign currencies, and the State Bank of Vietnam (SBV) fixes a daily inter-bank rate for the currency against the dollar. Commercial banks are allowed to trade at their own rates…... [read more]
HA NOI (VNS) - The State Bank of Viet Nam's Governor, Nguyen Van Binh, has said that he would continue monitoring credit institutions in the coming months. Binh delivered the message in response to concerns from National Assembly deputies about the next stage of the restructuring process of the nation's financial system, considered one of three pillars of the economic reforms unveiled in late 2012. The two other pillars are public investment and state-owned enterprises. If the deep-seated diseases in the banking system are not properly resolved, the progress of the entire economic reform might face long delays, said officials.…... [read more]
Vietnamese companies have been given permission to import a total of five metric tons of gold, the nation's central bank said after local prices surged to a record. The move will help "stabilize" the market, the State Bank of Vietnam said in a statement on its website Tuesday. The central bank also said it plans to give businesses further licenses to import an additional five tons of gold to meet domestic demand. "The move will help narrow the gap between local and international gold prices," said Ho Chi Minh City-based Phan Dung Khanh, research manager at Kim Eng Vietnam Securities…... [read more]
