– The State Bank of Viet Nam has issued a new regulation forbidding commercial banks from lending cash against gold collateral, in a move aimed at easing pressure on the foreign exchange market, as well as lowering risks to the banking system. Under Circular No 22/2010, which took effect immediately yesterday, gold which has been given in security for loans must be redeemed and the loans repaid no later than June 30 of next year. Previous... 

Many banks around the world, after the economic crisis, have drastically cut credit guarantee limits, causing exporting countries to face higher credit risks. This is an appropriate time for Ministry of Finance to submit the government the plan to pilot export credit insurance. Exporters seek to use the product According to Department of Insurance Management and Supervision under Ministry of Finance, Vietnam currently has 28 non-life insurance... 

Many commented that the replacement of the current 14-day period by seven day terms might be a signal of the State Bank of Vietnam (SBV) to tighten the monetary policy on the market. With these comments, it can be believed that the State Bank has reduced its financial support in the longer term (14 days) to make replacement of the short term (7 days). The above comments were placed in the context where the Vietnamese prime minister instructed... 

Over the past months, US dollar deposit rates quietly crossed the milestone of 5 percent per year, then 5.3 percent per year and current peak of 5.6 percent per year. This move contrasts with the cooling of dollar interest rates on the interbank market last week. Unreasonably high prices Until last week, interest rates continued to show signs of slight increase with the level ranging from 3.8 to 5.3 percent per year applicable to individuals... 

In order to be able to purchase US dollars, enterprises currently still have to accept an additional 400 dong fee for each dollar compared with the listed sale price of 19,500 dong per dollar by banks. Until today, both import enterprises and commercial banks are still awaiting specific information from the State Bank of Vietnam’s decision to ‘pump’ more foreign currency (US dollar) into the banking system. The foreign exchange market had... 

The Japanese Mizuho Corporate Bank Ltd (Mizuho) yesterday signed Memorandums of Understanding with the Viet Nam National Oil and Gas Group (PetroVietnam) and PetroVietnam Joint stock Finance Corporation (PVFC) to strengthen its relationship with the parties in Ha Noi. Under the documents, Mizuho will provide financial services for PetroVietnam’s investments by interfacing with the Japanese and global capital markets, syndication debt market,... 

A ground-breaking ceremony has been held for VietinBank Business Centre, Foster + Partners’ first project in Vietnam. A ground-breaking ceremony has been held for VietinBank Business Centre, Foster + Partners’ first project in Vietnam. Bringing together the Bank’s headquarters, conference, hotel and leisure facilities, the landmark towers are strategically located between central Hanoi and the airport, demonstrating the emergence of Vietnam... 

US dollar credit repayment pressures were not the key factor creating strong exchange rate fluctuations in recent weeks. The exchange rate volatility last week saw the official and black market rate gap reach 650 points, reaching around VND20,150 per US dollar as of last Thursday, then only to drop to VND20,050 the next day, October 22. A Bank for Investment and Development of Vietnam (BIDV) source said the dollar demand for paying debts at pre-maturity... 

Local lenders are struggling to boost up credit at the year-end despite local enterprises’ mounting demand for capital, the local newswire Sai Gon Giai Phong reported October 25. The biggest difficulties that local banks are currently exposing are unfavorable socio-economic conditions including unstable economic recovery and growth, which have been reflected in the credit growth, said the State Bank of Vietnam’s Ho Chi Minh city (HCMC) branch. Total... 

The US dollar is said to be overheated on the black market because of price manipulation by domestic gold dealers trying to keep prices of the precious metal high. Due to concerns about a possible year-end dollar drought, and rumors about expanding the exchange rate between the Vietnamese dong the dollar, the unofficial exchange rate rose sharply this week. Tran Hoang Ngan, deputy principal of HCM City Economics University and member of National...