VIETNAM MARKET LURES FOREIGN BANKS
[12-09-2016] Making an entrance into the Vietnamese banking landscape as representative offices, then moving up the ladder to become branches and 100 per cent foreign-owned units when the right time came and regulations allowed, Japanese and Korean financial institutions are taking careful steps to strengthen their footholds in the country. Not only do they want to cater to their home-based institutional clients, but also to the 90 million possible retail customers living in Vietnam. Trang Nguyen reports.
INCREASED PRESSURE ON DOMESTIC BANKS COMES FROM FOREIGN RIVALS
[08-09-2016] Foreign banks are increasing their presence in Vietnam through various forms by establishing 100% foreign-owned banks or opening branches. With advantages of capital and services, once the Trans-Pacific Partnership (TPP) takes effect, foreign banks will have more advantages in Vietnam.
RULES FOR INSURANCE BUSINESSES IN VIET NAM
[25-08-2016] The Government has issued Decree No 73/2016/ND-CP on July 1, 2016 detailing the implementation of the Law on Insurance Business. The Decree regulates the establishment and operation of life insurance, non-life insurance, health insurance, reinsurance enterprises and foreign insurer branches.
BANKS CALL FOR CUSTOMERS' CAUTION AGAINST CYBER ATTACKS
[13-08-2016] Commercial banks have called for customers to use caution when using telephones and the internet, as hackers may steal from them. This followed a warning from the State Bank of Viet Nam (SBV), which told credit institutions and payment intermediaries on July 30 that criminals could attack important information technology (IT) systems in Viet Nam.
HCMC LOOKS TO CREDIT GROWTH OF 18-20%
[08-08-2016] HCMC is striving to achieve credit growth of 18-20% this year, an eight-year high, heard a session of the HCMC People’s Council on August 4. Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, told the second session of the council that the city saw credit expanding 9% in 2013, 12% in 2014 and 15% in 2015, and that the estimate for this year is 18-20%.
NEW DECREE ON CONDITIONS TO ESTABLISH TISSUE BANK
[04-08-2016] The Prime Minister has issued Decree No 118/2016/ND-CP to adjust or supplement some articles of Decree No 56/2008/ND-CP on the organisation and operation of tissue banks and the National Coordination Centre for Human Organ Transplantation.
BANKS RAISE DEPOSIT INTEREST RATES
[01-08-2016] Many commercial banks have raised deposit interest rates over the past few weeks, generating concern about an imminent lending interest rate hike. Maritime Bank is the latest bank to have raised its short-term Vietnamese đồng deposit rates by 0.2 per cent per year, to touch 4.9-5.2 per cent as of July 26.
CUSTOMS REFORM PLAN INTRODUCED
[22-07-2016] The Ministry of Finance has released Decision 1614/QD-BTC on a plan to reform, develop, and modernize the customs sector in the 2016-2020 period. The plan aims to convert the Vietnam Customs into a modern and effective one which takes the lead in providing public services; promoting domestic and foreign relations; and facilitating operation of partners.
