BANKS SLASH INTEREST RATES
[09-05-2016] Various banks have reduced their lending rates in response to the prime minister’s recent meeting with the business community. Last week, the state-owned giant Vietcombank adjusted its rates for mid- to long-term loans to 10 per cent a year, down from 10.5 per cent.
WB FINANCES TRANSPORT, FLOOD CONTROL PROJECTS
[02-05-2016] The Board of Executive Directors of the World Bank (WB) has approved a package of over US$500 million in support for improvements to road and bridge connections, flood control and hygiene conditions in Viet Nam.
BANK SECTOR URGED TO USE TPP BENEFITS
[19-04-2016] “Viet Nam will have the chance to attract more foreign investment in its banking industry,” Luong Hoang Thai, head of the Ministry of Industry and Trade's Multilateral Trade Policy Department, said.
PROPERTY CREDIT: BETTER WELL-CONTROLLED THAN TIGHTENED
[12-04-2016] Long- and medium-term credit squeeze will undoubtedly affect the verve of real estate companies. In Vietnam, long- and medium-term credit increased rapidly, reaching 29 per cent in 2015, accounting for nearly 50 per cent of total loans.
CREDIT REDIRECTED TO PRODUCTION, BUSINESS
[09-04-2017] Credit this year would be oriented to flow more into production and business instead of non-production industries as done previously, experts said. In the latest report on prospects of the banking industry released this week, analysts of Vietcombank Securities (VCBS) forecast that credit growth this year would be roughly 16 per cent, lower than the 18 per cent rate of last year, because credit would focus more on production and business.
M&A INFORMATION TO BE RELEASED
[08-04-2016] Information related to mergers and acquisitions (M&As) of credit institutions is awaited as the season of annual shareholders' meetings is around the corner. Late last year, the central bank said that the number of credit institutions would be cut from the current 34 to roughly 17 to 19. Therefore, it is possible that more M&As will be announced.
VIETNAM BANKS RACE TO KEEP DOLLAR BORROWERS AS TIGHTENED LENDING CONDITIONS NEAR
[05-04-2016] Starting April 1, commercial banks in Vietnam are banned from offering corporate loans in currencies other than the dong, according to Circular No.24 the State Bank of Vietnam (SBV) announced in December last year. The ban targets businesses that exchange foreign currency loans into dong to pay for equipment and machinery, according to Bui Quoc Dung, head of monetary policy at the SBV.
MEASURING LENDING RATE IMPACTS ON CORPORATE INCOME TAX
[04-04-2016] As budgetary overspending is on the rise, to ensure income sources and increase the share of corporate income tax in the total budgetary revenue, the General Department of Taxation issued Decision 225/QD-TCT dated February 4, 2016 on the formation of a research team to measure lending rate impacts on corporate income tax value and propose solutions to enhance tax administration.
