VIETNAM TARIFFS FOR ASEAN IMPORTS GO INTO EFFECT
[19-09-2016] Vietnam’s new import tariff, part of the ASEAN Trade in Goods Agreement (ATIGA) for 2016-18, has come into force. Decree No 129/2016/ND-CP, which was issued on September 1 and took effect the same day, states that the tariff is to be applied to goods directly transported from exporting countries into Vietnam.
BANKS€™ RISK MANAGEMENT A CAUSE FOR CONCERN
[12-09-2016] Poor management of risks and weak supervision of banks were the roots of the largest problems that Việt Nam’s banking system is facing, experts said during a workshop. The conference was held late last week, and sponsored by the National Economics University’s School of Banking and Finance.
BANKS RAISE DEPOSIT RATES AHEAD OF SBV RULES
[13-09-2016] Many commercial banks have recently raised their deposit interest rates in an attempt to satisfy new State Bank of Việt Nam’s regulations that are due to take effect in 2017. Under Circular 06/2016/TT-NHNN, commercial banks will have to lower the ratio of short-term funds used for medium and long-term loans from 60 per cent to 50 per cent from January 1, 2017 to December 31, 2017.
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%.
