Card image cap
BANKING / FINANCE / INSURANCE / TAX

CENTRAL BANK ASKS FOR TIGHTENED CONTROL OVER REAL ESTATE LOANS

The State Bank of Việt Nam (SBV) has asked for the control over real estate loans by credit institutions to be enhanced, especially in areas showing signs of land price fever.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

REMITTANCES TO HCM CITY REACH $1.2 BILLION IN Q1

Remittances to HCM City were estimated to reach US$1.2 billion in the first quarter of this year, according to Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s branch in the southern city.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

CREDIT GROWTH RATE ESTIMATED AT 2.28 PER CENT IN Q1

The central bank reported that in the first three months of 2019, exchange rates and the foreign exchange market remained stable, supported by the abundant foreign currency supply, good liquidity in the market, and credit organisations’ continued purchase of foreign currencies from their clients. These have created optimum conditions for the SBV to continue buying foreign currencies to add to foreign exchange reserves, it noted.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

MINISTRY PROPOSES LOWERING CIT FOR SMES

The ministry said that SMEs played a significant role in the country’s socio-economic development and were recognised to be the driver for economic growth, citing statistics that Việt Nam had more than 600,000 firms, nearly 500,000 of them were private firms with 96 per cent of being small and micro scales.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

PUBLIC DEBT A BIG RISK FOR VN'S ECONOMY, SAY EXPERTS

According to Professor Dat, Vietnam’s economic performance has showed positive signs with last year’s GDP growth rate at 7.08 per cent, the highest rate in the last ten years. The primary contributions to growth come from Foreign Direct Investment, the processing and manufacturing industry, domestic consumption and a trade surplus.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

CIRCULAR ON RATING CREDIT INSTITUTIONS, FOREIGN BANK BRANCHES ISSUED

The State Bank of Viet Nam issued Circular No. 52/2018/TT-NHNN on rating credit institutions and foreign bank branches from 2019 onward.Credit institutions and foreign bank branches are divided into six groups including (1) large-scale commercial banks with a quarterly average asset value exceeding VND100 trillion; (2) small sized commercial banks with a quarterly average asset value equal to or lower than VND100 trillion.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

FINANCE GOES HIGH-TECH

The 2019 Asian Financial Forum focuses on innovation, launching the new FinTech Showcase. Finance has been a pillar of Hong Kong’s economy for many years – visitors are always impressed by the glass towers of the Bank of China, HSBC and Bank of East Asia buildings which dominate the Central skyline.

Card image cap
BANKING / FINANCE / INSURANCE / TAX

LARGE BANKS CONCERNED ABOUT RAISING CAPITAL

According to the National Financial Supervisory Commission (NFSC), the average capital adequacy ratio (CAR) of the credit institution system in 2018 has reached 11.1 per cent thanks to the 12.2 per cent surge in owner’s equity capital and a 10.8 per cent rise in total risk weighted assets. Regulatory Tier 1 capital to risk weighted assets has thus been calculated at 8.8 per cent for 2018, a higher ratio than 2017’s 7.8 per cent.