(VEN) - In the first six months of this year, premiums collected by Deposit Insurance of Vietnam (DIV) were 16 percent higher than in the same period last year. Deposit safety The state-owned agency, created in 2013, aims to protect the rights and legitimate interests of depositors and contribute to national financial health and growth of the banking system. In the first half of 2018, DIV provided deposit insurance for 1,282 institutions, including 94 banks and foreign bank branches, one cooperative bank, 1,183 people’s credit funds and four microfinance institutions; issued eight new deposit insurance certificates; re-issued eight certificates and 96 copies of certificates for insured credit institutions; revoked one certificate; and updated information on 129 certificates. In so doing, DIV met the demand of credit institutions and strengthened public trust in the national banking system. DIV has dealt with problems arising in the process of calculating and collecting … [Read more...] about Deposit Insurance of Vietnam boosts premium collection
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Expert: Banks seen leading VN-Index to 1,000 points
Expert: Banks seen leading VN-Index to 1,000 pointsBy Phuong Thao Banks are expected to lead the VN-Index of the Hochiminh Stock Exchange to 1,000 points HCMC – The local stock market will receive positive support from macro-economic information in the country, with the banking sector expected to drive the VN-Index of the Hochiminh Stock Exchange to the 1,000-point mark, said a securities expert. Speaking to the press last week, Nguyen Duy Linh, director of Saigon Securities Incorporation’s individual customer brokerage division, said investor concerns over the U.S. Federal Reserve’s interest rate hikes or the trade war between China and the U.S. had been priced into the recent downtrend. After strong net withdrawal due to global uncertainties, foreign investors have shifted to the buying side, with their net buying value hitting a two-month high on September 11. This is a positive signal for the market, Linh was cited by vietstock.vn as saying. Further, the … [Read more...] about Expert: Banks seen leading VN-Index to 1,000 points
Citi welcomes 1 million new mobile banking users across Asia Pacific
Citi has reported over 1 million new mobile banking clients across its Asia-Pacific consumer banking network in the last 12 months, adding to some 4.3 million mobile users on record as of June, 30. Being one of the 12 markets in the Asia-Pacific that Citi is current present in, Citi Vietnam has witnessed a surge of 127 per cent in mobile use over the course of 12 months, making it the bank’s fastest growing digital channel. In the Asia-Pacific, mobile is now the most popular digital channel among Citi’s clients, with more than one in three digitally active clients choosing mobile. The bank is targeting further significant mobile growth over the next 12 months as it continues to enhance the range and quality of its mobile capabilities. Driving this growth has been the rollout of a new, cutting-edge mobile banking platform designed and built in Singapore. The Citi Mobile app offers clients faster, simpler, and more personalised experience, featuring enhanced security that … [Read more...] about Citi welcomes 1 million new mobile banking users across Asia Pacific
Citi Adds Over 1 Million New Mobile Banking Users across Asia Pacific
In the last 12 months, the bank has added over 1 million new mobile clients across its Asia Pacific consumer banking network that includes 12 markets in Asia Pacific. At the end of June, Citi had 4.3 million 90-day active mobile users, up from 3.2 million a year ago. Citi Adds Over 1 Million New Mobile Banking Users across Asia Pacific In Vietnam, 2017 will be remembered as the pivotal year when mobile banking overtook other digital channels to become the preferred channel used by Citi’s Asia Pacific customers. Mobile use at Citi Vietnam has surged by 127 percent in the last 12 months, making it the fastest growing digital channel at Citi Vietnam. In Asia Pacific, mobile is now the most popular digital channel for Citi’s clients, with more than one in three digitally active clients choosing mobile. The bank is targeting further significant mobile growth over the next 12 months as it continues to enhance the range and quality of its mobile capabilities. Driving … [Read more...] about Citi Adds Over 1 Million New Mobile Banking Users across Asia Pacific
Central bank triples net injection to $1.96 billion
The central bank last week tripled its net injection against the previous week to VNĐ45.2 trillion (US$1.96 billion). — Photo cafef.vnViet Nam News HÀ NỘI — Demand for the Vietnamese đồng has surged significantly recently, pushing up interest rates in the inter-bank market. The State Bank of Việt Nam (SBV) last week tripled its net injection against the previous week to VNĐ45.2 trillion (US$1.96 billion) to meet the rising demand. The demand pushed interest rates on the the inter-bank market up by 0.16-0.2 percentage points for most loans last week. The rate for overnight loans, for example, closed last week at 1.36 per cent, up 48 basis points compared with the beginning of the year. The SBV made a net injection of nearly VNĐ210 trillion in the first half of this year, which helped the liquidity of commercial banks, according to reports from the National Financial Supervisory Commission. Besides the net injection, … [Read more...] about Central bank triples net injection to $1.96 billion
World Bank fund for poorest countries issues US$1.5b bond
The World Bank fund dedicated to helping the world's poorest countries on Tuesday (Apr 17) announced it has raised US$1.5 billion in its first-ever global bond issue, which enjoyed huge demand from investors. World Bank fund for poorest countries issues US$1.5b bond The International Development Association (IDA) issued a five-year AAA-rated bond which had nearly five times more demand than the amount initially offered for sale, the World Bank said in a statement. "Today's bond issue will allow IDA to tap into the power of capital markets to tackle some of the world's biggest challenges and help millions lift themselves out of poverty," World Bank President Jim Yong Kim said in a statement. Over 40 per cent of the bonds went to central banks, while a quarter went to banks and another quarter to pension funds. The funds will be used to finance sustainable development projects. IDA, which provides very low cost funding to the poorest countries, previously relied on regular … [Read more...] about World Bank fund for poorest countries issues US$1.5b bond
Central bank issues bills valued at nearly $1.9bn
The central bank issued bills worth some VND43 trillion (US$1.8 billion) in the past week. — Photo tienphong.vn The State Bank of Viet Nam (SBV) issued bills worth some VND43 trillion (US$1.89 billion) in the past week to withdraw money from the banking system. Reports from Bao Viet Securities Co (BVSC) showed that the move was aimed to minimise the risks of inflation, especially after the central bank pumped a large amount of Vietnamese dong to buy foreign currencies for the country’s foreign reserves in the recent months. According to SBV Governor Le Minh Hung, the SBV’s net purchase of hard currencies in the first months of this year was worth more than $4 billion, raising the fund to a record high of more than $57 billion until February 6. The past week also saw the interest rate of dong loans in the inter-bank market decline sharply by 0.29 to 0.49 percentage points for most terms against the previous week. Specifically, the overnight rate dropped to 0.91 per … [Read more...] about Central bank issues bills valued at nearly $1.9bn
Vingroup picks banks for $1 billion residential property arm IPO: sources
Vingroup JSC VIC.HM, Vietnam’s biggest property developer, has picked four foreign banks for a planned $1 billion listing of its residential property business, sources familiar with the matter said, which will mark a strong run of IPOs in the country. Share listings are booming in Vietnam as the country speeds up its privatization drive. Vietnam’s benchmark stock index VNI rose nearly 50 percent last year, making it Asia’s strongest performer. Vingroup has tapped Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley for the planned initial public offering of Vinhomes, which, if completed, could be one of the biggest ever equity offerings in Vietnam, the sources said. The IPO would follow last year’s listing of Warburg Pincus-backed Vincom Retail JSC VRE.HM, Vietnam’s biggest shopping mall operator and also a unit of Vingroup, which raised roughly $700 million. The participation of Singapore sovereign wealth fund GIC and Franklin Templeton in … [Read more...] about Vingroup picks banks for $1 billion residential property arm IPO: sources
Many banks hike deposit rates
Many banks hike deposit ratesThe Saigon Times Daily HCMC – Many commercial banks such as BIDV, VietinBank and Sacombank have recently raised their annual deposit rates by 10 to 50 basis points for many tenors, Dan Tri news website reports. BIDV has revised up its interest rates for savings of one and two months to 4.8%, up 0.5 point. The rates are 5.2% instead of 4.8% for three-month savings and 6.9% for deposits of nine months or longer. At VietinBank, the rates for six- to nine-month deposits have been hiked to 5.8-6% from 5.5-5.7%. The rate for the 12-month tenor also increased by 30 basis points to 6.8%. As for short terms of one to three months, the rates of 4.8% to 5.2% have been kept unchanged. Sacombank has also raised its deposit rates by 20 basis points for two- and six-month tenors to 5.3% and 6.2% respectively. Notably, the nine-month deposit rate surged 40 basis points to 6.4% while 12-month savings enjoy an interest rate of 6.9%, or 10 basis points higher than the … [Read more...] about Many banks hike deposit rates
PYN Elite invests US$40 million in banking sector for the first time
According to newswire NDH, the investment is also one of the fund's three largest investments.Do Anh Tu, deputy chairman of the board of directors of TPBank, said that with the financial potential as well as the reputation of PYN Elite at the international and domestic markets, the fund is a perfect match to co-operate with TPBank to bring high-quality banking services for customers in general and small- and medium-sized enterprises (TPBank’s target customer segment) in particular.In order to mobilise funds for new its investments, including the investment in TPBank, PYN Elite divested from a series of companies.Notably, in early December, PYN Elite released that it had completed the sale of 839,810 shares of Development Investment Construction JSC (DIG) for VND17 billion ($746,300). Besides, a number of days later, PYN Elite handed over 2.13 million shares of Mobile World Investment Corporation (MWG) to Vietnam Securities Deporsitory for VND280 billion ($12.3 … [Read more...] about PYN Elite invests US$40 million in banking sector for the first time