The HCM City People’s Court yesterday sentenced Đặng Thanh Bình, former deputy governor of the State Bank of Vietnam, to three years in prison on the charge of “lacking responsibility and causing serious consequences”. Former deputy governor of the State Bank of Vietnam Đặng Thanh Bình (far right and other defendants in the case. — Photo vneconomy.vn The trial, which began last week, was related to the case of Phạm Công Danh, former chairman of the Vietnam Construction Bank (VNCB), who was found guilty last year for illegally withdrawing more than VNĐ9 trillion (US$402 million), the biggest-such loss ever uncovered in the country’s banking sector. He was sentenced to 30 years in prison. Bình was charged for involvement in the "grand scheme" of Danh and his accomplices, and for failing to oversee fraudulent transactions undertaken by Danh and his accomplices that caused $402 million in losses … [Read more...] about Former deputy governor of State Bank sentenced to three years in jail
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This expansion was due mainly to a 4% on-quarter growth in government bonds to US$51 billion as the central bank increased issuance of bills. Vietnam’s bond market registered growth of 3.4% on-quarter and 1.9% on-year to US$55.1 billion as of the end-September, according to the latest edition of the Asian Development Bank’s (ADB) Asia Bond Monitor. This expansion was due mainly to a 4% on-quarter growth in government bonds to US$51 billion as the State Bank of Vietnam (SBV), the country’s central bank, increased issuance of central bank bills. The overall expansion of the country’s local currency bond market was slightly tempered by a 2.8% contraction on-quarter in the corporate bond market to US$5 billion. Nevertheless, the corporate bond market still posted growth of 4.2% year-on-year. Yield movement Vietnam’s local currency government bond yield curve shifted downward between August 31 and October 15. Bond yields for … [Read more...] about Vietnam’s bond market grows 1.9% in Jan-Sep, reaching US$55 billion
The lenders were South Korea’s Woori Bank and KEB Hana Bank; and the Industrial and Commercial Bank of China, the airline said in a statement Tuesday. The low-cost airline is eyeing new routes to the Middle East, Eastern Europe and Australia using the 20 Airbus A321XLR aircraft it ordered last month. The A321XLRs are scheduled be delivered from 2023 and the carrier plans to add 10 international routes every year, Thao said. Vietjet currently flies 40 domestic and 66 international routes. It operates 385 flights daily within Vietnam and to places such as Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, Malaysia and India. … [Read more...] about Vietjet Air signs $140 million loans for fleet expansion
Since issuing corporate bonds has become easy thanks to open regulations, it is necessary to tighten control over bond issuance. According to Saigon Securities Incorporated (SSI), VND129.016 trillion worth of corporate bonds were offered to sell in the first eight months of the year and 90.08 percent was sold. VND22.664 trillion, or 61 percent of bonds, were sold to domestic investors. However, it’s unclear who the ‘domestic investors’ are. Meanwhile, bonds cannot sell to individual investors who don’t have deep knowledge about the market. The analysts blamed the hot corporate bond market on the easy requirements stipulated in Decree 163. Hai Linh Anonymous foreign investor buys entire batch of Phu My Hung bonds Phu My Hung Development Corporation has mobilised VND800 billion ($34.78 million) for real estate projects from a "secret" foreign investor through bond sales. Vietnam’s bond market continues growth Vietnam’s … [Read more...] about Is the corporate bond market too hot?
The transaction was completed last Wednesday, bringing the stake owned by IFC in the state-owned lender VietinBank down from roughly 8.02 percent to 6.49 percent, according to a disclosure filing with the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse. The disclosure said that the IFC, a member of the World Bank Group, had sold over 18 million VietinBank shares (CTG), while the IFC Capitalization (Equity) Fund, a fund owned by the IFC, has sold over 39 million. The total value of these transactions came to around VND1.23 trillion ($52.98 million), equivalent to around VND21,500 ($0.93) per share, as recorded on HoSE. Although the IFC has not provided an explanation. The IFC had first invested in the bank in 2011. Currently, the State Bank of Vietnam is the biggest shareholder in VietinBank with a 64.46 percent stake. Japan’s MUFG Bank is next with 19.73 percent stake, followed by IFC, now with 6.49 percent. The rest are held by other shareholders. In the first 9 … [Read more...] about IFC offloads 1.5 pct stake in VietinBank