Citi Vietnam was conferred the Flag of Honour and the Outstanding Bank Award by the SBV Governor The Deputy Governor of the State Bank of Vietnam, Nguyen Kim Anh, and US Ambassador Daniel Kritenbrink joined the event at Melia Hotel in Hanoi and delivered key remarks. US counsel general Marie Damour delivered the keynote speech in Ho Chi Minh City. Citi ASEAN head and Citi country officer (CCO) for Singapore Amol Gupte and CCO Vietnam Natasha Ansell hosted the ceremonies. “When Vietnam started the doi moi policy and its integration into the global economy, it was a must for the country to have a financial market integrated to the world. Thus, we drew up the strategy to accelerate economic integration by opening the market to foreign banks. And Citi was the first US bank that was licensed by the Vietnamese government,” said former State Bank Governor Cao Sy Kiem. In 1993, Citi started up a representative office in Hanoi. One year later, in 1994 Citi became the first US … [Read more...] about Citi celebrates 25th anniversary in Vietnam
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At the conference (Photo: VNA) HCM City (VNA) – A number of organisations in Ho Chi Minh City have provided assistance and consultancy for small and medium-sized enterprises (SMEs) while banks have offered them loans on easy terms but they do not make use of either consultancy or loans, heard a conference in the city on October 3. Tran Ngoc Liem, Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s HCM City Branch, said representative offices of central agencies in the city and the VCCI have set up centres to assist SMEs. Many banks have a dedicated division for providing consultancy and credit to SMEs, he said. But SMEs do not make use of the centres to learn about policies and laws, or take advantage of support from the banks to get loans, he added. Tran Thi Lien Phuong, research director at market research company Insight Asia, said the multiplicity of agencies offering assistance causes confusion among SMEs in choosing from them. The Government … [Read more...] about SMEs fail to make use of plentiful assistance in HCM City
The HCM City Development Joint Stock Commercial Bank (HDBank) will continue to offer loans at 6.3 per cent to individual and micro businesses in manufacturing and agriculture.VNS PHOTOViet Nam News HCM City – The HCM City Development Joint Stock Commercial Bank (HDBank) will continue to offer loans at 6.3 per cent to individual and micro businesses in manufacturing and agriculture. Customer can borrow a sum of VNĐ300 million (US$13,000) under the programme “Quick borrow for business, quick increase of income” the lender rolled out last year. The bank will lend until June 20, with the money lent within 10 days. Borrowers can also opt to get international or domestic credit cards with the annual fee waived. HD Bank also offers many other kinds of loans, and customers can obtain more information from hotline 19006060. -- VNS … [Read more...] about HD Bank offers low-interest loans to individual, micro businesses
After reducing several key interest rates by 0.25 percentage points on September 16, the SBV’s agencies this week continued to announce the reduction of some service fees, which will help commercialbanks reduce operation costs and thus cut interest rates. Under Decision No 203/QĐ-TTTD, the SBV’s National Credit Information Centre (CIC) decided to reduce the prices of its credit information products and services given to credit institutions and foreign banks’ branches in Vietnam by 15 percent, starting from October 1 this year. According to the CIC, the reduction aims to help commercial banks cut operating costs, enabling them to lower interest rates. The cut will also help banks promote the use of CIC’s credit information to enhance their credit business segment and credit risk governance, which will contribute to reducing risks for the banking system. According to Nguyen Hoang Minh, deputy director of the SBV’s HCM City branch, the … [Read more...] about Banks get more support to cut interest rates
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?