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A
lot of banks are refusing to declare their monthly business results as
the happenings of the monetary market have been badly affecting their
operations.
Last
year, when the national economy performed well, and helped banks reap
fat profit, banks regularly made their business public. However, the
situation seems to be quite different this year. Though banks still
made profit in the first months of the year, their operations were not
as prosperous as last year.
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Banks
selling US dollar for Vietnamese dong at a higher rate than their
posted rate will be "strictly punished," the State Bank of
Viet Nam has said.
Banks
have justified the practice, saying they are short of US dollars, and
as a result, must buy the dollar from different sources at a higher
price than the official rate.
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The
Bank for Foreign Trade of Vietnam (Vietcombank) has decided to list on
the bourse in the third quarter of the year instead of June as
previously planned, due to unfulfilled procedures.
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Commercial
banks this week continued raising long-term deposit interest rates, to
around 18.5 per cent per year, in an attempt to attract new deposits,
however, depositors are not likely to join in long-term saving during
the current period of interest rate changes.
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The Hong Kong and Shanghai Banking Corporation (HSBC) in
Vietnam has officially opened its biggest branch to date in Ha Noi.
The
new branch is dedicated to serving the bank’s growing number of
personal and commercial customers in the capital city, said a press
release on June 17 by the HSBC in
Hong Kong
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It turns out that SCIC, the most powerful corporation in
Vietnam,
which is now managing thousands of billions of VND worth of capital the
state invests in enterprises, still does not have a clear mechanism for
its operations.
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The
State Bank of Vietnam (SBV) on June 17 gave the go- ahead to two local
commercial banks to issue bonds and long-term valuable papers in
Vietnam dong this year.
Under
Decision 1357/QD-NHNN signed by the SBV Governor, the Military
Commercial Joint Stock Bank is permitted to release 3 trillion VND
worth of bonds.
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The
Vietnamese legal system regulates that the domestic currency (VND) is
to be used in all transactions, but that several businesses
representing foreign parent companies have recently been asking for
payments in US dollars (US$) is a violation of Vietnamese law.
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The
government has given the nod to the national flag carrier Vietnam
Airlines to sell 10-20 percent of its stock to foreign strategic
partners.
The State will retain a stake of between 70-80 percent.
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The Khanh Viet Corp (Khatoco) supplies about 3,000 tonnes of ostrich meat to the local market every year.
Currently, ostrich meat is priced between 150,000 VND (9.4 USD) to 170,000 VND (10.63 USD) per kilogram.
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