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Ceiling interest rate to not exceed 15 percent per year

In Uncategorized on December 16, 2010 at 10:04 am

The ceiling interest rate of commercial banks will be increased from 12% to 15% a year, from this Sunday.

A banking staff directs a customer about lending procedures. Banks agree that ceiling interest rates will not be higher than 15% percent a year (Photo: SGGP)


The decision came from a meeting between the State Bank of Vietnam in Ho Chi Minh City and the Vietnam Banking Association, in collaboration with the commercial banks on Saturday.


A day earlier, the State Bank in Hanoi chaired a meeting, in which 12 northern commercial banks signed a commitment, agreeing that their maximum interest rate would be 14% a year.


In case, the banks give their customers any promotional programs (cash or any other gifts); the real interest rate would not surpass 15% a year. Any bank violating this regulation will suffer severe punishment from the authorized organizations.


Because of the rocketing interests during the last few days, the State Bank intervened to stop any more increases. At one stage, the interest rate was 17% to 18% a year in some commercial banks. However, now the ceiling is lower. In HCMC, it remains at 15.5% to 16.5% a year.


Related article:
State Bank tries to prevent banks from increasing their interest rates

Source: SGGP

Banks bring deposit rates to below 15 percent

In Uncategorized on December 16, 2010 at 10:03 am

Commercial lenders lowered their interest rate on the dong deposits to 15 percent on Dec. 13 in accordance with their pleading at the meeting with the central bank earlier.

(Photo:Minh Tri)

Techcombank was among the first lenders reducing the deposit rate, offering the rate of 13.45-13.95 percent per annum.


The Hanoi-based lender, which is the fifth-largest bank in term of assets, triggered an interest rate race last week when announcing it would offer dong depositor rates as high as 17 percent per year.


Other lenders reacted by pushing their own rates up, some as high as 18 percent.
But these offers were rescinded after the central bank requested them to bring the rates down to prevalent market levels – 14 percent or less.


Asia Commercial Bank, known as ACB, also cut its highest deposit rate to 15 percent per year from 15.2 percent, which was earlier the special offering under its promotional pack titled “Making New Year fortunes”.


The government-run banks made a similar move, with Vietcombank lowering its deposit rate to 14 percent and BIDV cutting its rate to 13.5 percent.


Financial experts said the rate of 15 percent is adequate as lending demand at yearend is increasing sharply. However, they noticed that the current deposit rate would force lenders to raise their lending rates to 17-18 percent per year at least.


Vo Quoc Thang, chairman of the Vietnam Young Entrepreneurs Association, said with the lending rate of 17-18 percent per year, local businesses would struggle to cope with the increasing cost of raw materials and the harsh competition from imported products.


Many firms will be willing to make no profit this year to maintain their business, but this plan will be undone if the high lending rates last long, Thang said.


Many financial experts expected the interest rate would decline further on February as lending demand of local businesses cooled off.


They also said high interest rates will help lenders to separate borrowers. Lenders will offer regular and big clients loans with preferential rates. ACB offered an annual lending rate of 15.5 percent only to businesses.


Some small commercial banks, however, shunned the central bank’s request, keeping the interest rate on dong deposits at more than 15 percent. They said they offered the high rates for big deposits only.


These banks will negotiate the interest rate with clients in a face-to-face meeting only in attempt to avoid the central bank’s penalty.


A deputy general director of a commercial bank, who asked not to be named, disclosed many clients tended to deposit their money in the banks offering the highest rate. “Efforts to keep client from switching their money to other banks have seen many lenders offering the rate of more than 15 percent through negotiating,” he said.

Source: SGGP

15 candidates win Prudential essay contest in Mekong Delta

In Uncategorized on December 16, 2010 at 9:38 am

The examiner board of the “Prudential – Good Essay, Good Writing” contest has chosen 15 best candidates to award prizes — one first prize, two second prizes, two third prizes and 10 consolation prizes.

Secondary school students take part in the “Prudential-Good Essay, Good Writing’ contest 2010 in HCM City.


The final round of the contest was held in Mekong Delta province of Soc Trang on December 4 with participation of 39 candidates from the delta’s 13 provinces.


The final round was held by Sai Gon Giai Phong Newspaper, the provincial Department of Education and Training, and Soc Trang Newspaper.


The topic of the competition reflects the socio-cultural and economic development of the country, the thinking of teenagers and their passion for literature and good handwriting.


According to 13 examiners, this year’s exam question was relatively hard but it required candidates to bring into play their creativeness and use real knowledge to complete the examination.


Many candidates showed their thoughts and strange solutions in the examination, said an examiner.


The award ceremony for the essay contest will be held at Soc Trang Province’s political school on December 5.


On the occasion, SGGP and life insurer Prudential Vietnam will offer 10 scholarships, worth VND1 million each, to poor students in the province.

Source: SGGP

Vietnamese students compete in 8 sport events at the AUG 15

In Uncategorized on December 16, 2010 at 9:35 am




Vietnamese students compete in 8 sport events at the AUG 15


QĐND – Wednesday, December 15, 2010, 21:7 (GMT+7)

PANO- A Vietnamese sports delegation, including 157 students, coaches, officials and referees, has left Hanoi to attend the 15th ASEAN University Games 2010 (AUG 15) in Chiang Mai, Thailand, from December 15th to 23rd.


Vietnamese students will compete in 8 out of 17 events, including athletics, Pencak silat, football, swimming, table tennis, Teakwondo, Karatedo and volleyball.


In addition, during the games, there are also other activities between sports delegations from ASEAN countries, such as cultural exchanges and guided tours.


The Vietnamese delegation also brings to the Games many national traditional gifts, such as images of Long Bien Bridge and Khue Van Cac, to help regional friends learn more about Vietnam’s culture and people.

Translated by Van Hieu

Source: QDND

Mobilised interest rate less than 15 percent/year

In Uncategorized on December 16, 2010 at 9:33 am




Mobilised interest rate less than 15 percent/year


QĐND – Saturday, December 11, 2010, 21:8 (GMT+7)

As from December 11, commercial banks will increase their mobilised interest rate from 12 to 15 percent/ year.  


The decision was made at a meeting on December 10 between the State Bank of Vietnam’s (SBV) HCM City branch, the Vietnam Banking Association and commercial banks.


Under the decision, commercial banks will fix the maximum mobilised interest rate at 14 percent/year. In case of promotions in cash or gifts, the real interest rate enjoyed by depositors will not surpass 15 percent/year. Any bank which violates this decision, will be subject to sanctions from management agencies.


Despite a drop in interest rates after the SBV examined commercial banks, the highest mobilised interest rate remain at 15.5-16.5 percent/year.


Source: VOV


Source: QDND

15 finalists attend pageant for Vietnamese women living with HIV

In Uncategorized on November 13, 2010 at 1:59 pm

15 percent Vietnamese suffer from mental illness

In Uncategorized on August 7, 2010 at 11:22 am

Almost 15 percent of Vietnamese suffer mental illnesses, said a health official at a seminar on healthcare for psychiatric patients on August 6.


The National Psychiatric Hospital No.1 director La Duc Cuong said Vietnam currently has 12 million people experiencing psychiatric ailments, accounting for 14.9 percent of the country’s population.


He used the number of patients receiving treatment at the Psychiatric Hospital in the Mekong delta province of Tien Giang as an example. The number of those being treated has increased from 9,261 in 2008, to 9,559 in 2009.


Deputy director of the Psychiatric Hospital No.2, Bui The Khanh, reckoned that the most common psychiatric ailments in Vietnam are dementia praecox, depression, epilepsy, mental disorders resulting from traffic accidents or due to excessive drinking.

Source: SGGP

Pakistan races to help 15 million affected by ‘worst’ floods

In Uncategorized on August 7, 2010 at 11:20 am

SOOMRA PANHWARI, Pakistan, Aug 7, 2010 (AFP) – Pakistan raced to evacuate families threatened with fresh floods on Saturday as heavy rains worsened the disaster in its second week, with up to 15 million people already affected.


Authorities in southern Sindh province have warned that a major deluge could hit impoverished river communities in the fertile basin, where they said up to three million people had already been affected and one million evacuated.

Pakistani soldiers use a loader to rescue Lal Pir Thermal Power employees during flooding in Lal Pir on August 7, 2010. AFP

Torrential rains continued to hammer northwestern Khyber Pakhtunkhwa province and helicopter services ferrying aid to some areas had to be suspended until the bad weather subsided.


Those uprooted from their homes in Sindh have been moved to temporary relief shelters in government buildings, schools and tents, but many families living in low-lying areas along the swollen Indus river were resisting evacuation.


“There are some areas where people are still reluctant to leave their homes and belongings. We are compelling them to evacuate because there is massive danger to their lives,” said irrigation minister Jam Saifullah Dharejo.


“The water flow in some places along the river is exceptionally high and intermittent rains continue,” he added.


Prime Minister Yousuf Raza Gilani has appealed for immediate international help to cope with the country’s worst ever floods, which have already devastated provinces in the northwest and centre.


Countries including the US, Britain and China have pledged tens of millions of dollars in aid for victims of the nearly two-week-old disaster.


Floods across the largely impoverished, insurgency-hit country have swept away entire villages and killed at least 1,600 people, according to UN estimates.


Those marooned in Soomra Panhwari in southern Sindh faced a shortage of food and drinking water and authorities said their priority was shifting women and children to safety.


Zaibun Nisa, 40, said she had been forced to leave her husband to whisk her three children away from the floods after all the family’s cattle were lost.


“All our belongings have been swept away, our cattle have been lost. My daughter was to be married once we had the money from our sugarcane harvest but the crop is destroyed. Now we are battling for our survival,” she said.


The meteorological office has warned that at least two more days of rain are expected in Sindh, where a red alert is in place because of the “imminent” and “extreme” flood threat.


In Khyber Pakhtunkhwa, head of flood relief operations Major General Ghayoor Mehmood, has said some 1,400 people have been killed, with 213 still missing.


Flooding has spread to Indian-held Kashmir, where at least 115 people have died, while some parts of the Punjab are under six feet (two metres) of water, affecting nearly two million people, a senior crisis management official said.


“The scale of the needs is absolutely daunting,” Melissa Fleming, a spokeswoman for the office of the UN High Commissioner for Refugees, said Friday.


More than 252,000 homes are thought to have been damaged or destroyed across Pakistan and 1.38 million acres (558,000 hectares) of crop land flooded, and it could take weeks before electricity is fully restored.


The flooding has threatened electricity generation plants, forcing units to shut down in a country already suffering a crippling energy crisis.


In Punjab a senior government official said water had entered an oil refinery unit, oil depot and a power generation plant, with workers being forced to leave their homes in the area.


Survivors have lashed out at authorities for failing to come to their rescue and provide better relief, piling pressure on a cash-strapped administration straining to contain Taliban violence and an economic crisis.


Particular scorn has been heaped on the unpopular President Asif Ali Zardari for pressing ahead with a visit to Europe at the height of the disaster.


The United States has pledged a total of 35 million dollars in aid, with military helicopter relief missions travelling into the worst-hit regions.


Australia on Saturday doubled its aid pledge to 10 million dollars (9.2 million US).


In neighbouring Afghanistan, authorities asked residents of several villages along the Kabul river to leave their homes as smaller floods caused minor damage to homes, an official from the national disaster authority said.

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Source: SGGP

Mövenpick Hotel Saigon reopens after $15 mln renovation

In Uncategorized on August 1, 2010 at 11:20 am

The five-star Mövenpick Hotel Saigon reappeared in Ho Chi Minh City on August 1 after a complete transformation over the past five months.


The renovation, which the hotel management said cost US$15 million, is for all guest rooms, public areas and restaurants.

The Mövenpick Hotel Saigon’s designed façade

“The overarching goal is to create a new benchmark in hospitality in Vietnam,” said Knuth Kiefer, general manager of Mövenpick Hotels & Resorts, Vietnam. 


The hotel is located on Nam Ky Khoi Nghia Street in Phu Nhuan District, within 10 minutes to drive to the airport.


Completely closed on March 8 this year, the Mövenpick continues to use the time to add key personnel and for staff education, with core training in hospitality essentials.


“I’m happy with our progress in attracting a great team and training them accordingly. The closure of the hotel was pivotal in the process, which will of course continue after we open on August 1,” Kiefer said.


The hotel houses 278 guestrooms and five restaurants. Kiefer said he was especially proud of the new bar on the 3rd floor that flanks the hotel’s swimming pool and spa.


In Vietnam, Mövenpick Hotels & Resorts operates five-star hotels, one in Ho Chi Minh City and the other in Hanoi.


The international hotel group, with roots in Switzerland, is represented through over 90 hotels existing or under construction in 26 countries with a concentration in its core markets of Europe, Africa, the Middle East and Asia.

Source: SGGP

Season’s first tropical storm claims 15 in Central America

In Uncategorized on May 30, 2010 at 5:16 am

GUATEMALA CITY, May 29, 2010 (AFP) – The first tropical storm of the season threatened Central America’s Pacific coast Saturday after killing 15 people in two countries, as Guatemala coped with twin natural catastrophes including a massive volcano eruption.


Tropical Storm Agatha, with 65 kilometers (40 miles) per hour winds and up to half a meter (20 inches) of rain was 30 kilometers (20 miles) southwest of the Guatemala-Mexico border. It was expected to make landfall overnight, the US National Weather Service said.

A man watches heavy swell on May 29, 2010, in Puerto San Jose, Escuintla, 110 kilometers south of Guatemala City. AFP photo

In Guatemala, the storm has already dumped 36 centimeters (14 inches) of rain, triggering flash floods and landslides that killed 14 people Saturday, including four adults and four children inside homes buried by mudslides, officials said.


The the National Disaster Agency did not indicate the circumstances of the remaining storm fatalities, but said 12 Austrian tourists were rescued from a resort area that was cut off by a sinkhole in its only road access.


Eleven persons were reported missing in the western part of the country, it added.


In El Salvador, also hit by Agatha’s driving rains, one person was killed, authorities there reported.


Confronted by the storm and by the erupting Pacaya volcano, which since Wednesday has killed two people including a television reporter and closed down the country’s main airport for five days, President Alvaro Colom called on his countrymen to pull together.


“I call for unity… all of us Guatemalans are challenged by this great trial we’re facing… so we must organize ourselves better and maintain the spirit of solidarity that has emerged these past few days,” he said during an emergency cabinet meeting.


Colom on Friday declared a state of emergency around volcano Pacaya, 50 kilometers (31 miles) south of the capital, where some 2,000 people have been evacuated, and on Saturday said he was mulling extending the emergency blanket nationwide as Agatha wreaked havoc.


He said he had canceled his scheduled visits to the Dominican Republic and Canada next week to devote all his attention to the storm and ongoing eruption.


The capital’s La Aurora International Airport will remain closed for five days as cleaning crews hampered by driving rain try to clean up centimeters (inches) -thick ash from the volcano.


Colom said six departments were currently awash from the storm, with three of them reporting highways cut off by floods and mudslides. He warned people in the area to remain indoors.


He said the government would seek an 85-million-dollar loan to cope with the twin natural disasters.


In neighboring El Salvador, the government reported one person killed from Agatha and said it raised the color-coded national alert system from green to yellow at the approaching storm.


It reported three rivers overflowing their banks in the western part of the country, with some areas undergoing precautionary evacuations.

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Source: SGGP