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Posts Tagged ‘bank’

Vietnam’s Hung wins HD Bank chess trophy

In Uncategorized on January 12, 2011 at 7:09 am




Vietnam’s Hung wins HD Bank chess trophy


QĐND – Tuesday, January 11, 2011, 21:34 (GMT+7)

Vietnam’s Nguyen Mai Hung claimed the top spot at the International Chess Tournament – HD Bank Cup which ended in HCM City on Jan. 9.


The 17-year-old grandmaster grabbed 4.5 points over the nine rounds. By doing so, she equalled the scores of three other rivals but ended up taking the title because of her better sub-index.


Hung, from Bac Giang province, had previously won a gold medal at the National Sports Games which helped her to become Vietnam’s No 1 master.


She needs just one standard to become Vietnam’s fifth – and youngest ever– International Female Grandmaster and is expected to earn this at a training course in Hungary this summer.


It was a great tournament for Vietnam’s women with Hung’s teammates Pham Le Thao Nguyen and Nguyen Thanh An coming second and third at the HD Bank Cup.


On the men’s side, the No 1 seed Le Quang Liem of Vietnam had a disappointing event, earning fourth place overall with 6.5 points, half a point less than event champion Yu Yangyi of China.


Chinese Wen Yang and Filipino Gomez John Paul were the two runners-up on the men’s side of the draw. Liem said he wasn’t too worried about his performance here.


“In general, I had a fairly good tourney although I wasted several chances to improve my position. But this is normal in chess. I do not have to worry about my performance here because results at this tournament don’t influence my Elo rating,” said Liem who ranks 79th in the world.


“In 2011 my target is to reach the rating of 2,700, which is the level for a super International Grandmaster (IGM),” added Liem whose present Elo rating is 2,664.


Other male Vietnamese players failed to make top three. IGM Nguyen Ngoc Truong Son, the former world U10 champion was at fifth. While Nguyen Anh Dung and Dao Thien Hai suffered losses in early round.


Source: VNA


Source: QDND

State Bank goes after counterfeit currency

In Uncategorized on January 8, 2011 at 4:11 am




State Bank goes after counterfeit currency


QĐND – Saturday, January 01, 2011, 21:5 (GMT+7)

The State Bank of Vietnam (SBV) has approved a project to prevent the circulation of counterfeit money.


The 10 billion VND (500,000 USD) two-phase project will also help raise awareness among the public about security features on bank notes and how to identify counterfeit money.


In the first phase from 2010 to 2012, the project will focus on training banking staff, producing documents on the issue and conducting surveys.


In the second phase from 2013 to 2015, the project will provide further training to banking staff as well as treasury accountants and cashiers.


The project will also be broadcast through the mass media, with instructions on what to do if someone passes fake money and the methods counterfeit money dealers use to help prevent circulation in banks and the market.


Source: VNA


Source: QDND

World Bank steps up support for Vietnam’s higher education

In Uncategorized on December 17, 2010 at 8:27 am

The World Bank and the State Bank of Vietnam on Thursday signed a financing agreement and related legal documents for the Higher Education Development Policy Credit valued at US$50 million.
 
The credit is provided by the International Development Association, the arm of the World Bank that helps the world’s poorest countries.


The program as a whole is designed to support implementation of the Vietnamese government’s higher education reform agenda. This operation aims to strengthen governance and accountability, rationalize financing, improve quality of teaching and research, and enhance transparency in financial management within the higher education sector. 


Addressing the signing ceremony, Ms. Victoria Kwakwa, the World Bank Country Director for Vietnam, said: “Further progress in  access to, and quality of education and training at all levels is critical for achieving Vietnam’s development objectives and in particular its objective to build the skills needed to raise the competitiveness of its economy.”

Source: SGGP

Bank stocks help rally markets

In Uncategorized on December 16, 2010 at 9:26 pm




Bank stocks help rally markets


QĐND – Thursday, December 16, 2010, 21:2 (GMT+7)

Stock indices rose steadily on Dec. 15 after the previous trading session’s modest retreat with bank shares again performing strongly.


On the HCM Stock Exchange, three out of four banking stocks to post gains hit their ceiling prices, as did four out of five on the Hanoi exchange. Hanoi Housing Bank (HBB), with 12.6 million shares changing hands, was again the most heavily-traded share nationwide.


The Government decision to extend the deadline for credit institutions to comply with higher charter capital requirements seems to have further lifted investor expectations of a long-term market rise, especially among banking shares.


Le Dat Chi, head of HCM City Economics University ‘s corporate finance faculty, said that when small banks were not under pressure to raise capital, interest rates could stabilise, a good sign for the stock market.


“The extension decision relieved investor psychology which has long been repressed by fear that capital flows were being diverted to banks under pressure to increase capital and adding to the pressure of increasing share supplies,” Chi said.


A large amount of money that had been prepared for this capital increase could also end up being temporarily invested in the stock market, he added.


Bao Viet Securities Co analyst Nguyen Duc Thi agreed that the extension would reduce difficulties for banks which may have had to borrow at any cost to meet the charter capital requirements – but he was also relatively surprised that the term had been extended up to one year instead of six months, as had been requested by the State Bank of Vietnam.


On the HCM Stock Exchange on Dec. 15, the VN-Index closed up 0.78 percent to 493.47 points. The value of trades decreased 33 percent from the previous day’s session, however, to 2.2 trillion VND (109.4 million USD), on a volume of 95.6 million shares.


Decliners continued to outnumber advancers by 146-77, but gains in a number of leading shares helped offset losses, including insurer Bao Viet Holdings (BVH), Phu My Fertilisers (DPM), Masan Group (MSN) and real estate developer Vincom (VIC).


On the Hanoi Stock Exchange, the HNX-Index closed at 120.60 points, a gain of 0.83 percent. The value of trades reached 1.55 trillion VND (77.8 million USD), with nearly 79 million shares changing hands.


Foreign investors remained net buyers on the HCM City market on Dec. 15 by a net of almost 48 billion VND (2.4 million USD) but were net sellers in Hanoi market of 3.4 billion VND (170,000 USD) worth of shares.


Source: VNA


Source: QDND

Central bank maintains 9 percent prime rate

In Uncategorized on December 16, 2010 at 10:06 am

The State Bank of Vietnam (SBV) has decided to keep the prime interest rate in VN$ unchanged at 9 percent per year.

The decision No. 2868/QD-NHNN, which was issued on Nov. 29, takes effect from December 1 to replace Decision No. 2619/QD-NHNN issued on Nov. 5 by the Governor of the State Bank.

This is the second consecutive month the prime interest rate remains at 9 percent. Earlier, a prime interest rate of 8 percent was applied for nearly 12 months.

Source: SGGP

State Bank tries to prevent banks from increasing their interest rates

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

The State Bank of Vietnam has ordered its branches to monitor all other banks that have an interest rate higher than 14 percent a year.

The State Bank is trying to prevent banks increasing interest rates

On Wednesday, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) raised its one month interest rate to 17 percent per year, which will apply from 8-10 December with deposits of more than VND100 million.  As soon as this happen, other joint stock banks, also changed their interest rates to 17.5 and 18 percent a year.


Specifically, the floating interest rate of 36 month deposit of a bank was rebounded up to 18 percent a year, for all deposits over VND5 million.


Ho Huu Hanh, director of the State Bank of Vietnam in Ho Chi Minh City, said he has asked four delegations to investigate the banks about the skyrocketing interest rate.


This discision immediately made some banks reduce their interest rate from 17-18 to 14 percent a year.


An official from Techcombank said, “That it had not increased the interest rate of savings deposit to 17 percent, but it was only a promotional program for those long term customers”.


Furthermore, the State Bank in Hanoi has expressed their disagreement with the rising interest rate, saying it that it gave some banks an unreasonable advantage, which may lead to unfair competition.


Techcombank’s action had lead to a movement of deposits from other banks, forcing them to elevate their interest rates.


Meanwhile, Nguyen Duc Vinh, general director of Techcombank, admitted his bank had not being able to anticipate this affect, and has promised to cancel the program.


After the meeting, thousand of banks, agreed to lower their rate to 14 percent a year.


A spokesperson from the State Bank said, “The inflation rate this year will not exceed 12 percent, so, there is no reason for banks to raise their interest rate to 17-18 percent a year”.


In a related move, the State Bank has pledged to provide loans to smaller banks. All these banks require is to present their credit contracts, to the State Bank, to approve their for loans.


However, a joint stock bank’s leader said, “Some small banks are afraid to borrow capital, because they will be closely monitored by the State Bank, and this will lead to the larger banks raising their interest rates again”.

Source: SGGP

Bank sector joins in to stabilize prices

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

The State Bank of Vietnam’s Governor Nguyen Van Giau, on Wednesday ordered that all the bank’s branches follow Prime Minister Nguyen Tan Dung’s instructions. That is to stabilize prices during the upcoming Tet holidays.

(Photo: VnExpress)

The governor asked them to ensure safe ratios in their operation, as sanction in two circulars issued in May and September this year.


Branches of the State Bank should effectively carry out currency and credit measures, that the bank instructed in November, to stabilize prices and the macro economy.


They should monitor interest rates and lending activities and make certain they are legal and in accordance with policies of the government, and the Vietnam Banking Association.


Additionally, the credit organizations’ loans should have priority for agricultural production, rural development, natural disaster recovery, exports and commodity stockpiling during the Tet holidays.


Moreover, they should sell foreign currencies to businesses, for the import of necessary goods, and implement other measures to stabilize the foreign exchange markets. They have also been asked to monitor and forecast changes in the international gold price and domestic supply to rationally import the metal.


The State Bank’s branches should monitor credit organizations to ensue their mobilization and the lending of gold, matches the criteria set out in the governor’s circular in October. Any violation from the guidelines will be monitored.

Source: SGGP

Europe heads for Irish bank rescue

In Uncategorized on November 18, 2010 at 6:27 am

State Bank pours more capital into interbank system

In Uncategorized on November 15, 2010 at 2:31 pm

State Bank attributes gold price hike speculation

In Uncategorized on November 10, 2010 at 1:57 pm