Vietnam

Gold saving interest rates at many Vietnam banks have increased sharply from 0.1% – 0.5%/year to 1% -1.5%/year. There are some banks that have raised the interest rate of gold savings up to 2.6% per year.

VietinBank-CTG gained 87% of the year's profit plan based on its recently released report on performance for the first eight months of this year.

The State Bank of Vietnam’s governor Nguyen Van Binh approved Saigon Bank's application to scale up its chartered capital in 2011.

Agribank said it faces no finacial problems even as 6.67 percent of its total loans are bad debts.

The lender’s chief targets to join the club in four years.

Agribank,  Vietnam's largest state-owned bank, recorded a non-performing loans rate of 5.68% of its total outstanding loans as of June 30.

HSBC Holdings Plc (HSBA) and Barclays Bank Plc will advise Vietnam Joint Stock Commercial Bank for Industry & Trade on its planned $500 million overseas bond sale, said Deputy General Director Le Duc Tho. The banks will also jointly arrange the sale for VietinBank, as the country’s second-largest listed lender is known, Tho said in a text message from Hanoi today. It would be the second international offering of U.S. dollar bonds by a Vietnamese corporate borrower this year, after Vincom Joint-Stock Co. sold $40 million of 6 percent convertible notes in July, according to data compiled by Bloomberg. Any offering would test investor confidence in the country, which has struggled to damp Asia’s fastest inflation as its currency slid to the worst-performing in the region this year. “VietinBank has made a good choice of advisers,” said Alan Pham, chief economist at VinaCapital Investment Management Ltd. HSBC has a depth of expertise and wide distribution network globally that will help get the Hanoi-based bank a “good rate,” he said. VietinBank has sought approval from the country’s central bank to sell $500 million of bonds overseas later this year, Tho said last month. It would be the bank’s first sale of U.S. dollar-denominated notes, Bloomberg data show. Shares of the company dropped 2.2 percent to 26,400 dong at the 11 a.m. local-time close on the Ho Chi Minh City Stock Exchange today. The lender has advanced 15 percent this year, outpacing the 4.5 percent decline in the benchmark VN Index. Inflation accelerated to 23 percent last month, the highest rate among 17 Asian economies tracked by Bloomberg. Gross domestic product in Vietnam expanded 5.6 percent in the first six months of the year, lower than a revised 6.2 percent in the first half of 2010. (Bloomberg)  

Vietinbank has been assigned by the State Bank of Vietnam to service hospital waste treatment support project funded by the World Bank.

VietinBank successfully offered over 168.5 million shares priced at 21,000 dong each for IFC, posting a net earning of over 3.538 trillion dong.

VietABank is issuing short-term certificate of deposits in gold with a total of 80,000 taels up to November 3, 2010.

BIDV chairman Tran Bac Ha revealed that his bank is preparing for an initial public offering in the fourth quarter of this year.

Vietcombank will cooperate with VNDirect Securities Joint Stock Co for expanding the payment services via VCB-iB@nking channel. This allows customers to deposit money in the bank accounts and trade stocks in their depository accounts at VNDirect at the same time.

Singapore’s United Overseas Bank has increased its stake in Vietnam’s Southern Commercial Joint Stock Bank to around 19.99 percent, according to Reuters.

It is concerned that the profitability and capital buffers of the banks will fall.

 Banque Pour Le Commerce Exteriour Lao Public have experienced an increased net profit from 92.2 billion kip last year to 156.1 billion kip in the first six months.

Direct wage payments to employee bank accounts linked to automatic teller machine cards may be written into law, indicated the Department of Labour-Salary.