Vietnam

SBV adjusted the terms on the open market operations and made strong net injection of capital to support the liquidity for commercial banks.

The total amount of remittance transferred to Vietnam is estimated at about $8 billion. Of which, the total inward remittance sent to Vietnam via VietinBank reached $1.2 billion, rising 30 percent against 2009's and accounting for over 15 percent of the market share.

Commercial banks in Vietnam posted solid earnings in 2010 with an average growth in profit of over 20 per cent. Most of the growth is ascribed to lending and foreign exchange trading.

Bank loans in Vietnam will double by the end of 2013 on the back of subsidized interest rate schemes and large consumer credit demand.

Vietnam President Nguyen Minh Triett said he believed that with its advantages in capital and its professionalism, Asia Commercial Bank  would develop faster and stronger. He sees it gradually expanding to penetrate regional and global markets.

 

 

Techcombank bank reached a total pre-tax profit of US$ 140.9 million and total asset value of 7.68 billion, in a year-on-year increase of 62 per cent.

The IFC will invest about US$182 million in equity and US$125 million in subordinated debt in VietinBank.

The quick recovery of Vietnam's economy and the need to improve banks' position and competitiveness in the market have prompted them to list their shares this year.

Vietnam Banks’ depositing interest rate are moving up to attract strong remittance inflows that come in ahead of Tet, the Lunar New Year festival. This was pointed out by general secretary Duong Thu Huong of the Vietnam Bank Association said.

A bank in Cambodia has stopped certain Vietnamese from getting dollars from its ATMs after a surge in withdrawals. Apparently traders are taking advantage of a drop in the black market value of Vietnam's currency, the dong.

 

 

Vietnam banks exposed to the Vinashin’s US$600 million unsecured loan were given a credit negative by Moody’s.

Opening a branch in Ho Chi Minh City is part of its move to expand its 10 overseas branches.