Vietnam International Bank (VIB) officially announced the acquisition of the Ho Chi Minh City branch of the Commonwealth Bank of Australia (CBA) on July 3. CBA is also a strategic shareholder of VIB. Illustrative photo. The State Bank of Vietnam (SBV) has officially approved the transfer of all of the branch’s operations to VIB. CBA has invested in VIB since 2009 and currently holds 20 per cent of its charter capital. “This decision restates our commitment to Vietnam as we strengthen our strategic partnership with VIB,” said Mr. Steve Ellis, Director of CBA Vietnam. “We also believe that VIB will continue to provide high quality service to our customers.” “We respect our strategic partnership with CBA and at the same time look forward to strengthening the partnership to promote CBA’s capabilities,” said Mr. Han Ngoc Vu, General Director of VIB. CBA’s Ho Chi Minh City branch opened in 2008 after being licensed by the SBV. … [Read more...] about VIB announces acquisition of foreign bank branch in HCMC
State bank branches
State bank OKs 13-ton non-SJC gold bar conversion
The State Bank of Vietnam Wednesday gave the go-ahead for the Saigon Jewelry Co to convert 13 tons of gold bullion, or 350,000 taels, of other brand names into its national SJC brand. The conversion will start on Thursday, under a move that has been made at a time when domestic gold prices continue to expand their gap with global prices. On Wednesday the precious metal in Vietnam returned to VND47.3 million a tael, nearly reaching the one-year high of VND47.4 million it hit on September 14, before closing the day at VND47.25 million a tael. Gold on the global market meanwhile pulled a U-turn to reach $1,775 an ounce at the closing session. The gap between domestic and global gold prices remains high at VND2.64 million a tael, while a reasonable rate should be only VND400,000. The central bank giving the green-light to converting non-SJC gold bullion came after petitions from banks and gold traders, as SJC has been chosen as the national brand name, with gold bullion … [Read more...] about State bank OKs 13-ton non-SJC gold bar conversion
State bank works to keep bad debt below 3 pct
The State Bank of Vietnam (SBV) has requested that credit institutions and foreign bank branches intensify their credit quality and bad debt management and submit their bad debt handling plans for 2016 before April 28. The headquarter of SBV in Hanoi. The move aims to ensure the bad debt ratio is at a safe level of below 3 percent of loans, the central bank said in freshly-issued Document No 2588/NHNN-TTGSNH sent to credit institutions and foreign bank branches across the country. The document instructs credit organisations to implement bad debt treatments in accordance with Directive No 02/CT-NHNN dated February 23, 2016, on strengthening security assurance and the restructuring of credit organisations’ systems, bad debt management, and monitoring and maintaining bad debt at a safe level. The Directive also cited that credit institutions should focus on speeding up bad debt treatment through several measures such as risk contingency, selling bad debt to the … [Read more...] about State bank works to keep bad debt below 3 pct
KPMG hosts seminars to discuss State Bank of Vietnam’s Circular 13
Leading consulting firm KPMG recently organised talks in Hanoi and Ho Chi Minh City on the recent Circular No.13/2018/TT-NHNN, issued by the State Bank of Vietnam. KPMG speakers at the seminars The two seminars by KPMG took place on July 18 in Hanoi and July 20 in Ho Chi Minh City, as more than 260 senior executives from over 36 local banks and foreign bank branches in Vietnam gathered to discuss Circular 13 and Risk Management Practice. This seminars were a part of KPMG-run programmes to increase support for Basel II for Vietnam's banking industry. The keynote speakers were Amitava Mukherjee, director of Risk Consulting, KPMG Asia Pacific Area and Pham Do Nhat Vinh, associate director and head of FS Risk Consulting, KPMG Vietnam & Cambodia. The seminars also welcomed representatives from the State Bank of Vietnam, who talked about requirements of Circular 13, one of the laws aiming to change the quality of bank management in Vietnam. In his opening remarks, Tran Dinh … [Read more...] about KPMG hosts seminars to discuss State Bank of Vietnam’s Circular 13
Vietnam’s state bank tries to reassure clients in wake of multi-million fraud cases
By Anh Minh  April 3, 2018 | 11:06 am GMT+7 Bank tellers receive customers at an Eximbank office, as shown in a file photo by VnExpress. One client lost nearly $11 mln after a renegade bank employee used forged documents and fled overseas. Vietnamese banks and government authorities are trying their best to protect the legal rights of clients in the wake of multiple fraud cases that involved clients losing millions of dollars, an official from the State Bank of Vietnam (SBV) said at a press conference on Monday. Vice governor of the central bank, Nguyen Thi Hong, said banks have gone to great lengths to protect the rights of clients, and that the SBV has issued tight regulations to manage deposits and force credit unions to comply. “These documents [on regulations] clearly outline the procedures for managing deposits and explicitly state that credit unions are responsible for transparency. Violations will not be tolerated,” Hong said. She … [Read more...] about Vietnam’s state bank tries to reassure clients in wake of multi-million fraud cases