Customers conduct transactions at an AgriBank branch in central Binh Dinh Province. — VNA/VNS Photo Hong Ky HA NOI — Credit has grown by 7.05 per cent since December last year, well on pace to meet the 20 per cent limit for the year set on commercial banks by the central bank, State Bank of Viet Nam Governor Nguyen Van Giau said yesterday in a press conference in Ha Noi. Giau said that growth in Vietnamese dong-denominated lending during the period remained low, at 2.7 per cent, while the rise in US dollar loans was more alarming, at 22.2 per cent. Short-term credit rose 6.17 per cent, while medium – and long-term credit surged by 7.66 per cent, he said. With overall credit growth of 10.97 per cent during the period, production and export industries accounted for 83 per cent of total loans made by commercial banks during the period. Lending to non-production sectors fell by 9.46 per cent against late last year, consistent with the Government's instruction to … [Read more...] about State Bank keeps lid on credit growth, interest rates
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State Bank issues currency regulations
Citizens of countries bordering Vietnam will have to submit notarized copies of business registration licenses in border-gate economic zones if they wish to bring foreign currency into Vietnam, pursuant to Circular No. 29/2015/TT-NHNN. For more effective foreign currency management, the State Bank of Vietnam has amended and supplemented regulations on the documentation needed to bring in foreign currency. The decision took effect on Feb. 8 and applies to border citizens from China, Laos and Cambodia. According to Circular No. 29/2015/TT-NHNN, Article 1, clause 1 stipulates that “for citizens of countries bordering Vietnam, who have registered their business in border regions and border-gate economic zones, if permitted by Vietnamese agencies to go to inland provinces and bring currency from bordering countries for sale to licensed banks, they will have to send a dossier via post or submit it directly to the State Bank branches in the respective border provinces." The dossier … [Read more...] about State Bank issues currency regulations
Former governor of State Bank assumes new Party position
Former State Bank Governor Nguyen Van Binh was appointed chair of the Central Committee’s Economic Commission on April 11. The Economic Commission acts as a consultative body for the Party Central Committee on policies and strategies related to economic issues. Binh replaces Vuong Dinh Hue who has been elected to deputy prime minister in the new cabinet. In Binh's succesor, Vietnam has just appointed its youngest State Bank Governor in history in former deputy chief of the General Office of the Communist Party Le Minh Hung. Binh was born in 1961 in the northern province of Phu Tho. He received a PhD in Economic Science in Russia. After three years working as deputy governor, Binh became governor of the State Bank in August 2011. He started working for the State Bank in 1986. In November 1998, he was appointed deputy director of the State Bank branch in Hanoi after 12 years working at the International Cooperation Department and as chief of the State Bank Office. From … [Read more...] about Former governor of State Bank assumes new Party position
ATMs must be stocked for Tet holiday: State bank
The State Bank of Viet Nam has told commercial banks to accord top priority to supplying cash at automatic telling machines (ATMs) during the Tet (Lunar New Year) holiday. Workers stand in line to withdraw cash from ATMs at an industrial park in the southern province of Binh Duong before the Tet holiday. — Photo vnexpress.net HA NOI (Biz Hub) — The State Bank of Viet Nam has told commercial banks to accord top priority to supplying cash at automatic telling machines (ATMs) during the Tet (Lunar New Year) holiday. The move came about after the media reported that many ATMs had run out of cash in the past few days, especially during the last weekend, which had angered customers as they were unable to withdraw cash. To ensure the service quality as well as safety of ATM transactions during the holiday, commercial banks must regularly monitor timely funding of ATMs to meet the rising demands, the central bank said. In provinces and major cities with industrial parks, … [Read more...] about ATMs must be stocked for Tet holiday: State bank
State Bank urges loans for new-style rural building
Hanoi (VNA) – The State Bank has urged credit organisations to intensify loans for new-style rural building. Accordingly, the bank has issued a document No 691/NHNN-TD requesting its branches work with authorised bodies to fortify the implementation of the National Target Programme on New Rural Development. The bank has also instructed credit organisations balance their capital resources to meet capital needs in order to carry out the programme. The State Bank’s branches in provinces and cities nationwide have been instructed to periodically report on the loan situation for new-style rural building under several categories such as loan data, outcomes, difficulties, and solutions in order to increase the effectiveness of the capital in the implementation of the programme. The National Target Programme on New Rural Development, launched in 2010, sets out 19 criteria for new-style rural areas, covering infrastructure, production, living standards, income and culture, among … [Read more...] about State Bank urges loans for new-style rural building