Vietnam central bank pumps cash to save troubled lender SCB
Vietnam’s central bank has pumped in money to support Saigon Commercial Bank (SCB), which experienced a run triggered by the arrest of real estate tycoon Truong My Lan in October 2022.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Thailand’s Siam Commercial Bank to acquire Home Credit Vietnam for $851 mln
Thailand’s Siam Commercial Bank (SCB) has signed a sale and purchase agreement to acquire 100% of the charter capital of consumer finance firm Home Credit Vietnam for VND20,973 billion ($851 million).
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Trial of Van Thinh Phat chairwoman, accomplices to last nearly 2 months
The chairwoman of real estate developer Van Thinh Phat and her husband will be put on a first instance trial by the Ho Chi Minh City People's Court from March 5 to April 29 for causing losses of VND484 trillion ($19.73 billion) to private lender Saigon Commercial Bank (SCB).
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam ‘basically completes’ value assessment of weak banks pending forced takeover
The State Bank of Vietnam (SBV) has “basically completed” the “unprecedented” task of assessing the value of ailing banks subject to forced takeovers, said Governor Nguyen Thi Hong.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Landmark anti-corruption cases help better Vietnam stock, bond markets: police officer
Investigations into and the handling of a series of corruption cases in the private sector have helped improve the performance of the stock and bond markets, said a senior police official.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam holds its own in challenging 2023 with more highs than lows
Vietnam showcased impressive resilience in the face of numerous challenges faced in 2023, recording several economic and diplomatic highs and some lows. The Investor looks back.
A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam 2024 credit growth estimated at 12%, bad debt under control: brokerage
Credit growth of Vietnam’s banking system in 2024 is likely to remain the same as this year at around 12%, analysts with Vietcombank Securities (VCBS) said in a new report.
A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam PM orders scrutiny of crossholdings in banking system
Prime Minister Pham Minh Chinh has ordered strict handling of all violations found after an urgent scrutiny of crossholdings at credit institutions in the country.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam to handle 2-3 ailing banks, industrial projects this year
The State Bank of Vietnam (SBV) and the Commission for the Management of State Capital at Enterprises (CMSC) will have to finish the handling of at least two to three banks and industrial projects by the end of this year, according to a government decision.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
No more lending to ‘backyard’ companies, Vietnam PM tells banks
Vietnamese Prime Minister Pham Minh Chinh has instructed banks to cancel all new loans to a small group of businesses or projects of an ecosystem known as “backyard” companies, in a move to improve banking operations.
Banking & Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam needs 3-5 years to fix consequences of Van Thinh Phat-SCB scandal: analyst
It will take the Vietnamese government three to five years to deal with toxic loans related to the Van Thinh Phat-Saigon Commercial Bank (SCB) scandal and repair the damage caused, said Nguyen Quang Thuan, chairman and founder of Hanoi-based FiinGroup, a leading financial data provider in Vietnam.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam prosecutes 23 enforcement officials in Van Thinh Phat scandal
Vietnamese authorities have initiated criminal proceedings against 23 officials working for enforcement agencies for wrongdoings related to the Van Thinh Phat scam, part of intensified efforts to root out corruption in the country.
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Bribery-accused tycoon built Van Thinh Phat empire with 1,000 plus businesses: investigators
Van Thinh Phat Group, whose founder Truong My Lan has been arrested for alleged bribery and other violations, commandeered an empire of more than 1,000 businesses, said investigators.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Cross-ownership in Vietnam banks a headache seen from Van Thinh Phat-SCB scandal
The scandal surrounding real estate developer Van Thinh Phat Group and Saigon Commercial Bank (SCB) shows that violations in cross-ownership and cronyism have become complicated and increasingly sophisticated, posing a huge challenge for regulators when it comes to preventing businesses from controlling banking activities.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Van Thinh Phat chairwoman accused of appropriating $12.53 bln from Saigon Commercial Bank
Truong My Lan, chairwoman of Ho Chi Minh City-based property developer Van Thinh Phat Group, has been accused of controlling operations at Saigon Commercial Bank (SCB) to appropriate over VND304 trillion ($12.53 billion), police said on Friday.
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Two Saigon Commercial Bank chairpersons, accomplices called on to surrender
The Vietnamese Ministry of Public Security on Wednesday called on two former chairpersons and five other leaders of Saigon Commercial Bank (SCB) involved in the Ho Chi Minh City-based property developer Van Thinh Phat’s bond fraud case to turn themselves in.
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Fitch affirms Standard Chartered Vietnam 'BB' rating, outlook positive
Fitch Ratings has affirmed Standard Chartered Bank Vietnam a long-term foreign currency issuer default rating (IDR) at 'BB' and its long-term local currency IDR at 'BBB-' while the outlook is positive.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
70 Vietnam firms issue bonds worth $7.36 bln in 10 months
Seventy companies in Vietnam raised a combined VND180.4 trillion ($7.36 billion) this year through October by issuing bonds, down 45% year-on-year, according to Finance Ministry data.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Two Saigon Commercial Bank chairpersons wanted in relation to Van Thinh Phat Group bond fraud
Vietnamese police are calling on two chairpersons and five other leaders of the Saigon Joint Stock Commercial Bank (SCB) to turn themselves over their involvement in the HCMC-based property developer Van Thinh Phat’s bond fraud case.
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam central bank in search of investors for ailing lender SCB
The State Bank of Vietnam (SBV), the country’s banking regulator, is active in looking for investors that are willing to join the restructuring of troublesome Saigon Joint Stock Commercial Bank (SCB).
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Agribank executive named chairman of Saigon Commercial Bank
Phan Dinh Dien, a board member of wholly state-owned Agribank, was appointed chairman of private lender Saigon Commercial Bank (SCB) to replace Vu Anh Duc under a decision issued by the State Bank of Vietnam (SBV) on Friday.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Prudential, MB Ageas, Sun Life, BIDV Metlife guilty of bancassurance violations
Life insurers Prudential, MB Ageas, Sun Life, and BIDV Metlife have been found guilty of bancassurance violations and will have to pay administrative fines to fix their wrongdoings, the Ministry of Finance said on Friday.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Finance ministry to release life insurer inspection results
Vietnam’s Ministry of Finance has concluded its inspections into four life insurers and will publicize the results later this month, the ministry said at a regular press conference on Friday.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Government requests central bank to urgently assist Saigon Commercial Bank restructuring
The government has requested the State Bank of Vietnam to restructure specially controlled banks timely and efficiently according to the Politburo's conclusions, and urgently issue a restructuring plan for Saigon Commercial Bank (SCB).
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Commercial banks reduce deposit interest rates by 0.2-0.5 percentage points
Commercial banks have agreed to reduce their deposit interest rates by 0.2-0.5 percentage points from Monday, the State Bank of Vietnam said in a statement.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Investigation launched into deposit savings scandal at Saigon Commercial Bank
The Ministry of Finance's insurance supervision administration has transferred complaints from dozens of citizens to the Ministry of Public Security regarding deposit savings at Saigon Commercial Bank (SCB) that were converted into insurance contracts.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Monetary policy easing expected for 2023: top broker SSI
Vietnam’s monetary policy is expected to be eased this year as the current interest rate is at a high level and economic growth is forecast to face more difficulties due to external factors, said securities broker SSI.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
'Weak' Vietnamese banks to be restructured
The Prime Minister has approved a plan to restructure "weak" banks in association with settlement of bad debts for the 2021-2025 period, said Deputy Prime Minister Pham Binh Minh.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam central bank seeks to keep 2023 inflation at 4.5%
The State Bank of Vietnam will manage monetary policy in a flexible way to keep inflation at 4.5% next year as the National Assembly has targeted, the central bank's Deputy Governor Dao Minh Tu said Tuesday.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Saigon Commercial Bank has new chairman
Saigon Commercial Bank (SCB) announced Saturday the appointment of Vu Anh Duc as its new chairman and legal representative, after the private bank was put under special control by the central bank.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Central bank put Saigon Commercial Bank under special control
The State Bank of Vietnam has placed Saigon Commercial Bank (SCB) under special control over stability concerns.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
SCB mobilizes $249 mln deposits in one day following bank run
The amount of new deposits at the Saigon Commercial Bank (SCB) reached nearly VND6,000 billion ($249 million) Wednesday, a sharp increase from around VND1,600 billion ($66.3 million) the previous day.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Deposit interest rates surge, approach 9% a year
After breaking the 8% threshold two weeks ago, deposit interest rates in many banks have exceeded 8.5% and are approaching 9%.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Depositors protected no matter what: central bank governor
The government will protect depositors' interests at banks, including the Saigon Commercial Bank (SCB), in all circumstances, State Bank of Vietnam Governor Nguyen Thi Hong said Monday.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
We are not them, Sacombank clarifies as customers confuse it with SCB
Sacombank chairman clarified Sunday that his bank and Saigon Commercial Bank (SCB) are two different entities as some of the former’s customers mistook it for the latter.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
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