TPP may clear way for foreign influx into Vietnam: Int’l media
The U.S-brokered Trans-Pacific Partnership agreement is likely to stimulate an influx of foreign investment into Vietnam and Malaysia which currently have no free-trade deal with the U.S., according to The Wall Street Journal reported.
Vietnam parliament to approve TPP in June 2016 at the earliest
Vietnam’s National Assembly, the country’s supreme legislative body, is not expected to ratify the Trans-Pacific Partnership agreement or TPP until its sitting in June 2016 at the earliest, according to the Saigon Times newspaper.
U.S. dollar weakens against Vietnamese dong
The greenback has weakened against the Vietnamese dong since October 5 when a central bank regulation, aimed at curbing foreign currency hoarding, took effect and the cap on USD deposit rate was brought to zero late last month.
The USD/VND rate in the unofficial market was 22,200 dong-22,300 dong for bid and ask on Friday morning, higher than 22,140 dong -22,260 dong quoted by Vietcombank.
Banks in Vietnam sold large quantities of USD when the free-market USD/VND rate was higher than quotes by banks.
Govt asks for boost in credit growth, banking overhaul
The Vietnamese government has requested the State Bank of Vietnam to accelerate credit growth coupled with adequate loan quality and quicken the revamp of the banking system.
Banking regulator to further tackle cross-ownership
The State Bank of Vietnam will continue to handle the cross holding situation in three pairs of banks by the end of this year, in order to ensure the sound operation of the banking system.
Circular 36, dated in November 2014, has helped cracking down rigging in the system by reducing cross-ownership and limiting cross lending, a central bank official said.
Samsung Electronics Vietnam exports set to hit $30B in 2015
The export value of Samsung Electronics Vietnam or SEV is likely to reach 30 billion USD by the end of 2015, rising from 26.5 billion USD in 2014 and 1.5 billion USD in 2010. SEV now accounts for some 17.5% of Vietnam’s export turnover.
Moody’s upgrades ratings of Techcombank, ACB from B2 to B3
Moody’s Investors Service has upgraded the long-term deposit and issuer ratings of both Vietnam Technological and Commercial Joint Stock Bank or (Techcombank) and Asia Commercial Bank (ACB) to B2 from B3, citing improvements in the standalone credit profile of the banks.
VPBank seeks foreign partners for stake sales
Vietnam Prosperity JS Commercial Bank (VPBank) is in search for foreign investors to sell up to a 30% stake in itself and majority holdings in its finance and securities arms, in a move to lift its capital adequacy ratio.