Trillion-dong bank club

In previous years, the trillion-dong bank club used to include four state commercial banks plus ACB, Techcombank, Sacombank, Vietinbank and Vietcombank that are still called “state lender” because the state holds majority stake in them. During the last 3 years, the club admitted Eximbank, Maritime Bank and Military Bank. In 2010 alone, VIB joined the club.

Banks limit gold deposit terms to curb dollarisation of economy

Asia Commercial Bank (ACB), a pioneer in the gold business and of the busiest gold traders in the system, has also removed terms of 12, 13, 24 and 36 months from its deposit board. The bank now accepts deposits of gold from to nine months, at interest rates of 0.65-1.1 per cent per year.

Credit card issuance in Vietnam heats up

Asian joint stock commercial bank (ACB) has been the first lender in Vietnam to issue Visa Platinum Cards on the EMV (Europay, MasterCard, Visa) standards, the local media cited, adding that the card has an embedded chip to store cardholder’s information in an encrypted format, thereby providing the highest level of security to the cardholders.

ACB, Dai A Bank, VietBank lends VND1.5Tln to Hoa Phat steel company

Of the total, ACB funds VND900billion, while Dai A Bank and Viet Bank finances VND300billion each, the local media specified, the local media specified. The 84-month loan principal has a 24-month period of principal grace, the CafeF reported without specifying interest rates.

Bankers upbeat downgraded rating of six Vietnamese banks

The credit rating agency Moody’s Investors Service announced it downgraded the Vietnamese sovereign debt rating to B1 from Ba3. In addition, the New York-based agency also cut the rating of foreign currency deposits from B1 to B2 for six Vietnamese lenders including Asia Commercial Joint Stock Bank (ACB), Bank for Investment and Development (BIDV), Military Bank (MB), Saigon-Hanoi Commercial JS Bank (SHB), Vietnam International Bank (VIB) and Vietnam Technological Commercial JS Bank (Techcombank).

Bank shares help boost trades

Banks now have until December 31, 2011, to register charter capital of at least VND3 trillion (US$141.7 million). Eximbank (EIB), Vietinbank (CTG), Vietcombank (VCB), Ha Noi Housing Bank (HBB) and Sai Gon-Ha Noi Bank (SHB) all jumped to their ceiling prices, while Asia Commercial Bank (ACB) rose by 6.2 per cent and Sacombank (STB) gained 4.3 per cent. HBB, with over 16 million shares sold, and STB, with nearly 15 million, were also the two most-active shares nationwide.

Vietnam Economy: Foreigners’ Perspective

The Economist has run a piece titled “Vietnam’s economy: Plus one country.” Fitch Ratings, a credit-rating agency based in New York and London, has downgraded the ratings of Asia Commercial Bank (ACB) and Bank for Foreign Trade of Vietnam (VCB), two leading banks in Vietnam.

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