Seafood surge nets exporters $5.37b in first 10 months of 2013; Banks struggle to meet credit target; India eyes Viet Nam business partnership; SBV debt pledge fails to rally shares

 VietNamNet Bridge – Banks have reported profits for the third quarter of the year after two gloomy quarters. They now can breathe easily again, though the profits were modest.

The banks’ move of pouring big money into corporate bonds, in the eyes of analysts, is a form of providing loans to businesses. Analysts have warned that it will be very difficult to settle the bad debts from the bond investments.

 Vietnam encourages investment in deprived areas; Banking sector audit shows mixed results; Exports increase in three quarters; Thanh Hoa rolls out welcome mat for Nghi Son EZ

 VietNamNet Bridge – Many banks, including the major ones, are expecting the Government to increase foreign ownership cap in the banking sector and are ready with plans to sell strategic stakes, Vietnam Investment Review has reported.

 Undersupply hits small cashew processors; VAMC debt buyouts gain momentum; Hydropower projects getting the axe; Mobile phone export turnover hits new record high

 VietNamNet Bridge – Vietnamese banks see bad debts increasing, but all of them have got higher capital safety. Meanwhile, the commercial banks believed to have high capital safety are the ones which may lose capital easily.

 Trade surplus recorded in nine months; Consumer product forum gathers firms; Road show steers consumers towards auto expo; Southern steel mill now active; Vietcombank unveils new mutual fund

 VietNamNet Bridge – Commercial banks earlier this year all planned to issue shares to increase their chartered capital. However, they have made no moved so far to implement the plans.

 VietNamNet Bridge – Non-credit services have never been the main source of income of banks, even when the lending gets stuck now.

 VietNamNet Bridge – Commercial banks have been trying every possible means to increase the lending, as they only have three more months to obtain the targeted credit growth rate of 12 percent.

 Auto sales enjoy sharp September rise; Japan, Vietnam cooperate in microchip semi-conductor industry; Mekong Delta province strives to boost exports; Coal sale projected to rise in Q4

 Viet Nam Asset Management Company (VAMC) yesterday purchased more than VND1 trillion (US$47 million) of Saigon Commercial Bank (SCB)'s bad debts using its bonds.

 Vingroup secures loan from international market; Ca Mau fishery sector moving towards sustainable exploitation; Dong Nai imports another 1,500 cows from Australia

 VietNamNet Bridge – The offers to sell bad debts are coming in thick and fast after the Vietnam Asset Management Company (VAMC) started up and made the first deal with Agribank.

 VietNamNet Bridge – Ignoring the advice by international card organizations about the low security of magnetic cards, most Vietnamese banks still have not shifted to use chip cards with the higher security.

 Rubber exports to earn US$4.5 billion this year; FPT to fund new hi-tech IT centre; Banks decrease rates to revive business growth; Taiwan firms explore opportunities in Vietnam

 Measures for GDP growth in Q4; Vietnam’s economy looks bright in 2014: Economist; Exports set to surpass target; Cooking gas prices finally subside in HCM City

 VFA lowers rice export target; Local lending grows by 5.83%; Local firms lack knowledge of TPP trade agreement; Lax management blamed for uncontrollable imported milk prices

Getting impatient about the slow credit growth, banks have been trying to boost consumer credit by offering surprisingly low interest rates, which in some cases are lower than the deposit interest rates.