Holiday season drives prices up; VAMC eats up bad debts from credit institutions; SBV to continue gold auctions; New house tax to fund infrastructure; Exports need quality breakthroughs; New shipbuilding firm to begin operations

While domestic banks have insisted on the delay of the implementation of the Circular No. 02 on classifying debts in accordance with international standards, foreign banks want the opposite thing. Meanwhile, SBV does not want any further delay.

 VietNamNet Bridge – The State Bank of Viet Nam announced it would not issue new small bank notes during Tet, in a bid to cut back on shortages of small bills.

 VietNamNet Bridge – If UOB pours money into GP Bank, this would mean that the government of Vietnam implicitly keep the banks’ doors open to foreign investors who are believed to help deal with weak banks.

 Credit institutions gained an accumulated profit of VND29.5 trillion (US$1.34 billion) during the first 11 months of this year, up 3.2 per cent from the same period last year.

 VietNamNet Bridge – The State Bank of Vietnam has stated that it won’t adjust the dong/dollar exchange rate in the time to come, affirming that it is the SBV which is the agency which sets up the exchange rate policy.

 CPI expected to rise 0.62%; Vietnam-Japan cooperation in software development; Rattan, bamboo processing have potential for large-scale production; SBV ends rate-lowering race; Beer prices rise as Tet approaches

 VietNamNet Bridge – The State Bank of Vietnam (SBV) has released a document requesting to strengthen the inspection over the banks which offer the lending interest rates lower than deposit interest rates.

 VietNamNet Bridge – Two independent reports about Vietnam’s macro economy recommending the local currency devaluation of 2-4 percent in 2014 have been released.

 VietNamNet Bridge – While the State Bank repeatedly urges commercial banks to push up lending, economists believe there’s no need to strive for the 12 percent credit growth rate in 2013, if this brings risks.

 VietNamNet Bridge – The State Bank of Vietnam (SBV) encourages foreign credit institutions to contribute capital and purchase shares of Vietnamese credit institutions while continuing to evaluate and identify some weak banks to take on restructuring.

 VietNamNet Bridge – Vietnam vows to reduce the foreign currency deposit ratio to 15 percent by 2015 and stop the dollarization by 2020

 VietNamNet Bridge – Governor of the State Bank of Viet Nam Nguyen Van Binh has committed to take more measures against cross ownership in local commercial banks to make the banking system safer.

 VietNamNet Bridge – The State Bank of Vietnam believes that the number of bank branches and transaction offices is now “bigger than enough.” However, banks still have been trying to set up more branches.

 VietNamNet Bridge – Most commercial banks say it takes time and money to recover debts through legal procedures.

 Rising food costs bump up CPI in major cities; SBV restarts USD buy-back scheme; Auto show strikes upbeat note; Chinese firms to display produce; EU sends funding for local SMEs

 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

 Vietnam Public Commercial Joint Stock Bank makes its debut; Dutch funding advances Vietnam’s biology-based economy; Exports to UK market surge 34%

VietNamNet Bridge – More capital will be pumped into the economy in the rest of this year, as the State Bank of Vietnam said it would seek to loosen both budgetary and monetary policies to outcast the gloomy cloud over the local economy.

VietNamNet Bridge – Card holders have got with 17 kinds of fees charged by commercial banks, while the fees have been increasing rapidly.