Vietnam says dollar shortage eases as exporters sell currency. Vietnam’s exporters have increased sales of dollars to commercial banks, helping ease the shortage of the U.S currency. The State Bank of Vietnam did not give any further details on companies’ dollar sales. Exchange rates at banks last week were between VND 17,835 and 17,841 per dollar, it said. The dong has weakened 2% this year and touched a record low of 17,862 on July 23, according to Bloomberg data.
Vietcombank rated Vietnam’s best bank. The Bank for Foreign Trade of Vietnam (Vietcombank) has been awarded the title of 2009 Best Vietnamese Bank for a series of its trade finance activities by the Asia Money magazine. This is the third consecutive year, Vietcombank has made it to the top at the Asia Money magazine’s selection. Vietcombank was awarded the prizes for the best provider of foreign currency services, the best trader on foreign currencies in the 2006-2008 period, and the best cash management. Besides, Vietcombank was also ranked as the best bank for its creative ideas in foreign currency services, the best intermediator in the trade of foreign currencies and the bank owning the best online trading background. As one of the largest and the most prestigious banks in Vietnam, Vietcombank now occupies a large market share, holding 10% of loans, 12% of deposits, 23% of international payments and 55% of card payments. In the first six months of this year, the bank’s pre-tax profits are estimated to have reached 2.45 trillion USD, the largest amongst joint stock banks.
ANZ Vietnam to double its capital. ANZ has received permission from the State Bank of Vietnam to double the registered capital of its subsidiary, ANZ Vietnam, to VND 2 trillion (USD 112 mln). “Commercial banks, especially foreign ones, operating in Vietnam continue to raise their registered capital despite the global financial crisis and economic slowdown. It means that Vietnam is a safe destination for foreign investors”, the central bank said on its website.
Deutsche Bank AG HCM Branch allowed to provide bond services. The State Bank of Vietnam (SBV) issued Decision No. 2161/QD-NHNN on September 11 to permit the Deutsche Bank AG Ho Chi Minh City (HCMC) Branch to conduct such bond services as consulting and underwriting, and acting as an issuing and payment agent within the territory of the Socialist Republic of Vietnam. SBV requires the Deutsche Bank AG HCMC Branch to strictly comply with the Vietnamese law and relevant international practices on the aforesaid services.
Source: vietstock
