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Banks cut loans for shares as market drops 2008-06-01 - Reuters Banks cut their lending for securities investment to VND9.75 trillion (US$606 million) last month, the central bank’s governor said on Friday, down 14.5 percent from the end of 2007.
Bank loans in April for securities investment accounted for only 0.78 percent of Vietnam’s outstanding loans at the end of April, State Bank of Vietnam Governor Nguyen Van Giau told a televised National Assembly session. Loans for securities investment totaled VND11.4 trillion in December 2007, or 1.37 percent of total bank loans, according to central bank figures. Fitch Ratings said on Thursday that Vietnamese banks face challenges from sharply higher interest rates and tightening liquidity, especially those which lent imprudently to property developers and stock market investors. The Ho Chi Minh Stock Exchange, which has fallen every trading session this month, lost 1.52 percent on Friday to close at 414.10 points. The market has lost 55.3 percent so far this year after a gain of 23 percent in all of 2007 when investors poured in, attracted by Vietnam’s potential as the newest member of the World Trade Organization and its 8 percent annual GDP growth. |
Other Banking News
Little impact from ‘technical error’ 2008-06-01 Bank warns of looming dong dilemma 2008-05-30 Snafu halts HCMC stock exchange 2008-05-28 Vietnam banks more cautious, HSBC country head says 2008-05-27 |
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ANZ named best retail bank in Vietnam 2008-05-27 Banks, borrowers struggle with tighter credit 2008-05-27 Banks set up shared ATM service 2008-05-25 HSBC links ATM networks with Vietnamese bank 2008-05-23 Restrain credit growth, but do it step by step: WB 2008-05-23 HSBC links ATM networks with Vietnamese bank 2008-05-23 Central bank set to rely more on higher interest rates: Goldman 2008-05-21 Nothing seems to be able to stop the slide 2008-05-21 High interest rates may make banks ‘unprofitable’ 2008-05-21 Capital jumping from stock market to banks 2008-05-21 |