Vientiane, 12 December 2008: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) launched its first branch overseas in Laos. The Sacombank Laos Branch is located at 175/02 Ban Hatsady-Tai, District Chanthaboury in the capital city of Vientiane. On the same day, Sacombank celebrates the “Sacombank marathon for public health” in Vientiane, jointly with the Laos Youth Union and Laos National Television.
After State Bank of Vietnam (SBV) announced reduction of the basic rate to 10% a year, many commercial banks also announced reduction of the lending rate from December 5. Bank for Investment and Development of Vietnam (Bidv), the Bank for Foreign Trade of Vietnam (Vietcombank) and the Bank for Industry and Trade of Vietnam (Vietinbank), Dai A Commercial Joint Stock Bank will also officially apply the new lending rate benchmark to replace the current benchmark. In particular, the deposit rate is at 3.6% a year for demand deposit, one week at 5.5%,
The VN-Index fell below the 300-point level yesterday, closing at 299.68 points after dropping 2.89 per cent. The Index has lost a total of 67.5 per cent from its peak at 921.07 early in 2008, marking nearly a year of struggling times for securities investors. "When counting the loss in each share we have invested in, it is possibly double the loss of the VN-Index," moaned Vu Tuan Hung, an investor with Bien Viet Securities Co.
Pursuant to the government office's Official Letter No 8260/VPCP-KTTH, prime minister approved State Bank of Vietnam to adjust down key rates from December 5, 2008. Particularly, the basic rate will be lowered from 11% pa to 10% pa, the interest rate of capital re-supply and overnight lending in the interbank electronic payment will be cut down from the current 12% pa to 11% pa and the discount rate will be from 10% to 9% pa. Notably, the compulsory reserve deposit rate of the dong will be reduced from 10% to 9% pa.