The following article is written by vice professor-PhD Tran Hoang Ngan, vice principal of HCM City Economics University. In order to avoid reliance on capital raised from deposits, the State Bank of Vietnam (SBV) should apply open market operations so that banks can offer loans with the maximum lending interest rates of 7% -9% a year. Facing up to the global financial crisis and recession in some key economic regions in Vietnam in 2009, many experts forecasted that Vietnam's economy would continue to meet with various problems and challenges
The race is on among real estate companies to open transaction centre under a new regulation taking effect on January 1 that requires all property transactions be carried out through licensed real estate transaction centres.
Right after the State Bank of Vietnam (SBV)'s fifth consecutive reduction of basic rate to 8.5%, which will be officially applied from December 22, the Bank for Foreign Trade of Vietnam (Vietcombank) was the pioneer in lowering the preferential lending rate to 8.5% a year, equalling to the central bank's basic rate. The Vietcombank's common lending rate was also adjusted down to 11% a year, marking the bank's third consecutive reduction within this month and marking the lowest level in the market now.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has been granted a license by the National Bank of Cambodia to open a Branch in Phnom Penh. The license B7.08.1204 SCN (released on 23 December 2008) makes Sacombank as the first Vietnamese Bank to venture to Cambodia. Under the terms of the license, Sacombank has started preparing the construction of the Branch premises and recruiting and training personnel. Sacombank Cambodia Branch shall start in June 2009.