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.
Vietnam Banks Association and member commercial banks> yesterday met to discuss an adjustment in the lending rates for the businesses. Accordingly, businesses that had borrowed loans at high rates ranging between 15 and 21% per annum could enjoy banks' consideration of premature lending rate reduction. Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) is studying deposit rates and selecting corporate borrowers with the lending rate of 15-12.75%/year.