Shares retreated on the two national stock exchanges as investors booked short-term profits on fears of a possible downward correction on Tuesday.
Vietnamese shares will continue to rise this week, according to securities analysts and brokerage companies, as foreign investors buy local assets. Positive first-quarter earnings reports and macroeconomic indicators to be released soon are also expected to influence this trend.
After the Federal Reserve (Fed)’s move of increasing the key USD interest rate by 0.25 per cent up to a range of 0.75-1 per cent, the exchange rate on the domestic market is under control. However, Huynh Trung Minh, a financial and banking expert, told VIR’s Van Linh that enterprises should be proactive in exchange rate risk hedging.
Not only the issues of human resources, bad debt, profit, dividends, but also the pressure of increasing capital to cater for updated standards in line with Basel II are pushing banks to exhaustion before and after their 2017 general shareholders’ meeting (GSM).
The vigorous restructuring of “zero VND” banks whose capital is believed to have fallen far below the minimum requirement of VND3 trillion ($140.6 million) is the main goal of the banking system this year. Dr Tran Du Lich, a financial and economic specialist, told VIR’s Thuy Vinh that buying out “zero VND” banks is only a temporary solution. It is time for the State Bank of Vietnam (SBV) to stop interfering with the restructuring of “zero VND” banks.
The Viet Nam Asset Management Company (VAMC) has proposed to raise its current charter capital from VND2 trillion (US$87.6 million) to VND10 trillion by 2020.
On March 22 Generali Vietnam Life Insurance LLC launched the first comprehensive 2-in-1 insurance plan in the Vietnamese market.
The Asia-Pacific Financial Inclusion Summit 2017 opened in Hanoi on March 21, bringing together over 450 key stakeholders, thought leaders and practitioners to further the financial inclusion agenda in the region.