VietNamNet Bridge – Importers and exporters have urged the State Bank of Vietnam to slash the dollar interest rates further to 5 percent per annum.

The lending interest rates are on the decrease, which is hoped to help businesses more easily access bank loans. However, the efforts by the banks to slash interest rates would be useless if the bad debts suddenly increase.

Some 15 tons of gold has been sold by the State Bank of Vietnam through bidding. It is estimated that VND15 trillion has been taken back from the gold sale.

Vietcombank, one of the biggest commercial banks in Vietnam, has pioneered in slashing the deposit interest rate to 6 percent per annum. Other banks have unanimously reduced the lending interest rates.

Commercial banks have reported the steady increase in the mobilized capital so far this year. Meanwhile, businesses keep complaining that they lack capital to maintain production and expand business scale.

VietNamNet Bridge – Administrative orders on the market are giving rise to corruption and spoiling business ethics, said economists, pointing an accusing finger at recent moves of the central bank.

VietNamNet Bridge – The Ministry of Information and Communications (MIC) has jumped six notches to reach the top of the list of Government ministries effectively using information technology (IT).

VietNamNet Bridge – Transactions of gold bars valued at VND300 million or more must be reported to the State Bank of Viet Nam (SBV) from June 30 this year.

For a long time, commercial banks absorbed in mobilizing gold and lending in gold, and selling the mobilized gold for money to lend for higher interest rates.

VietNamNet Bridge – Experts deemed it necessary to set up a national gold exchange to deal with the widening gap between local and global gold prices - and the preference for keeping gold and using the precious metal as payment.

VietNamNet Bridge – More smuggled gold has been launched onto the local market due to the widening gap between local and global gold prices in recent times,

The number of Vietnamese commercial banks would decrease from 39 currently to 13-15 by 2017, according to Stoxplus, a finance information service firm.

After the world’s gold price tumble and the heavy fluctuations of the domestic prices, the belief that gold is a safe shelter in the storm has become shaky.

 VietNamNet Bridge – The Government Inspectorate on Monday announced it would check if the State Bank of Vietnam had fulfilled its responsibility towards gold trading and gold mobilization and lending.

The Governor of the State Bank of Vietnam has decided to delay the implementation of the Circular No. 02 guiding the provisioning against the risks in credit activities.

 The State Bank of Vietnam (SBV) has quashed rumours that it planned to issue new bank notes in the near future, an official has said.

The major purpose of the gold bidding is to stabilize the market. However, the goal remains unattainable after 6 bidding sessions were organized.

The State Bank of Vietnam has unexpected allocated the credit growth rate quotas to commercial banks. The disbursement for the national economy must not be higher than 12 percent in 2013.

 VietNamNet Bridge – The State Bank of Vietnam will sell gold until banks no longer need the precious metal with the hope that the gap between local and global gold prices will narrow, stated a senior source from the central bank.

The reports from 10 State Bank’s local branches showed that Hanoi, HCM City and Da Nang are the localities with the highest bad debt ratios.