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Image : Philippine trade minister says Manila keeping economic ties with U.S.

Philippine trade minister says Manila keeping economic ties with U.S.

person Orange Themes access_time Oct 21,2016

The Philippines will maintain its trade and economic ties with the United States, Trade Minister Ramon Lopez said on Friday, a day after President Rodrigo Duterte announced his separation from Washington. In terms of economic, we are not stopping

Image : Japan withholds annual dues to UNESCO

Japan withholds annual dues to UNESCO

person Orange Themes access_time Oct 15,2016

TOKYO (AP) — Japan has withheld its annual UNESCO dues, saying it wants to make sure the U.N. body properly functions to foster trust among member nations.

Image : Texas officials refute 'vote-flipping' after Trump tweet

Texas officials refute 'vote-flipping' after Trump tweet

person Orange Themes access_time Oct 28,2016

AUSTIN, Texas (AP) — In his latest attempt to cast doubt on the election process, GOP presidential candidate Donald Trump raised suspicions Thursday about the voting machines in reliably Republican Texas despite producing no evidence of an actual

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Some banks in Vietnam enter new rate race

access_time Mar 21,2017 chat_bubble_outline 40 views

Some commercial banks have entered a new interest rate hike race to lure medium- and long-term deposits, pushing the rate to a record high of more than 9 per cent per year.

Some banks in Vietnam enter new rate race

VPBank announced it has offered a rate of 9.2 per cent per year for five-year certificates of deposit.

VietA Bank has also listed a high rate of 8.2 per cent per year for certificates of deposit with tenure of just six to 18 months.

The rate at Sacombank is also at 8.2 per cent per year; however, it is applicable for certificates of deposit with tenure of 5-7 years.

The rate is much higher than the average deposit interest rates offered by other commercial banks. Currently, State-owned commercial banks offer a rate of 6.5-6.8 per cent per year for long-term deposits, while it is 7-7.5 per cent at large-sized joint stock commercial banks and 8-8.2 per cent at small-sized banks.

Analysts attribute the hike to factors such as the need for medium- and long-term funds to grow lending this year.

Many experts anticipated the scenario and warned there would be rising demand for long- and medium-term funding after they saw the economy clearly recovering and the Government signing a series of bilateral and multilateral trade agreements, which is likely to increase businesses’ demand for funds.

Another reason is that 80-90 per cent of deposits currently are short-term while demand for long- and medium-term loans is growing rapidly.

State Bank of Viet Nam (SBV)’s HCM City branch reported that last year the ratio between short-term and long- and medium-term loans was 44:56 per cent. It is normally 50:50.

In addition, SBV’s amendments to Circular 36/2014/TT-NHNN reducing the ratio of short-term deposits that can be used for medium- and long-term loans from the current 60 per cent to 40 per cent has caused deposit interest rates to rise.

Besides this, the risk weight for loans to the real estate sector has also been raised to 250 per cent from 150 per cent since 2017.

As a result, banks have been forced to hike interest rates on long-term deposits so that they have enough funds to provide long- and medium-term loans.

Expert Bui Quang Tin said the interest rate hike would put pressure on the central bank’s monetary management this year, especially when the central bank has to meet the three targets of controlling inflation, keeping foreign exchange rate and interest rate stable.

Tin was also concerned it would be hard for lending interest rate, especially medium and long term, to be steady in the wake of the deposit rate hike. Both lending and deposit rate would rise by roughly 0.5-1.5 per cent per year this year, he forecast. 


Deputy Prime Minister hosts Thai Central Group’s leader

At a reception for CG General Director in Vietnam Jariya Chirathivat in Hanoi on October 3, the official called on the group to introduce quality goods from around the world, especially those from ASEAN, to Vietnamese consumers. He suggested the group join Vietnamese businesses in production chains in the fields of industry and agriculture to churn out safe, high-quality products, while closely coordinating with competent Vietnamese agencies in guiding its branches to observe local law. The… chat_bubble_outline Read More...

Merkel expected to announce bid for fourth term Sunday

Berlin (AFP) - German Chancellor Angela Merkel was expected to announce her bid for re-election Sunday in a move likely to be welcomed in many capitals as a sign of stability following shock poll triumphs for Brexit and Donald Trump.After months of feverish speculation about her plans, Merkel is due to hold a news conference at 1800 GMT during a meeting of her conservative Christian Democrats (CDU) and say she will seek a fourth term in the 2017 elections.Merkel, 62, has governed Europe's top… chat_bubble_outline Read More...

Coutinho could be out till New Year with ankle ligament injury

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British foreign secretary stresses friendship in Saudi visit

RIYADH, Saudi Arabia (AP) — Britain's foreign secretary is emphasizing the depth of his country's friendship during a visit to Saudi Arabia as he tries to defuse controversy over comments seen as critical of the kingdom.Boris Johnson met Sunday with King Salman and other top officials in Riyadh days after The Guardian newspaper released a video of him saying Saudi Arabia and Iran are engaged in Mideast "proxy wars."A Saudi-led coalition allied with Yemen's government is fighting Iranian-backed… chat_bubble_outline Read More...

Vietnam’s exports to ASEAN slide following establishment of regional economic community

Vietnam's export value to its fellow ASEAN countries in the first quarter of 2016 fell 13.4 percent compared to the same period last year to stand at $4.01 billion. This comes following the establishment of the ASEAN Economic Community (AEC) in December 2015, data from Vietnam Customs showed. Vietnam’s imports from its neighboring countries reached an estimated $5.73 billion, up 6.3 percent on year and resulting in a trade deficit of $1.72 billion. Rice and seafood remained Vietnam's key… chat_bubble_outline Read More...

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