The State Bank of Vietnam’s anti-dollarisation efforts have managed to keep the dong-dollar exchange rate fairly steady for a long time, thus helping stabilise the monetary market.
Business operations of HCMC-based DongABank are as usual even though the former boss of the commercial joint stock bank, Tran Phuong Binh, was detained by police on charges of financial irregularities recently.
The State Bank of Vietnam (SBV) has confirmed that it has no plan to mobilize gold from the public for now due to risks though the Vietnam Gold Trading Association has proposed making full use of this huge yet idle resource.
Despite overseas remittances off to a strong start this year, experts have expressed concerns about “complicated fluctuations” likely at home and abroad.
Commercial banks cut the exchange rate of the United States (US) dollar against the dong by VND30 to VND40, bringing it to its lowest level in the past three months.
Mergers and acquisitions (M&A) in the banking sector in 2014 are not as common as in previous years when most of the M&A cases involved smaller banks merging into larger banks. This year a number of leading banks merged to create greater strength.
