VAMC, banks auction mortgaged assets to recover bad debtsThe Saigon Times Daily VAMC and multiple banks have auctioned mortgaged assets to settle bad debts - PHOTO: THANH HOA HCMC - Vietnam Asset Management Company (VAMC) and multiple banks have put up the mortgaged assets for auction to speed up the settlement of bad debts, according to Nguoi Lao Dong newspaper. VAMC announced its business plan earlier this year, which stated the company would buy a maximum of VND32 trillion (US$1.4 billion) worth of nonperforming loans using its special bonds and would use cash to purchase VND3.5 trillion worth of bad debts. VAMC targeted settling some VND34.5 trillion worth of bad debts this year. VAMC recently seized entitlement certificates over 13 land plots and land-attached properties, including a plot of land and assets on Nam Ky Khoi Nghia Street in HCMC’s District 3. Green City Construction Investment JSC had used the assets as collateral for loans taken from Vietnam Bank for … [Read more...] about VAMC, banks auction mortgaged assets to recover bad debts
Ingham county land bank
Banks hike interest rates of home loansThe Saigon Times Daily A view of condo projects in HCMC. Commercial banks have carefully assessed real estate projects before providing loans – PHOTO: TL HCMC - Most of the local banks have further tightened credit for the real estate sector by raising the annual interest rates for home loans by one to two percentage points compared with earlier this year, leading the sector to slow down, reported Sai Gon Giai Phong newspaper. Vietnam Export Import Bank’s current interest rate for home buyers is 11%, up by one percentage point. Meanwhile, the rates are 11.5-12% at Orient Commercial Bank, Saigon-Hanoi Commercial Bank and VietCapital Bank, and 12.5% at Saigon Thuong Tin Commercial Bank and Viet A Commercial Bank. In addition, banks have carefully assessed real estate projects before providing loans, which are equivalent to 30-50% of the property project values instead of the earlier 70-80%. In HCMC, many banks have provided … [Read more...] about Banks hike interest rates of home loans
HCM City – The HCM City People’s Court yesterday began its trial of eight former officials of Đại Tín Bank (Trust Bank) for allegedly “violating regulations on lending activities of credit institutes”. The defendants include former chairman of the members’ board Hoàng Văn Toàn, general director Trần Sơn Nam, three former deputy general directors Lâm Hồng Trinh, Đỗ Hoàng Linh and Ngô Đức Trí, former head of the bank’s Credit Management Department Hồ Trọng Thắng; former director of the bank’s accounting division Trần Thị Hồng Phương; and former head of the bank’s legal affairs department Phạm Thị Quỳnh Ngân. However, Đỗ Hoàng Linh has fled and is wanted by police. This is the second phase of the trial of Phạm Công Danh, former chairman of the … [Read more...] about Trust Bank trial of eight former officials begins
Owning numerous large-scale land plots may attract investors to Hanosimex for its listing on the Unlisted Public Company Market (UpCOM). Hanosimex's land plots may act as a counterpoint to the firm's average performance The Hanoi Stock Exchange has approved Hanoi Textile and Garment Joint Stock Corporation (Hanosimex) to list 20.5 million shares on UpCOM at the reference price of VND15,800. According to the plan, the listing will be conducted on April 19. Established in 1984, Hanosimex is a large-scale corporation within the yarn-textile-garments supply chain of Vinatex, with factories in Hanoi, Bac Ninh, Hung Yen, Ha Nam, Nghe An, and Ha Tinh provinces. In 2017, Hanosimex reported a revenue of VND2.36 trillion ($103.6 million), including VND1.65 trillion ($72.4 million) of revenue from the yarn segment and VND335 billion ($14.7 million) from the garment segment. VND1.58 trillion ($69.37 million–67.31 per cent) of its revenue came from exports, while VND771 billion … [Read more...] about Large land bank may lure investors to Hanosimex?
Almost all farmers face difficulties getting bank loans as they struggle to put a security up for loans," said Nguyễn Đăng Cường, a farmer in Thuận Thành District, northern Bắc Ninh Province. Cường, a farmer in the province with 42ha of rice, fishing and duck farming land, told Tin tức (News) newspaper that borrowing money from banks to expand his business was difficult despite preferential Government policies for farmers. Government Decree 55/2015/NĐ-CP, effective from July 2015, offered preferential loans to farmers with amounts up to VNĐ2 billion (US$90,000), but few could access the loans, he said. "Borrowers must have real estate as a collateral for the loan. Banks offer loans equal to 70 per cent of the real estate value and for only six months," Cường said. At least VNĐ1 billion ($45,000) is needed for one hectare of land to generate high profit products extensively. If using high technology, the cash needed could increase to between VNĐ6 billion ($269,000) - VNĐ10 billion … [Read more...] about SGGP English Edition- Farmers still struggling to access bank loans