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Tag: Eximbank

  • Eximbank names new acting CEO

    Eximbank names new acting CEO

    Lender Eximbank has appointed Nguyen Hoang Hai as acting CEO for a year to replace Tran Tan Loc who resigned Monday.

    Hai, 45, who has worked for ABBank and EVN Finance, had become deputy CEO of Eximbank in early August.

    Loc remains a director.

    Also on Tuesday the bank dismissed another deputy CEO, Pham Quang Dung.

    Last month it had appointed Nguyen Canh Anh as a director. He too has worked for EVN Finance in the past.

    It has been a game of musical chairs for the Eximbank leadership in recent years.

    Do Ha Phuong became its chairwoman in June in place of Luong Thi Cam Tu, who had only taken over in February 2022.

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  • Dollar drops at banks

    Dollar drops at banks

    On Monday morning, the U.S. dollar dropped at banks but remained unchanged at unofficial exchange points.

    Vietcombank sold the dollar at VND23,740 Monday, down 0.02% from Sunday. Eximbank and Techcombank sold the greenback 0.04% lower at VND23,720, and VND23,745, respectively.

    The USD/VND exchange rate has increased by 0.04% since the beginning of the year. The State Bank of Vietnam (SBV)’s reference rate is at VND23,628, up 0.01%. The dollar remained stable at VND23,680 on the black market.

    On Monday, the dollar hovered near a five-week high against major peers on rising bets for prolonged Federal Reserve policy tightening ahead of a crucial consumer price report the following day.

    The dollar index – which measures the greenback against six counterparts including the yen, euro and sterling – added 0.068% to 103.65, keeping close to last Tuesday’s high of 103.96, the strongest level since January 6.

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  • Japanese lender reduces stake in Eximbank

    Japanese lender reduces stake in Eximbank

    Japanese giant Sumitomo Mitsui Banking Corporation has sold a 10.8% stake in Vietnam’s Eximbank, reducing its ownership to 4.27%.

    It sold 132.8 million EIB shares at VND27,750 ($1.18) on January 13, according to a release by the Vietnamese bank.

    The value of the deal is estimated at around VND3.4 trillion.

    SMBC became a strategic shareholder in Eximbank in 2007, but withdrew its representative in 2019 due to some disagreements.

    In February last year, Eximbank pulled the plug on its strategic partnership with SMBC.

    On Monday it attempted to organize an extraordinary shareholders meeting to appoint three new directors, but could not get the quorum of 65%.

    It is planning for another meeting on February 14.

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  • Dollar moves up at most banks

    Dollar moves up at most banks

    On Monday, the U.S. dollar went up against the Vietnamese dong at most banks and the black market.

    Vietcombank sold the dollar at VND23,800, up 0.34% from Saturday.

    Eximbank sold the greenback at VND23,770, up 0.30%.

    The rate at Techcombank is VND23,800, up 0.21%, and at ACB is VND23,900, up 0.42%.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,645, down 0.02%.

    The dollar is sold at VND24,100 on the black market, up 0.27%.

    The greenback has gained over the dong by 3.84% since the beginning of the year.

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  • Dollar weakens against dong

    Dollar weakens against dong

    The U.S. dollar continued to depreciate against the dong on the black market Monday.

    It plunged 0.86% to VND24,220 at unofficial exchange points.

    The greenback fell 0.19% to VND23,825 at TPBank, and dropped 0.32% to VND23,713 at Vietinbank.

    Eximbank sold the dollar at VND23,740, up 0.17%.

    The rate at Techcombank was VND23,750, up 0.04%. It stayed unchanged at Vietcombank.

    The State Bank of Vietnam (SBV)’s set the reference rate is at VND23,655, down 0.01%.

    The dollar has gained 3.40% against the dong since the beginning of the year.

    The U.S. Dollar Index, which measures the greenback’s strength against major currencies, hovered around a three-month low of 105 points.

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  • Eximbank profits triple in Q3

    Eximbank profits triple in Q3

    Lender Eximbank has tripled profits year-on-year for the third quarter to over VND1.278 ($51.5 million).

    Its net interest income doubled, and non-interest income from services and foreign exchange businesses grew in double digits.

    Its profits for the first nine months topped VND3.18 trillion, an increase of 3.3 times and well above the target of VND2.5 trillion.

    The bank estimates its pre-tax profits for the full year at VND3.5 trillion and targets VND5 trillion next year.

    It also eyes total assets of VND210 trillion for next year, up 14%, and an on-balance sheet bad debt ratio of 1.6% or less, down from 1.7% or less estimated for this year.

  • Dollar rises to all-time high against Vietnamese dong

    Dollar rises to all-time high against Vietnamese dong

    The U.S. dollar continued to strengthen and reached its historic high against Vietnamese currency Saturday.

    The State Bank of Vietnam (SBV) on Saturday morning set the reference rate for the Vietnamese dong at VND23,283, the same as Friday and VND50 higher than early this week.

    At commercial banks, the Vietnamese dong is at its lowest in history.

    Vietcombank, the country’s largest lender, has sold the U.S. dollar for VND23,795, up more than 3.8 percent from the beginning of this year.

    Top private player Techcombank’s rates were VND23,810, Eximbank’s were VND23,790, and Sacombank VND23,967.

    The SBV allows the Vietnamese dong to trade within a band of 3% on either side of the reference rate, which is based on eight currencies and set daily.

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  • Eximbank seeks to pay dividends after 7 years

    Eximbank seeks to pay dividends after 7 years

    Lender Eximbank has sought approval from the State Bank of Vietnam to pay a dividend of VND1,800 ($0.07) per share for 2020.

    The bank sold its bad debts to the state-owned Vietnam Asset Management Company (VAMC) in 2015 against bonds on the condition it is not allowed to pay dividends until the bonds are fully redeemed.

    According to documents it has circulated among shareholders, it redeemed the last of the bonds on March 30.

    The last time it paid dividends was for 2013.

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  • Indonesia Eximbank to boost SME exports

    Indonesia Eximbank to boost SME exports

    State-owned Indonesia Eximbank will play a pivotal role in boosting small and medium enterprise (SME) exports through export based people’s business credit (Kurbe) and an incubator program.

    Indonesia Eximbank acting president director Suswijono Moegiarso said it already disbursed Rp 1 trillion (US$74.95 million) Kurbe in 2016, a cross subsidy between big debtors and SMEs.

    For 2017, the Financial Service Authority (OJK) has recommended the bank to the Economic Coordinating Ministry for channeling government’s Kurbe, he said.

    “The Kurbe will help boost SMEs exports this year, we are really thankful to OJK for the recommendation,” Suswijono said during the Export Purposed Import Facility (KITE) event in Tumang Village, Boyolali, Central Java, on Monday.

    There are five SMEs that already have Kurbe from the Eximbank with a total value of Rp 13.3 billion, namely UD Daffi Art,  CV Inducomp, CV Yudhistira, PT Banyan International and PT Bali Tangi.

    Those five SMEs also have a KITE import facility from the customs office.

    The bank would also provide mentoring and an incubation program for the export oriented SMEs called coaching programs for new exporters (CPNE).

    Indonesia Eximbank managing director Indra Wijaya Supriadi said that in 2016 the program already created five export oriented SMEs. “These SMEs successfully exported modified cassava flour (mocaf), broomsticks, room insulators, catfish fillets and frozen beef,” Indra said.

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