Business

Sacombank has said its disagreement with the Vietnam Securities Depository (VSD) on the ownership cap in the bank for foreigners will affect investor sentiments. The Ho Chi Minh City-based lender said in a release Friday that foreign ownership cap in it has stayed unchanged at 23.63468% for years and the …

Companies in Ho Chi Minh City have denounced high interest rates they say are forcing them to transfer stakes to foreign firms and sell property to repay debts. At a meeting with local businesses held by the Ho Chi Minh City People’s Committee on Friday, Do Phuoc Tong, president of …

FLC announced plans Friday to list on the Unlisted Public Company Market (UPCoM) Exchange after being delisted by the Ho Chi Minh Stock Exchange for violations three days ago. FLC apologized to its shareholders for the delisting and guaranteed it would protect shareholder interests throughout the new listing process. Currently, …

Mobile World, a major retailer of smartphones and electronics, is closing its Bluetronics smartphone and electronics chain stores in Cambodia in Q1. “After six years of operation, we have decided to stop doing business in Cambodia to focus on other business models and other markets,” Mobile World’s head of electronics …

Government bodies, banks and developers should work together to solve problems in the real estate sector more quickly and effectively, Prime Minister Pham Minh Chinh has said. The housing market has been struggling in recent months due to a supply imbalance, with high-end units outnumbering affordable ones, Chinh said at …

Four state-owned banks have agreed to set aside a credit package of VND120 trillion ($5 billion) for the development of social housing and workers’ housing projects, central bank governor said. The loan interest rates for buyers or developers of social housing projects and workers’ housing projects will be 1.5-2% lower …

Bui Thanh Nhon, chairman of property developer Novaland, on behalf of other businesses in the sector, has proposed that banks allow their payments due be extended for another two or three years. “The extension will give more time for developers to wait for a market recovery and to acquire necessary …

Ho Chi Minh City market authorities have discovered two batches of suspected counterfeit cosmetic products worth a total of nearly VND2 billion (US$84,000). On Thursday they raided two warehouses in Go Vap District where they suspected fake goods were stored. From the first warehouse on Nguyen Tu Gian Road they …

Property companies have proposed that the maturity of their issued bonds be extended to a later date to reduce payment pressure this year. In recent years many property developers have been issuing bonds “excessively” to fund their projects, which has caused disruptions in the financial markets that led to a …

The U.S. dollar surges to a 10-week high against the Vietnamese dong Friday morning. Vietcombank sold the dollar at VND23,960 Friday, up 0.5% from Thursday, highest since December 8. The rate at Techcombank was VND23,930, up 0.25%, and at ACB VND24,000, up 0.42%. Eximbank sold the greenback at VND23,780, unchanged …