Commercial banks have moaned over a decrease in their dong deposits after cutting savings interest rates to around 11.2% per annum as committed with the Vietnam Banks Association.

The Vietnamese Ministry of Finance said Vietnam is now home to nearly 50 insurance companies operating in the fields of life insurance, non-life insurance, insurance brokerage, and reinsurance. Despite potential difficulties, insurers are showing no sign of worry, given satisfactory profits.

Vietnam should take prompt action to help enterprises gain easier access to bank loans as the consumer price index is forecast to be equal or lower than the 2010 target of 8%, economists said at a seminar last week.

On July 20, SMC Investment - Trading Joint Stock Company hosted a workshop on “Steel industry prospects and investment opportunities at SMC stock” at Legend Hotel, aiming to provide more fundamentals about SMC and steel industry outlooks.

Upon the entrance of June, lending interest rates of commercial banks continue to decrease. This is the statement of Ms Duong Thu Huong, General Secretary of Vietnam Banking Association (VBA), in a working session with State Bank of Vietnam (SBV).

Maritime Bank reported to earn a compound profit of over VND766 billion in the first six months of 2010 and a pre-tax profit of VND660 billion, or 55 % of the full-year plan, in which 25 % came from credit activities.

Commercial lenders have reached a consensus on slashing lending interest rate to 12 % per annum and deposit rates to 10 % from July 2010, heard at the meeting between the State Bank Governor Nguyen Van Giau and leaders of five State-owned banks and big commercial joint stock lenders like ACB, Sacombank, Eximbank, Techcombank, MB, VIB and VPBank on this matter.

AAA Assurance Corporation has recently held its Annual General Meeting of Shareholders for the fiscal year 2010 at 4S Riverside Garden, Thu Duc District, Ho Chi Minh City. The meeting drew the participation of 53 out of 67 existing shareholders, representing 97.16 % of voting rights.

For the banking system, if a bank becomes insolvent, dissolved or bankrupt, deposits of customers are still guaranteed. This is the protection mechanism provided by the Government. However, there is no such a regime or policy for the securities sector. This is the main concern of all securities investors because they will not know where their money is if a securities company collapses. Many investors and experts are hoping and waiting for a proper mechanism.

Vietnam International Commercial JS Bank (VIB) will lend VND3 trillion at preferential interest rates to firms in the Mekong Delta region to boost their exports of rice and seafood.