Mr. Nguyen Thien Tuan passed away, his son inherited shares worth more than 415 billion.

Construction Development Investment Corporation (DIC Corp, code DIG) has just announced that Mr. Nguyen Hung Cuong has inherited more than 20.75 DIG shares from the late Chairman of the Board of Directors Nguyen Thien Tuan. Mr. Cuong is the son of the late Chairman Nguyen Thien Tuan.

Based on the closing price of DIG shares on October 16, which was VND20,000/share, it is estimated that the number of shares Mr. Cuong received is worth more than VND415 billion. (See details)

Official transfer of 2 '0 dong' banks

Ocean Bank and Construction Bank (CB) were officially transferred to Military Bank (MB) and Bank for Foreign Trade of Vietnam (Vietcombank) from October 17. (See details)

The General Director of CB said that the bank will continue to operate as a one-member limited liability bank with 100% charter capital owned by Vietcombank. Both CB and OceanBank said that the legal rights of customers are guaranteed in accordance with the agreement and the law. (See details)

Vietcombank does not contribute capital to Construction Bank (CB) during the time CB still has accumulated losses, it can accept the merger, maintain CB as a subsidiary bank or sell/transfer CB to a new investor. (See details)

Vietinbank has a new general director

The 2024 Extraordinary General Meeting of Shareholders (EGM) of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) held on October 17, 2024 approved the important content of electing additional members to the Board of Directors (BOD) of VietinBank for the 2024-2029 term.

The General Meeting of Shareholders elected two additional members of the Board of Directors at the age of 8X. Of these, Mr. Nguyen Tran Manh Trung was appointed General Director immediately after joining the Board of Directors. The remaining person is Secretary of the Governor of the State Bank. (See details)

Eximbank speaks out about 'urgent feedback' rumors

Social media has been spreading information about the petition and urgent reflection on serious risks leading to unsafe operations and the risk of collapse of the Eximbank system. The document on social media is only 1 page and has no signature or seal, leading many to speculate about the source of the dissemination.

Eximbank affirms that the document spreading information about the petition and urgent reflection on serious risks to the Eximbank system did not originate from the bank. Eximbank is asking the authorities to support the verification and clarification of the motive for the dissemination. (See details)

People complain about difficulty in buying gold online, what guidance does the State Bank give?

The State Bank of Vietnam (SBV) has just issued a written response on the Government Electronic Information Portal regarding people's complaints about difficulty in buying gold online.

"In case customers have any suggestions on how to sell SJC gold bars directly or register online with SJC Company, customers are requested to contact SJC Company via electronic information channels or come directly to SJC Company's business locations for answers", the State Bank instructed. (See details)

Construction giant Coteccons shakes up a series of leaders

Coteccons Construction Joint Stock Company (code CTD) has just announced a series of decisions to dismiss and rearrange important positions in the executive apparatus.

Coteccons said that the change in key positions of the enterprise is to meet the new priority strategy for the period 2025-2029, with 2 main focuses: maintaining core business growth - building the foundation of new business segments, and international market strategy. (See details)

Only EVN is allowed to buy excess rooftop solar power

The Ministry of Industry and Trade has just sent to the Government a draft decree regulating policies to encourage self-produced and self-consumed rooftop solar power after consulting with Government members.

The new draft clearly stipulates that Vietnam Electricity Group (EVN) is the sole buyer. Therefore, taking advantage of regulations on developing self-produced and self-consumed rooftop solar power to sell electricity to organizations and individuals other than EVN will be considered an act against regulations. (See details)

Corporate bonds face new hurdles before recovering

Regarding the corporate bond market, the Standing Committee of the Economic Committee said that the liquidity of the corporate bond market has improved significantly, but still faces many challenges to become an effective medium- and long-term capital mobilization channel for the economy, sharing the role of capital supply with the banking system.

In order to have a basis for a comprehensive assessment, the Economic Committee recommends that the drafting agency provide additional data such as the structure of individual corporate bond investors, and carefully assess the long-term impact of limiting investors to only organizations. (See details)

Deputy Governor: There is no way 14-15 quadrillion VND is still in the bank

At the press conference to inform about the banking performance in the third quarter of 2024 on October 17, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the total mobilized capital of the whole industry as of September 30 reached 14.5 million billion VND, outstanding loans reached 14.7 million billion VND.

The Deputy Governor explained that the lending exceeded the mobilization because the excess part was the charter capital of commercial banks, and affirmed that "there is no story of 14-15 million billion VND remaining in the bank" because the amount mobilized by the banks has been lent to the economy. (See details)

Proposal to reduce land rent by 30% in 2024

The Ministry of Finance is proposing to draft a Government decree regulating land rent reduction in 2024, to have more resources to support businesses and people.

Accordingly, the Ministry of Finance proposed 2 levels of land rent reduction according to 2 options. Option 1, reduce 15% of land rent payable in 2024 for land lessees. Option 2, reduce 30% of land rent payable in 2024 for land lessees. (See details)