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Lenders still most active in corporate bond issuance
Vietnam’s corporate bond market is experiencing a resurgence, but delayed payments and other factors continue to make dents in the sector.
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Vietnamese, Lao central banks discuss cooperation in using local currencies in bilateral trade
The State Bank of Vietnam and the Bank of Laos have jointly organised a conference to share experience in promoting the use of respective domestic currencies in bilateral trade and investment cooperation activities to prevent external risks.
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Vietnam Banks Association talks with Monetary Authority of Singapore
On August 22, 2024, Vice Chairman cum Secretary General of the Vietnam Banks Association (VNBA) Nguyen Quoc Hung had a meeting and talked with Mr. Eugene Goh, Deputy Director in charge of FinTech & Innovation in the Monetary Authority of Singapore (MAS).
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Bad debts remained a challenge for banks in H1
Banks' non-performing loans continued to grow in the first half of this year, with some banks even witnessing double-digit growth, whereas their loan loss reserve ratio trended downwards.
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Warning about some forms of fraud through card transactions and domestic payments
According to the representative of the Risk Management Subcommittee, Bank Card Association (Vietnam Banks Association), faking applications to take control of devices is one of the common forms of fraud for card transactions and domestic payments recently.
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Promote cross-border bilateral payments via QR Code
On August 21, 2024, the Vietnam Banks Association (VNBA) coordinated with the Payment Department (State Bank of Vietnam) to organize a meeting to promote bilateral retail payments via QR codes between Vietnam and countries in the region, along with a number of issues of concern in the Circular No. 40/2024/TT-NHNN dated July 17, 2024 regulating the provision of intermediary payment services.
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Banks to shift to retail lending to gain credit growth
Many banks, which used to focus on lending to individual (retail) customers, have had to shift to expanding corporate lending to achieve credit growth in the first half of 2024.
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Banks race to issue bonds to raise capital
Many banks have issued large amounts of bonds to raise thousands of billions of Vietnamese đồng, pushing interest rates to around 8 per cent per year, much higher than that of normal savings.
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Workshop on Local Currency Promotion between Lao PDR and Vietnam
On August 16, 2024, in Vientiane, the Lao PDR, the Workshop themed “Local Currency Promotion between Lao PDR and Vietnam” was held within the framework of the Program of professional, cultural and sports exchanges between the State Bank of Vietnam (SBV) and the Bank of the Lao PDR (BOL).
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Managing monetary policy smoothly, consistently and effectively
On August 5, 2024, at the Government’s Office, Prime Minister Pham Minh Chinh chaired a meeting with the State Bank of Vietnam (SBV) and several relevant Ministries and agencies. The meeting aimed to evaluate monetary policy management since the beginning of the year, and determine key tasks and solutions for the remainder of the year in order to ensure flexible, proactive and effective implementation of monetary policy.
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VNBA and Singaporian Fintech Association talks on financial technology trends
On July, 30th, 2024, VNBA Vice-Chairman cum Secretary General Nguyen Quoc Hung has received and talked to Singaporiean Fintech Association CEO Reuben Lim. Participated in the meeting, there were Mr. Truong Quang Viet – Vice Chairman of Vietnam Fintech Club and representatives from VNBA standing Agency’s units.
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Vietnam accelerating towards a cashless society
For the first time, the Vietnamese legal framework formally defines electronic money. Under Decree No.52/2024/ND-CP, electronic money is “the value of Vietnamese currency co-stored on electronic means provided on a reciprocal basis with the amount prepaid by customers to banks, foreign bank branches, and intermediary payment service providers providing e-wallet services.” This definition establishes electronic money as a digital form of Vietnam’s legal currency.
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22 credit institutions successfully deploy VNeID for authentication
To date, twenty two credit institutions and 13 payment intermediaries have successfully deployed VNeID app for authentication of payment account opening, payment transactions and customer information verification.
