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SBV adjusts credit growth targets and strengthens monetary policy management measures
Following the Resolutions of the National Assembly, the guidance of the Government and the Prime Minister, the State Bank of Vietnam (SBV) has managed the monetary policy in a proactive, flexible and effective manner, in collaboration with the fiscal policy and other macro-economic policies in order to control the inflation, contributing to maintaining the macro-economic stability, supporting the economic growth.
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New policy promotes green banking development in Vietnam
The State Bank of Vietnam (SBV) is pushing all credit institutions to go green in terms of banking and credit.
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SBV warns about imposter scams with phishing links to update biometric information
Recently, the State Bank of Vietnam (SBV) has received reports about imposters pretending to be the SBV, faking the SBV's email interface to send information to lure people and customers to click on phishing links to update their biometric information used for banking transactions.
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Techcombank scoops three prestigious awards by Asian Banking & Finance magazine
Hanoi-headquartered Techcombank has won three prestigious awards from financial publication Asian Banking & Finance.
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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.
