News
PM calls for measures against banks increasing deposit interest rates
The government has ordered inspections of commercial banks that have raised deposit interest rates and mandated strict penalties for non-compliance, all aimed at achieving an 8 percent growth target.
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Promoting digital transformation and ensuring information security and safety in banking operations
In Directive No. 02/CT-NHNN dated January 20, 2025, the Governor of the State Bank of Vietnam (SBV) requested units under the SBV, credit institutions, foreign bank branches (FCs), and payment intermediary service providers (PSS) to focus on effectively implementing tasks and solutions to promote digital transformation and ensure information security and safety in banking activities in 2025.
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Personal income tax proposed for interest on some bank savings accounts
Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
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Banks firm on green growth trajectory
Vietnam’s financial and banking sector remains steadfast in its commitment to green development amid the withdrawal of numerous international financial institutions from net-zero initiatives due to concerns over political changes in the United States.
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Lofty GDP potential is indicator for credit demand
The State Bank of Vietnam targets 16 per cent credit growth, but this may have to be higher if GDP hits the 10 per cent mark this year.
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PM directs submitting draft law on bad debt settlement to NA in May
The settlement of bad debts must be developed into a draft law and submitted to the National Assembly (NA) in May 2025 for consideration and approval.
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Central bank cuts interest rate on bills for first time in 2025
According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.
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Developments of interest rates applied by credit institutions in December 2024
The average deposit interest rates in VND were at 0.1-0.2% p.a. for demand and below 1-month terms; the average lending interest rates were between 6.7-9.0% p.a. for new loans and existing loan outstandings.
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Implement effectively management measures for monetary policy and banking operations in 2025
The Governor of the State Bank of Vietnam (SBV) has issued Directive No. 01/CT-NHNN dated 20 January 2025 on the key tasks of the banking sector in 2025.
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Prime Minister: Banks need to sacrifice part of their profits to reduce lending rates, support the economy, people and businesses
On the morning of February 11, 2025, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired the Government Standing Committee Conference to work with commercial banks to accelerate, break through, promote growth and control inflation.
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Banks stimulate credit from the beginning of 2025
Many banks have implemented loan packages with preferential interest rates. Currently, the lowest short-term loan interest rate is from 4.5 per cent.
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PM Phạm Minh Chính asks credit institutions to stabilise gold market
Prime Minister Phạm Minh Chính signed Directive No. 03/CT-TTg on February 4, 2025, highlighting key tasks for implementation after the 2025 Lunar New Year holiday. The directive includes a special emphasis on stabilising the gold market in Việt Nam.
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Banking mergers and acquisitions drive Vietnam’s future aspirations
If the activities and initiatives over the past few years are any indication to go by, we can safely say that the Vietnam’s banking sector will be entering a transformative phase in 2025 and beyond, marked by significant mergers and acquisitions (M&A) that have reshaped the industry landscape over the past few months.
