News
IFC, SECO Strengthen Partnership to Bolster Supply Chain Finance
To boost the competitiveness of Vietnamese smaller businesses, IFC, the Embassy of Switzerland, local authorities and business stakeholders celebrated the launch of the second phase of their supply chain finance (SCF) program. With a five million Swiss Francs grant from the State Secretariat for Economic Affairs (SECO) through 2029, this initiative aims to help over half a million Vietnamese small and medium enterprises (SMEs) access up to $35 billion in working capital.
-
Banks adjust to balance and cut costs
With simultaneous interest rate cuts and accelerated credit disbursement, banks are fuelling Vietnam’s economic breakthrough, driving towards the ambitious targets of 8 per cent GDP growth and 16 per cent credit expansion this year.
-
Deputy Governor Pham Tien Dzung meets Senior Executive Vice President of ICBC
On February 28th, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung had a meeting with Mr. Zhang Wei Wu, Senior Executive Vice President of the Industrial and Commercial Bank of China (ICBC). Also attending the meeting, one the SBV’s side, there were representatives of the International Cooperation Department, the Payment Department, and the National Payment Corporation of Vietnam (NAPAS).
-
Measures to reduce lending interest rates to promote economic growth
On the afternoon of March 5, 2025, in Hanoi, the Government Office held a regular Government press conference for February 2025.
-
Commercial banks upbeat about achieving high profits in 2025
Vietnamese commercial banks are optimistic about their 2025 profit targets, with many expecting increases of 20 per cent to 30 per cent due to anticipated robust economic growth and a resurgence in credit activity.
-
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.
-
Banks pledge to support growth goals
Banks are committed to supporting the government’s directives by proposing solutions for a stronger banking system and lowering lending rates, helping the economy achieve over 8 per cent growth this year.
-
Administrative procedures’ control and reforms of business regulations
On January 22, 2025, the State Bank of Vietnam (SBV) issued Decision No. 147/QD-NHNN on the SBV’s Implementation Plan for the administrative procedures’ control and the reforms of the business regulations as required for in Resolution No. 02/NQ-CP and other Resolutions of the Government in 2025.
-
SBV suggests delaying the establishment of digital banks in financial centre
The State Bank of Việt Nam (SBV) suggested that the establishment of digital banks should be postponed to January 1, 2027.
-
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.
-
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.
-
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.
-
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.
