News
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).
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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.
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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.
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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.
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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.
