News
Banks not allowed to offer promotions to depositors
Credit institutions are prohibited from offering promotional incentives in cash, interest, or other forms to attract depositors, according to new circulars on deposit interest rates for VND and USD.
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Unlocking digitalisation potential in banking sector
While 5G commercialisation is expected to open more opportunities for the banking sector, various issues remain. Dr. Nguyen Quoc Hung, Vice chairman of the Vietnam Banks Association, spoke with VIR’s Minh Anh about the current driving forces.
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SBV and BCC sign MoU on Cooperation
On September 26, 2024, in Havana, the capital city of the Republic of Cuba, the State Bank of Vietnam and the Central Bank of Cuba (Banco Central de Cuba - BCC) signed a Memorandum of Understanding (MoU) on the Cooperation under the witness of Party General Secretary and State President To Lam, and First Secretary and President of Cuba Miguel Díaz-Canel.
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Financial transparency to resolve lending bottlenecks
Amendments to the Independent Auditing Law by the Ministry of Finance are poised to create more transparency in financial reports, helping to attract more foreign investors to Vietnamese businesses and alleviate the lending burden on banks.
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SBV always creates favorable conditions for the development of joint stock commercial banks
On September 21, 2024, at the meeting between the Government’s Standing Committee with the joint stock commercial banks on possible solutions to boost the socio-economic development, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) affirmed that the SBV always creates favorable conditions for the development of businesses in general, including joint stock commercial banks in particular.
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Urgently implement measures to support people and enterprises affected by Typhoon Yagi
On September 18, 2024, in Hanoi, Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) chaired a meeting with the credit institutions to discuss and agree on the urgent implementation of measures to support the people and enterprises affected by Typhoon Yagi (also referred to as Typhoon 3 of 2024).
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Core inflation in eight months of 2024 increases by 2.71%
According to the General Statistics Office of Vietnam (GSO), the consumer price indices of the commodities and services in August 2024 experienced both ups and downs, in which the price indices of the groups of food and foodstuff, rental housing increased as compared to those of July 2024, while the domestic fuel prices decreased in line with the declining international oil prices. In general, the consumer price index (CPI) in August 2024 was stable as compared to that of the previous month.
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Banks discuss measures to support typhoon-affected customers
Figures from credit institutions and branches of foreign banks in affected localities as of Tuesday, showed that around 73,000 customers were affected with a total outstanding loan of VND94 trillion.
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Banks required to list suspect accounts for better supervision
Commercial banks must provide information on accounts that show possible signs of fraud, swindling, or law violations at the State Bank of Vietnam (SBV) 's request every month.
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Banks set to stimulate credit growth in last quarter
Banks are developing favourable credit schemes for the manufacturing and business sectors, while relaxing lending standards across all customer groups and the majority of loan sectors in the last quarter of the year.
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Banks reduce interest rates, offer new loans for customers affected by Typhoon Yagi
Several private and State-owned banks have reduced interest rates and offered debt relief for customers affected by Typhoon Yagi.
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New policy stipulates special lending cases for credit institutions
Credit institutions will receive special loans from the State Bank of Vietnam (SBV) to pay depositors in case they face mass withdrawals, according to a new SBV regulation.
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Lenders seek regulations to disburse green finance
Many banks are increasing their focus on implementing green finance packages, but unlocking these promising capital sources still requires suitable mechanisms.
