SBV asks Eximbank to ward off interest groups
HCMC – The inspection and supervision body under the State Bank of Vietnam (SBV) has requested to Eximbank to exercise caution and integrity in its management and operations to ward off interest groups. In document No. 2666 sent to Eximbank, the inspection and supervision body urged the board
Banks lower deposit interest rates further
HCMC – State-owned and private banks have recently lowered their deposit interest rates in response to the decision by the State Bank of Vietnam (SBV) to further decrease deposit rates and key interest rates on June 16. Last week, four state-owned commercial banks, including Vietcombank,
Businesses spend VND87 trillion redeeming bonds
HCMC – Businesses have redeemed nearly VND87 trillion worth of bonds before their maturity since the beginning of this year, despite the difficulties in raising capital through bond issuance in the currently sluggish bond market. Data from the Vietnam Bond Market Association (VBMA) showed that
Vietnam’s G-bond yield curves shift downward sharply: ADB
HCMC – The government bond yields in Vietnam have dropped across all tenors from March to June, resulting in the largest downward shift in the country’s bond yield curve among Asian nations, with an average decline of 136 basis points. According to the Asian Development Bank (ADB) report titled
Credit growth remains sluggish
HCMC – Outstanding loans in Vietnam had surpassed VND12.3 quadrillion in the year to mid-June, a 3.36% increase compared to December 2022 and a 8.94% rise against the same period last year. These figures were disclosed during a press conference held on June 21 by the State Bank of Vietnam (SBV),
Banks redeem bonds before maturity
HCMC – Many local banks have bought back their bonds before maturity while others have launched new bond issues this month, according to the Thanh Nien news site. VietinBank has recently redeemed VND800 billion worth of bonds which were issued on June 13, 2018 at a face value of VND1 billion each.
Central bank lowers interest rate caps
HCMC – The State Bank of Vietnam (SBV), the country’s central bank, has once again lowered the maximum deposit interest rate for tenors below six months, the second reduction within nearly a month. Effective from June 19, the new cap for deposits of six months or shorter will be lowered by 0.25
Bond issuers struggle with debt repayment
HCMC – Bond issuers are grappling with the burden of heavy debt amidst unfavorable market conditions, leading them to further postpone coupon and principal payments. Several issuing companies have extended their coupon and principal payments since the beginning of June. Dat Xanh Mien Nam
Deposits soar in Q1 despite interest rate cuts
HCMC – Individuals’ deposits at commercial banks in the first quarter of 2023 soared by around VND415 trillion, the highest level in over 10 years, despite lower interest rates, showed data from the State Bank of Vietnam (SBV). By the end of March, individuals’ deposits totaled VND6,280 trillion,
HCMC’s Jan-May credit growth lower than nation’s average
HCMC – HCMC saw January-May credit expanding a slight 2.43% compared to late last year, below the nation’s average of 3.17%, according to the HCMC branch of the State Bank of Vietnam. After experiencing a significant improvement of 1.37% in March, credit expansion lost momentum in the subsequent
Over 20 banks lower deposit rates
HCMC – Over 20 banks have cut deposit interest rates, with the highest rate now set at 8.5% per year. The rate cuts followed the recent State Bank of Vietnam’s (SBV) interest rate reductions. Deposit interest rates are down by 0.5 percentage point for the tenor of less than six months. Meanwhile,
Major banks further lower deposit interest rates
HCMC – Several major banks have slashed their deposit interest rates by 0.5 percentage point compared to those in mid-May, right after the State Bank of Vietnam (SBV) announced two decisions further lowering key interest rates in its easing cycle. Vietcombank has recently revised down its deposit