Central bank, 26 bank leaders convene
HCMC – The State Bank of Vietnam (SBV), the nation’s central bank, held a meeting to discuss interest rate reductions with 26 banks this morning, May 25. Information about the meeting has grabbed much attention as it comes amid the SBV’s key interest rate cut decision coming into force on the same
Central bank cuts interest rates further in easing cycle
HCMC – The State Bank of Vietnam (SBV) has announced two separate decisions further lowering key interest rates, with effect from Thursday, May 25. This is the third rate reduction since March in the central bank’s monetary easing cycle aimed at boosting slackening economic activity and
SBV proposes increasing Agribank’s charter capital to over VND51 trillion
HCMC – The governor of the State Bank of Vietnam, Nguyen Thi Hong, has proposed revising up the charter capital of the State-run Vietnam Bank for Agriculture and Rural Development (Agribank) by VND17.1 trillion to more than VND51.4 trillion in the 2021-2023 period. Hong made the proposal at the
There is ample room for lending – SBV HCMC
HCMC – There is still much room for lending as credit growth has so far this year remained modest while the full-year loan expansion target is 14-15%, said an official of the State Bank of Vietnam’s HCMC branch. Recently, there have emerged rumors that banks were about to reach their credit growth
G-bond coupons slide further in April
HCMC – The coupons of G-bonds in all tenors dropped a further 14 to 27 basis points in April compared to the previous G-bond auction held in late March. At the final auction session in April, the respective coupons for the five, 10, 15 and 30-year G-bonds were 2.75%, 3.22%, 3.33% and 3.66%. The
Deposit rates fall further
HCMC – Following the central bank’s interest rate cuts in April, commercial banks have lowered deposit rates further this month. Annual deposit rates now range from 7% to 9% at most banks, 1-1.7 percentage points lower than late last year. Kienlongbank now applies a 7% yearly rate to nine-month
Major banks lower deposit interest rates
HCMC – Deposit interest rates at many major banks in Vietnam have been lowered by 0.1 to 1.1 percentage points compared to those in early May, making it possible to offer lower lending rates, according to the local media. Vietcombank has recently lowered its deposit rates for tenors of one to two,
Central bank drains VND39 trillion from market this week
HCMC – Vietnam’s central bank net withdrew nearly VND39 trillion from the market and slashed interbank interest rates further as the banking system saw surplus liquidity due to slow credit growth. The State Bank of Vietnam (SBV) sold seven-day and 28-day government bonds worth a combined VND20
Corporate debt sales plummet in April
HCMC – The corporate bond market has remained lackluster, with nearly VND2.62 trillion in corporate bonds issued in April, representing a mere 10% of the total recorded in March, according to the Vietnam Bond Market Association (VBMA). VBMA saw no new corporate debt issued in the first five days
Draft law seeks SBV’s early intervention in bank runs
HCMC – An early intervention by the State Bank of Vietnam, or SBV, should be needed when a bank run occurs, according to a draft of the amended Law on Credit Institutions. Nguyen Thi Hong, governor of the SBV, or the central bank, presented the draft at the National Assembly Standing Committee
SBV to inspect share transfers among credit institutions
HCMC – The State Bank of Vietnam (SBV), the central bank, will focus on inspecting share transfers among credit institutions this year to prevent cross ownership in the banking sector. The above content, which has been approved by SBV Governor Nguyen Thi Hong, will be submitted to the National
SBV buys nearly US$4.9 billion in Jan-Apr
HCMC – The State Bank of Vietnam, or SBV, bought nearly US$4.9 billion in the first four months of this year, thus shoring up the country’s foreign exchange reserves, according to the Ministry of Planning and Investment. As the exchange rate between the U.S. dollar and the Vietnamese dong remained