Challenges for banks ahead
Many banks might have recorded positive profit growth in 2022. But challenges are awaiting them this year given negative factors such as high interest rates and bad debt. Rising interest rates On January 5, 2023, VietinBank said it was looking to obtain VND19.45 trillion in pre-tax profit in 2022,
Personal savings increase over 9%
HCMC – Personal savings at banks in 2022 grew strongly last year, according to the HCMC branch of the State Bank of Vietnam (SBV). Data from the SBV, the country’s central bank, showed that capital raised by commercial banks in the city expanded an estimated 6%, with personal savings rising 9.2%
Govt wants deposit insurance firm to expand capacity
HCMC – Deputy Prime Minister Le Minh Khai has approved a plan to develop the capacity of the Deposit Insurance of Vietnam by allowing it to raise chartered capital to VND10 trillion by 2025 and VND15 trillion by 2030. According to the plan, the Government aims to expand the insurance coverage for
Savings rate hikes ease
HCMC – Commercial banks have been in a race to hike savings rates to attract clients, especially since the State Bank of Vietnam’s two recent interest rate increases. But savings rates have fallen below 10%-11% which were briefly reached. A report from the Analysis Center at SSI Research showed