Ambitious targets amid challenges
While the business community is concerned about a fall in profit this year, the banking system still expects positive growth. Optimistic goals Despite accomplishing 55% of its plan for 2022 with pre-tax profit of over VND1.7 trillion, down 13% against 2021, ABBank has confidently set a pre-tax
Draft law allows interest-free lending to institutions facing bank runs
HCMC – The State Bank of Vietnam, or SBV, has sent a draft of the amended Law on Credit Institutions to the National Assembly, in which local banks could ask for interest-free loans if they face a bank run. The SBV, the central bank, said that Vietnam should draw lessons from the bank runs that […]
Saigon Times, central bank to host banking forum next month
HCMC – The Saigon Times Group, in collaboration with the State Bank of Vietnam (SBV), will hold a forum titled “Monetary policy in turbulent times”. It is planned to take place at the International Convention Centre in Hanoi on May 10. The event is being held amid economic uncertainties continuing
Some key interest rates fall further early next week
HCMC – The State Bank of Vietnam, the central bank, announced five separate decisions today, March 31, to further lower some key interest rates, with effect from April 3. This is the second round of rate cuts in March. The SBV said the forthcoming rate reductions were part of the efforts of the
Foreign ownership at local banks may rise to 49%
HCMC – The State Bank of Vietnam (SBV) has proposed increasing the foreign ownership cap at some commercial banks from 30% to 49%. The Governor of the SBV, the nation’s central bank, has sought the Government’s approval to amend Decree No. 01/2014/ND-CP on foreign investors’ maximum cap in
Foreign ownership at some local banks may rise to 49%
HCMC – The State Bank of Vietnam (SBV) has proposed increasing the foreign ownership cap at some commercial banks from 30% to 49%. The Governor of the SBV, the nation’s central bank, has sought the Government’s approval to amend Decree No. 01/2014/ND-CP on foreign investors’ maximum cap in
PM acts to deal with realty market woes
HCMC – Prime Minister Pham Minh Chinh has signed Document 178 ordering the lifting of hindrances to the real estate market and boosting the development of this sector. Earlier, the Government issued Resolution 33 on the same matter, under which the Ministry of Construction, the Ministry of Finance
SBV tightens control on corporate bond acquisitions by banks
HCMC – The State Bank of Vietnam (SBV), the nation’s central bank, is taking steps to tighten control on commercial banks’ acquisitions of corporate bonds. The move comes after HCMC government officials asked the central bank to strengthen the monitoring of corporate bond purchases by commercial
Four state-owned banks cut deposit rates
HCMC – Vietnam’s big four state-owned commercial banks today, March 15, lowered their 12-month-term deposit interest rate by 20 basis points to 7.2%, just a day after the central bank decided to lower key interest rates. The four banks are the Vietnam Joint Stock Commercial Bank for Industry and
Vietnam’s central bank cuts interest rates
HCMC – The State Bank of Vietnam (SBV) made two separate decisions today to lower interest rates by 0.5 to one percentage point, with effect from tomorrow, March 15. Under the SBV’s Decision 313/QD-NHNN, the rediscount rate will be down from 4.5% to 3.5% per year. For overnight loans in interbank
VND120 trillion credit package for social housing to be rolled out
HCMC – The Government has assigned the State Bank of Vietnam (SBV) to implement a credit package of VND120,000 billion for developing homes for the poor and workers, and renovating or re-building aging apartment blocks. The SBV, the country’s central bank, was tasked with directing commercial
Foreign reserves rise again
Vietnam’s foreign exchange reserves are being replenished. Signs foreseen The State Bank of Vietnam (SBV) has been buying foreign currency since January, acquiring an extra US$2.78 billion last month, raising the nation’s foreign exchange reserves to US$91.78 billion, as per an analytical report