The Vietnam Bank for Agriculture and Rural Development (Agribank) and the Vietnam Asset Management Company (VAMC) will work closely together to review bad debts and put forth proper measures to accelerate the settlement and recovery of bad debts.
The net interest margin (NIM) of Vietnamese banks is lower than that of other regional banks, while financial reports show that the business performance of the banks depends heavily on credit.
Many commercial banks have asked the State Bank of Vietnam (SBV) to expand the credit growth limit as they have almost used up the assigned quota for the whole year.
From early 2017 till now, many commercial banks have almost reached the lending growth cap set by the State Bank of Vietnam (SBV) and are now requesting SBV to set a higher credit growth limit to ensure more room for lending.
Foreign banks have exited Vietnam or narrowed operations in the Southeast Asian country, against early expectations that they would soon eat into the market shares of local lenders.
In its latest assessment released on May 3, Moody’s Investor Service has affirmed the long-term and short-term deposit and, where applicable, issuer and senior debt ratings of eight Vietnamese banks as unchanged (B1 positive).
Although their business operations have shown brighter prospects and many banks are planning to earn trillions in profit this year, the risk provision pressure remains a significant burden.
Many Vietnamese banks have reported high growth rates in retail banking in recent years.
Vietcombank has set itself a target of 18 percent credit growth this year and pre-tax profit of VND9.2 trillion (over US$405 million).
ACB, Sacombank and Eximbank, the three most influential banks in the south, like MB and Techcombank in the north, are encountering serious difficulties.
The fifth ASEAN Heritage Parks Conference (AHP5) has been held in Nay Pyi Taw, Myanmar, according to the ASEAN Secretariat.
Ho Chi Minh City’s bad debts had decreased to 3.8 percent of total credit outstanding balance by the end of August, said Director of the State Bank of Vietnam’s municipal branch To Duy Lam during a working session with the city’s National Assembly deputies on October 17.
Moody’s Investors Service on September 5 placed on review for upgrade the long-term credit ratings of seven Vietnamese banks.
Many commercial banks have raised deposit interest rates over the past few weeks, generating concern about an imminent lending interest rate hike.
Credit in the first five months of 2016 grew 5.48% compared to the end of 2015, the highest for the past few years, according to the State Bank of Vietnam’s Credit Department.
Commercial banks cut the exchange rate of the United States (US) dollar against the dong by VND30 to VND40, bringing it to its lowest level in the past three months.
The Hanoi Stock Exchange (HNX) will coordinate with the State Treasury of Vietnam to boost this year's issuance of G-bonds.
The shareholders of big listed banks - Sacombank, ACB and SHB – in 2015 had total stock assets worth VND3.55 trillion, an increase of VND275 billion compared with the previous year.
Average lending interest rate in November reduced 0.28% to 9.3% per year, the highest slide for the past nine months.
(VOV) - The Asia Commercial Bank (ACB) and AIA Life Insurance Limited have officially signed a strategic agreement on distributing life insurance products through the bank's network (bancassurance).