Promoting non-cash payment, digital banking, and green banking is the direction of the banking sector in the 2020-2025 tenure, State Bank Governor Le Minh Hung told a meeting in Hanoi on August 17.
VOV.VN - If the ongoing COVID-19 epidemic is successfully brought under control by the end of the second quarter then it is likely that the pre-tax profits of banks will grow at an annual rate of 7.2%, with the rate drastically falling to 0.8% if the epidemic is unable to be controlled until the end of the year, according to SSI Securities Joint Stock Company.
VOV.VN - Despite banks making moves to lower annual interest rates by up to 1.5% whilst simultaneously offering a range of support packages, many businesses have no need for loans in the current climate due to the consumption market facing plenty of difficulties.
The banking sector will ensure adequate capital to keep the economy going, according to an official from the State Bank of Vietnam (SBV), amid the novel coronavirus disease (COVID-19) which is taking heavy toll on the economy.
Though mergers and acquisitions in Vietnam’s banking sector have ballooned recently, tie-ups between foreign and local lenders are not without their drawbacks. A handful of high-profile acquisitions gone sour have also given investors more reason for hesitation.
Two dollar billionaires in the banking sector emerged in 2019, which also witnessed competition that led to big changes in the economy.
VOV.VN - On October 1, the World Bank (WB) and the State Bank of Vietnam (SBV) signed a financing agreement for a grant worth US$2.2 million provided by the Swiss Government to implement the project titled “Vietnam: Strengthening Banking Sector Soundness and Development”.
VOV.VN - Banking entities have to date led the domestic corporate bond market as they managed to mobilize VND18.2 trillion (US$782.6 million) from bond issuances.
The risk of money laundering in Vietnam is at “average high” level, and that of terrorist financing at “low” level, according to a recent report released by the State Bank of Vietnam (SBV).
VOV.VN - Earnings growth in the Vietnamese banking sector, following a sterling year in 2018, would ease in 2019 due to slowing loan growth, reported by a foreign research firm.
Nearly half of the cooperation agreements between Vietnamese banks and foreign strategic shareholders have been terminated after one decade.
In 2018, bad debts of Vietnam's banking system dropped sharply while interest rate, exchange rate and foreign current market remained stable.
The Government plans not to license any more wholly foreign-owned banks in Vietnam but encourages foreign banks to buy weak domestic banks, said Deputy Prime Minister Vuong Dinh Hue.
The banking sector is optimistic about its growth prospect in 2018 as all of surveyed banks expect the growth rate to be more than 10%.
The current development and future strategies of many local commercial banks are creating confidence about a sustainable growth of the banking sector.
PYN Elite Fund signed an agreement to purchase a 4.99 per cent stake in Tien Phong Commercial Joint Stock Bank (TPBank) for $40 million, marking its first investment in the banking sector.
Moody’s Investors Service has changed its outlook for Vietnam’s banking system to positive for the next 12-18 months from stable, reflecting the country’s strong economic prospects and the positive outlook for most rated banks.
Strong efforts from the HCM City banking industry are needed to complete its mission in 2017, a high-ranking official has said.
Many banks have plans to expand employment this year as around 25.6% of banks said they had fallen short of staff by the end of last year, the Monetary Statistics and Forecasting Department of the State Bank of Vietnam revealed in a survey.
VOV.VN - The State Bank of Vietnam has reviewed its last year’s performance and mapped out plan for this year.