Foreign ownership limits at credit institutions were expected to be raised to an appropriate level to attract foreign investment, which plays an important role in improving operational efficiency and accelerating the banking sector's restructuring.

Prime Minister Pham Minh Chinh expressed his hope that the baking sector will be more proactive, creative and responsive to policies in 2023 at a meeting on January 27 or the sixth day of the Lunar New Year.

Prime Minister Pham Minh Chinh on December 28 tasked the banking sector with ensuring monetary security and safety, as well as legitimate rights and interests of people, businesses and relevant subjects in 2023 and the following years.

Credit growth reached about 13% this year as of December 27, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told a press conference in Hanoi on tasks for the banking sector next year.

Last week, the State Bank of Vietnam decided to put Saigon Joint Stock Commercial Bank (SCB) under special control and revamped the bank’s management to help the bank stabilize its operation, but analysts said the recent problem at SCB does not have any potential consequences on the banking system.

The digital transformation day of the banking sector will be held on August 3, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on July 28.

Vietnam’s credit growth as of June 9 expanded by 17.09% against the same period last year, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said on June 15.

The capitalisation of Vietnam’s banking sector is expected to increase by nearly US$2.8 billion this year.

The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80% while transaction value will surge 80 - 100% annually.

VIB has raised US$260 million in international syndicated loans from the Asian Development Bank (ADB), United Overseas Bank Limited (UOB) and nine Asian financial institutions.