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.

It's too early to tell how the ongoing Russia-Ukraine conflict will affect Vietnam's banking sector, said industry experts.

The Vietnam Bank for Agriculture and Rural Development (Agribank) climbed 16 spots to 157th in the 2022 Brand Finance Banking 500 ranking, which features the most valuable and strongest banking brands in the world.

With an overall brand value growth of 49%, Vietnam’s banking sector is one of the fastest growing in the world, according to Brand Finance’s latest report on the most valuable and strongest banking brands globally.

The banking sector will provide enough credit to businesses at supportive interest rates this quarter to help revive them, according to the State Bank of Vietnam’s Ho Chi Minh City branch.

The Government has issued a resolution to create a sandbox for financial technology (fintech) in the country’s banking sector.

The deposit interest rates at major banks has continued to decrease since the beginning week of September.