Vietnam’s banking system is showing signs of returning to a period of money surplus as no bank needs the State Bank of Vietnam's (SBV) capital in the open market operation (OMO) channel and overnight interbank interest rates have dropped sharply.

Vietnam’s central bank net withdrew over VND30 trillion from the market last week as the banking system saw surplus liquidity due to slow credit growth.

The State Bank of Vietnam (SBV)’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year (Tet).

Credit of the banking system by the end of October this year rose by 11.5% compared to the end of 2021, Bao Viet Securities Company (BVSC) said, citing data from the State Bank of Vietnam (SBV).

The liquidity of the whole banking system has remained good, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has said.

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.

VOV.VN - Prime Minister Pham Minh Chinh on October 16 met with presidents and general directors of commercial banks on the occasion of Vietnam Entrepreneurs' Day.

The innovative Vietnamese digital bank Cake by VPBank has won the Asian Banking & Finance Awards for the Best Core Banking System Initiative – Vietnam at the ABF Retail Banking Awards 2022.

National Assembly Chairman Vuong Dinh Hue urged for a healthy banking system in which domestic lenders act as key players and operate in a healthy, effective and transparent manner.

Overcoming many bright candidates from the East Asia - Pacific region, VPBank has just been honoured by the International Finance Corporation (IFC) as the "Best Digital Bank" in 2021.