Digital transformation would push Vietnam’s finance-banking system in the years to come, helping it catch up with global standards, said Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh.
Vietnam's banks and financial institutions must be ready for a digital transformation, said policymakers and experts at a workshop held in Hanoi on October 25.
The banking sector had made considerable headway into settling bad debt, restructuring credit institutions and developing the banking system two years since the National Assembly issued a resolution on the industry.
Nearly 9.6 trillion VND (417.3 million USD) worth of bad debts were handled each month from August 15, 2017 to August 31, 2019, or 4.7 trillion VND higher than that during the 2012 – 2017 period.
Amidst the growing demands for microfinance in Vietnam, the potential of expansion for the sector is high, but experts have advised that microfinance organisations should work harder to develop in a sustainable manner.
The State Bank of Vietnam (SBV) has warned local people and firms to consider carefully and be cautious before taking part in peer-to-peer (P2P) lending as there are many potential risks related to the service.
Vietnam has seen a digital wave in the finance-banking industry, with many banks investing significantly into the segment, experts said at a recent conference.
Settling non-performing loans (NPLs) has been easier since the application of Nation Assembly’s Resolution 42 a year ago, but detailed guidance is still needed to make the use of the regulation smoother, industry insiders said.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh has underscored the decisive role of banking sector in economic shifting via targeting capital flows into sustainable development goals.
The ratio of the non-performing loans (NPLs) at commercial banks fell from 3.61% at the end of 2013 to 2.18% at present, according to Chairman of the Vietnam Asset Management Company (VAMC) Nguyen Tien Dong.
The banking industry has been radically restructuring credit institutions in combination with handling bad debts to ensure their safe, healthy and sustainable growth, said a central bank senior official.
Vietnam needs a legal framework for the development of digital banking, heard a conference held by the State Bank of Vietnam in Hanoi on December 19.
As Vietnam is integrating rapidly into the global economy, the financial markets need to be restructured towards balance, efficiency and transparency to eliminate the risks of instabilities and achieve sustainable development.
State Bank of Vietnam (SBV) Deputy Governor Nguyen Kim Anh on September 8 called for drastic steps to make online payments more secure.
Vice President of the Cuban Council of State Salvador Valdes Mesa on June 21 had a working session with the Vietnam Bank for Agriculture and Rural Development (Agribank) to learn about the agricultural finance mechanism.
Technology holds the key to banks’ development, especially with the country’s increasing global integration, a seminar heard in HCM City on May 17.
The Government is on track to settle its bad debts and cross-ownership, under a scheme to restructure credit institutions from 2011 to 2015.
The process of moving capital, existing potential and the pressure of reforms are identified as favorable conditions for Vietnam to become the world’s new factory.
Bank shares and state-owned enterprises’ (SOEs) IPOs (initial public offering) have become highly attractive to foreign investors.