The State Bank of Vietnam (SBV) has asked banks to further reduce operating costs in the remaining months of the year in order to continue lowering interest rates to support COVID-19 affected firms and individuals.
The State Bank of Vietnam (SBV) on August 6 announced its decision on cutting some policy rates with immediate effect, the second time this year following the adjustment on March 16.
Experts have forecast bank credit growth in the second quarter to reach 3.5-4%, much higher than the rate in the first quarter.
VOV.VN - The US Department of State has recently released the 2019 International Religious Freedom Report, which discussed Vietnam’s achievements and progress in ensuring and promoting religious values and various beliefs. However, the report contained plenty of biased, inaccurate, and unverified information regarding the current religious situation in the country.
Some credit institutions (CIs) that have not yet completed their restructuring roadmap will have to speed up the process to meet the State Bank of Vietnam (SBV)’s deadline this year.
Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).
The State Bank of Vietnam (SBV) is expected to further take monetary easing measures to support the country’s GDP growth target of above 5% this year in light of a weak economic outlook, experts forecast.
Hanoi maintained second place among Vietnam’s 63 centrally-run cities and provinces in the Public Administration Reform (PAR) Index 2019, which the city’s leader attributed to firm moves made over recent years.
Total assets of credit institutions and foreign banks in Vietnam by the end of the first quarter of this year inched down 0.72% to VND12.48 quadrillion (US$521.76 billion) compared to the end of last year.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung has called on commercial banks to urgently simplify lending procedures to help COVID-19-affected firms easily access preferential interest rate loans.
Fitch Ratings has recently revised the outlook on long-term issuer default ratings of two State-owned banks, and a wholly foreign-owned bank in Vietnam, to stable from positive, and the outlooks for two joint stock commercial banks to negative from stable.
VOV.VN - The Vietnam Institute for Economic and Policy Research (VEPR) joined with the Konrad Adenauer Stiftung to co-host a workshop in Hanoi which unveiled the Quarter I Independent Assessment of Vietnam’s Macroeconomic Performance, with several senior economic experts also participating in the event.
VOV.VN - Providing credit support packages to help key industrial enterprises maintain their operations amid the COVID-19 epidemic and overcome this challenging period should be considered the most pressing matter moving forward, according to the Ministry of Industry and Trade.
Many banks in Vietnam have reduced their profit target for 2020, and plan to support companies severely impacted by the COVID-19 pandemic.
Despite being slow, credit growth of the banking system in March recovered compared with the first two months of this year.
To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up to 1.4% higher than over-the-counter deposits.
Incomplete statistics show that businesses have enjoyed cuts of at least VND100 trillion (US$4.25 billion) to support them amid the COVID-19 pandemic.
Banking services will remain available to meet the transaction demands of businesses and individuals, according to the State Bank of Vietnam (SBV).
The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50% for local banks.
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.