The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) found a place among the 1,000 largest companies in Forbes’ recent “The World’s Largest Public Companies 2020” report, released in its Global 2000 annual rankings.
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.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) will provide credit packages worth VND60 trillion and VND100 trillion respectively to support customers amid the COVID-19 pandemic.
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has asked commercial banks to promptly to support customers affected by COVID-19.
The Government’s plans to increase capital for large State-owned commercial banks in the first quarter of this year could be delayed due to the COVID-19 outbreak, analysts predicted.
Residents in Hanoi and Ho Chi Minh City will now be able to pay registration fees for cars and motorbikes through the Government’s national public service portal, banking electronic payment channels and intermediary payment service providers.
The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders.
The Government has decided to allow Vietcombank and Vietinbank to increase their charter capital by 10 trillion VND (434.8 million USD) in the first quarter of this year, Deputy Prime Minister Vuong Dinh Hue said last month.
Foreign banks have decided to boost consumer finance loans as the business segment is forecast to maintain double digit growth this year.
VOV.VN - The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has been honoured by the Global Finance magazine of the United States as the Best Trade Finance Provider in Vietnam for 2020.
The International Finance Corporation (IFC) investor group is now no longer a major shareholder of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), after selling more than 55.7 million shares of the bank.
The Government supports the policy of allowing four State-owned banks to raise charter capital, said Governor of the State Bank of Vietnam (SBV) Le Minh Hung.
Capital difficulties are putting pressure on some banks struggling to meet the central bank’s Basel II deadline of early next year, but experts suggest the central bank should not delay the process.
Vietnam is committed to opening door for foreign investors, especially in the field of services, according to the roadmap in signed bilateral and multilateral free trade agreements.
Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations.
The State Bank of Vietnam (SBV) has taken steps to tighten regulations over banks’ use of short-term deposits, reducing its ratio used to finance medium and long term loans from 60 percent now to 40 percent by September next year.
Vietnam’s credit growth is slowing and can fall behind the central bank’s target of 14 percent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year.
The stability of the VND has contributed to decreasing demand for the dollar as people prefer the national currency due to the large spread between interest rates on VND and the dollar.
VOV.VN - Determining international trade and investment activities as a golden opportunity to promote Foreign Exchange operation in recent years, the Foreign Exchange service of VietinBank has been growing strongly with great capacity and outstanding quality of service.
The Vietnamese insurance market is heating up with many high-value bancassurance deals and mergers and acquisitions (M&A) unveiled recently.