Social policy credit has reached all the communal-level localities nationwide, greatly helping with efforts towards sustainable poverty reduction, heard a teleconference in Hanoi on September 23.
Though there remains six months, some banks have almost used up the assigned quota for the whole year, and experts said it would be difficult for the banks to get an expansion approval from the State Bank of Vietnam (SBV).
While private joint stock banks have had some success in raising their charter capital, major banks, except for Vietcombank, are still struggling with this work.
Vietnam gained positive economic achievements in the first quarter of this year despite a range of difficulties both in and outside the country, Prime Minister Nguyen Xuan Phuc has said.
As of March 25, the M2 money supply had risen 2.67 percent, while credit to the economy had grown by some 2.28 percent compared to the end of 2018, according to the State Bank of Vietnam (SBV).
As many as 88 percent of credit institutions expected their business performance will keep improving in 2019, of which 35 percent anticipated ‘significant improvement’.
A majority of credit institutions in the country expect an upward trend in their business in 2019 after gaining good results last year, according to a State Bank of Vietnam (SBV) survey released recently.
Most of credit organisations expect their business performance will keep improving in 2019, according to the central bank’s Monetary Forecasting and Statistics Department.
Increasing the limits of unsecured loans given by banks will prevent people from approaching loan sharks, an online conference hosted by the State Bank of Viet Nam (SBV) heard on December 26.
Vietnam’s finance and banking sector has reduced its ratio of non-performing loans (NPLs) – including both NPLs owned by credit institutions and the Vietnam Asset Management Company – from 17.2 percent in 2012 to 6.7 percent at the end of June 2018.
Many commercial banks have recently increased deposit interest rates, but experts forecast that the rise will last only a short time and won’t have a domino effect on lending rates.
The Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has revised down many business targets for 2018, citing different reasons for this decision.
The State Bank of Vietnam (SBV) has asked credit institutions to limit their lending to the real estate and construction sectors to better control bad debts.
Vietnam’s economic growth in the third quarter was the highest in seven years, though overall inflation also started inching up in August and continued throughout September.
Macroeconomic indexes have experienced positive changes over the last nine months, showing the effectiveness of Vietnam’s financial and monetary policies, according to the National Financial and Monetary Policy Consultation Council.
The latest instructions from Le Minh Hung, Governor of the State Bank of Vietnam (SBV), require credit institutions and commercial banks in Vietnam to strictly comply with the SBV’s regulations on mobilising capital in foreign currencies and not offer interest rates exceeding the ceiling levels.
The Government has instructed corresponding administrative authorities to aim for a 0.5 percent decrease in lending interest rates from now until the end of 2017, while keeping taxes, fees and other charges unchanged, in order to propel the current disbursement rate in public spending and boost businesses’ productivity.
Society
