Vietnamplus

Commercial banks have consecutively lowered the value of the US dollar against the Vietnamese dong during the final days of 2018, helping the USD/VND exchange rate close the year under control.

GDP growth rate is likely to reach a decade high of 6.9 - 7 percent in 2018 and maintain the pace of 7 percent next year, according to the National Financial Supervision Committee (NFSC).

Corporate income tax levied on small and medium–sized enterprises (SMEs) should be reduced to promote the business development, a solution together with broadening tax base to increase budget revenue from business and production.

Many banks have recently reduced deposit interest rates by 0.2-0.4 percentage points against earlier this year due to good capital mobilisation amidst the credit slowdown.

A gap has opened up between deposit interest rates offered by different categories of banks due to differences in their liquidity, cash demand and status.

The National Financial Supervisory Commission (NFSC) forecast Vietnam’s credit to grow 17- 18 percent in 2018, similar to the growth last year.

After gaining positive business performance last year, many banks have planned to hold annual general meetings (AGMs) for 2018 soon.

Many banks have planned to set up more branches and transaction offices in the early days of the new year to seize new business opportunities.

The banking sector’s profits were anticipated to rise significantly in 2017, driven by the handling of bad debts and the recovery of the property sector.

The Housing Development Commercial Joint Stock Bank (HDBank) has been allowed to increase its chartered capital from more than 8.828 trillion VND (392.3 million USD) to 9.908 trillion VND.

Experts are sanguine about the health of the stock market in 2018 even as they acknowledge likely risks and imbalances.

A Vietnamese delegation led by Acting Chairman of the National Financial Supervisory Commission (NFSC) Truong Van Phuoc has paid a working visit to Italy, aiming to strengthen bilateral cooperation in financial supervision.

The National Financial Supervisory Committee (NFSC) has anticipated that Vietnam's gross domestic product (GDP) in 2017 will be more than 6.7 percent.

The State Bank of Vietnam (SBV) has approved the extension of credit growth limits for many commercial banks to support the country’s economic growth.

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.

State Bank of Vietnam statistics show that the average capital adequacy ratio (CAR) of the banking sector has been consistently falling since the beginning of this year.

Credit growth rate in the first eight months of 2017 has been estimated at 11.5 percent compared to the end of 2016, the National Financial Supervisory Commission (NFSC) reported.

Consumer lending by the end of May rose 29.7 percent against the end of 2016, the National Financial Supervisory Commission (NFSC) has said.

Vietnam’s inflation this year is forecast to reach 2.6 percent barring fluctuations of prices on world markets and adjustment in the cost of public services, the National Financial Supervisory Commission reported on June 12.

The VND/USD exchange rate in 2017 is predicted to suffer the greatest pressure from the demand of foreign currency due to the increasing trade deficit, according to the National Financial Supervisory Commission.