Vietnamplus

The deposit growth rate of individual customers at banks slowed last year due to the impacts of the pandemic.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has issued Directive No.01/CT-NHNN on organising the implementation of the key tasks of the banking sector, with a focus on improving credit quality and tightly controlling loans to potentially risky industries.

A majority of credit institutions are optimistic about their business performance in 2022, according to the latest survey by the State Bank of Vietnam (SBV).

The State Bank of Vietnam (SBV)’s expansion of credit growth quotas for commercial banks has created favourable conditions for lenders to boost lending, contributing to supporting capital sources for individuals and firms to recover after the COVID-19 pandemic.

Credit growth has reached 12.97 percent so far and is likely to hit 14 percent this year, Standing Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said in a press conference on the SBV's governance of monetary policies and banking operation on December 28.

Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Vietnam (SBV).

It is possible to keep the inflation under 4 percent this year but inflationary pressure is expected to be great next year, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong told the National Assembly’s Q&A session on November 12.

The State Bank of Vietnam (SBV) has continued to be placed at top position for the second consecutive year in the rankings of cyber information security for State agencies by the Authority of Information Security under the Ministry of Information and Communications.

Despite impacts of the COVID-19 pandemic, credit growth continued to expand in the first nine months of this year thanks to comprehensive and effective solutions, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

Many businesses suggested more detailed policies should be issued to help them access bank loans as there remain difficulties in lending.

The State Bank of Vietnam (SBV) on September 7 issued a circular amending and supplementing a number of articles of Circular No. 01/2020/TT-NHNN issued by the SBV Governor directing foreign credit institutions and bank branches to reschedule debt payments, waive and reduce borrowing interest and fees, and maintain the groups in order to support customers affected by the COVID-19 pandemic.

The State Bank of Vietnam (SBV) has issued a Decision 1349/QD-NHNN on interest rates applicable to reserve requirement deposits and excess reserves of credit institutions and foreign banks’ branches in the SBV.

The State Bank of Vietnam (SBV) will continue directing commercial banks to reduce interest rates for customers affected by the COVID-19 pandemic, said Deputy Governor Dao Minh Tu at the Government’s press conference on August 11. ​

From now until the end of the year, the State Bank of Vietnam will review and consider revising credit growth targets for credit institutions and priority is expected to be given to those that reduce loan interest rates.

Vietnam welcomes the decision of the United States Trade Representative (USTR) on July 23 not to take trade action against Vietnam in connection with the investigation into Vietnam’s currency policy, Foreign Ministry spokesperson Le Thi Thu Hang said on July 24.

The State Bank of Vietnam (SBV) has issued Circular No.10/2022-TT-NHNN on refinancing the Vietnam Bank for Social Policies (VPSB) so it can roll out a number of relief measures for pandemic-hit labourers and employers affected by the pandemic.

The State Bank of Vietnam (SBV) pledges to continue fostering exchange rate flexibility while maintaining macroeconomic and financial market stability, so as to ease concerns from the US Department of Treasury about the country’s currency practices.

Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has asked the Vietnam Banks Association (VNBA) to campaign lenders to slash interest rates immediately this month.

The Vietnam Association of Financial Investors (VAFI) has proposed gradually lowering the VND deposit interest rate to zero percent.

The need to increase awareness and understanding of customers' financial services is increasing globally, and Vietnam - an emerging economy, is no exception, according to a report.