Vietnamplus

Many commercial banks are proposing the central bank to extend credit growth limits as they have nearly reached the allowed threshold.

Banks have embarked on the conversion of magnetic payment cards into chip cards for greater security, but the COVID-19 pandemic has significantly slowed down their efforts, making it difficult for them to meet the deadline.

The State Bank of Vietnam will consider simplifying lending procedures to help COVID-19-affected firms easily access preferential interest rate loans, SBV Deputy Governor Dao Minh Tu said.

Interest rate cuts by the State Bank of Vietnam (SBV) and cost savings among credit institutions will pave the way for sustainable lending rate reductions, thus easing difficulties faced by businesses.

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 percent for local banks.

The State Bank of Vietnam (SBV)’s leaders on March 24 held an online meeting with representatives of 12 joint stock commercial banks on the implementation of measures to support businesses and people affected by the coronavirus disease (COVID-19).

The central bank has applied a number of measures to help enterprises access banks’ credits and combine the sources with their own capital to continue their production and business.

The central bank’s decision to lower refinance rate shows that the bank is ready to provide lower-cost capital sources for commercial banks, enabling them to restructure debts to provide new loans.

The State Bank of Vietnam (SBV) will cut its policy rates starting from March 17 in an attempt to support the economy which has been hurt by the COVID-19 outbreak.

The State Bank of Vietnam (SBV) on March 12 announced that it has issued Circular No.01 on rescheduling repayment periods, waiving and reducing interest rates to support enterprises and people affected by COVID-19 epidemic.

The State Bank of Vietnam (SBV) is to make decision soon on cutting the prime interest rate, the bank’s Deputy Governor Dao Miinh Tu said at a meeting on March 12.

The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies.

The State Bank of Vietnam (SBV) has announced it would remove regulations limiting foreign ownership in local intermediary payment firms from its draft Decree No 101.

Banknotes, which go from people to people, are a high-risk source of spreading virus. The habit of using cash among 90 percent of the population makes the banknotes, regardless of their materials as paper or polymer, a potential harmful factor to public health, which can transmit not only corona virus but many other diseases.

Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu asked lenders to not raise interest rates to support enterprises affected by the outbreak of the novel coronavirus (2019-nCoV), during a conference on February 6.

The Government has finally announced a roadmap to increase charter capital for large State-owned banks in the first quarter of this year.

The State Bank of Vietnam (SBV) has been invited to become a member of the Bank for International Settlements (BIS), the first expansion of the prestigious international financial institution's central bank membership base since 2011.

The State Bank of Vietnam (SBV) said it will continue coordinating with concerned Vietnamese ministries and agencies to communicate with the US regarding the US Department of Treasury’s latest report on macroeconomic and foreign exchange policies of major trading partners of the US.

The State Bank of Vietnam (SBV) has issued a document requesting credit organisations and branches of foreign banks to expand credit activities serving production, business and consumption as part of efforts to limit “black credit”.

The State Bank of Vietnam (SBV) has issued a resolution to boost cashless payments in the country.