Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic.
Universities have developed a variety of assistance programmes to help students access higher education, including loans, scholarships, housing and food aid.
Despite a credit slowdown in the first half of 2020, some private commercial banks have still asked the State Bank of Vietnam (SBV) for a credit growth expansion to prepare for a peak lending season expected at the end of the year.
The State Bank of Vietnam (SBV) has asked banks to further reduce operating costs in the remaining months of the year in order to continue lowering interest rates to support COVID-19 affected firms and individuals.
Some organisations have rushed to sell shares of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) to retrieve bad debts, but it was not easy to find buyers agreeing with the offered price.
Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 percent from the same period last year to 441 billion VND (19 million USD).
Sacombank and 15 other banks have signed credit contracts to provide preferential loans for corporate customers to support them in their efforts to restore and expand business and production after the COVID-19 pandemic.
HCM City is on course to build a smart city, so building a cashless society is among its main goals, said Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen.
The popularity of contactless payments has rocketed in Vietnam over the last few years, with banks launching more options for customers to enjoy going cashless.
Shareholders of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) approved the bank’s financial statements for last year, a number of targets for this year, profit distribution plans and other important proposals at its annual general meeting held online on June 5.
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.
Financial reports released by some banks in the first quarter have reflected the adverse impacts of the COVID-19 pandemic on their business activities, with declining profits and rocketing bad debts.
Business
