Vietnamplus

Thanks to efforts of the Government and the State Bank of Vietnam (SBV), cashless payment services have been promoted in rural and remote areas.

The State Bank of Vietnam (SBV)’s decision to increase credit room by 1.5%-2% fits Vietnam’s current financial situation, helping ease inflationary pressure, interest rates and exchange rates, according to experts.

Most banks reported strong profit growth from the foreign exchange business in the first three quarters of this year thanks to the sharp appreciation of the US dollar, Q3 2022 financial statements showed.

Vietnam has been removed from the US's monetary manipulation monitoring list, according to the State Bank of Vietnam (SBV).

The State Bank of Vietnam (SBV) has issued a document instructing commercial banks to take all measures to support fuel traders.

The Vietnamese central bank’s move to lift short-term deposit rate caps is likely to raise the average cost of funds – both deposit and interbank rates – for Vietnamese commercial banks.

As of September 16, credit grew 10.47% against the end of 2021 and 17.19% against the same period last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

The State Bank of Vietnam (SBV) and the Banking Working Group (BWG) jointly held a conference in Hanoi on July 16 to discuss measures to attract resources for the implementation of green growth and sustainable development targets.

Some qualified commercial banks are forecast to get higher credit growth quotas from the State Bank of Việt Nam (SBV) in the next few months.

The State Bank of Vietnam (SBV) will give flexible and suitable management to guide credit resources to business and production activities and create favourable conditions for workers and low-income earners to access capital for house purchase, Governor Nguyen Thi Hong said on August 1.

Property credit increased by 12.31%t in the first five months, a higher growth rate than that of the same period in previous years, the State Bank of Vietnam (SBV) has said.

A central bank official said the current USD/VND exchange rate, which has increased by about 2% from the end of 2021, is appropriate as compared to developments in the domestic and foreign markets.

The State Bank of Vietnam (SBV) will increase its interference in the foreign currency market and stay ready to pump money to the market more frequently, thus creating favourable conditions for credit institutions to meet the demand for legal foreign currencies of organisations and individuals, according to Vice Director of the SBV’s Monetary Policy Department Pham Chi Quang.

The State Bank of Vietnam (SBV) has been consistent in its policy to strictly control the credit flows into areas with high risks such as real estate and securities, and the policy will continue to be implemented in 2022 and following years, said SBV Deputy Governor Dao Minh Tu at a regular Government press conference on June 4.

Total credit supply in 2022 reached over 11 quadrillion VND (474.3 billion USD) as of May 20, up 7.66 percent compared to that at the end of 2021 and doubling the figure recorded in the same time last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

Credit growth of credit institutions was quite positive at 5.04 percent at the end of the first quarter of this year, much higher than the 2.16 percent rise in the same period last year, the State Bank of Vietnam (SBV)’s Deputy Governor Dao Minh Tu said at the Government’s regular press conference in March.

Credit growth is projected to be 5.3 percent in the first quarter of 2022 and 14.1 percent this year, according to a survey of lenders conducted by the State Bank of Vietnam (SBV) last December.

The State Bank of Vietnam (SBV) has urged lenders to not relax credit approval conditions but set tighter control on foreign currency lending and granting loans in high-risk sectors.

The State Bank of Vietnam (SBV) has to continually inject money to support the liquidity of the banking system as the capital demand and interest rates on the interbank market have remained high though the Tet (Lunar New Year) holiday has ended.

The banking sector plays the key role in maintaining the macro-economic stability and other major balances of the economy, stated Prime Minister Pham Minh Chinh at a New Year meeting with leaders and staff of the State Bank of Vietnam (SBV) on February 8.