Vietnamplus

The four biggest banks in Vietnam have cut their interest rates on many deposit terms to match the lowest level recorded during the COVID-19 pandemic.

Two more State-run commercial banks, Vietinbank and BIDV, on September 19 lowered their deposit interest rates matching the lowest level recorded during the COVID-19 pandemic.

Many banks are starting procedures to pay dividends to shareholders from now until the end of the year.

The four biggest banks in Vietnam have strongly cut interest rates for many deposit terms to the lowest levels of the year.

The latest deposit interest rates at the four major banks have simultaneously decreased to the lowest level in one year.

The Vietnam Report JSC has recently published the list of the top 10 prestigious banks in Vietnam in 2023, which is its annual activity to recognise efforts to develop the prestige and brands of the financial-banking sector.

Many banks have cut their costs to income ratio (CIR) thanks to digital transformation to optimise operations, which greatly contributed to their positive business results in the first quarter of 2023 despite the challenging market context.

Many banks plan to increase their charter capital in 2023 in order to ensure operational safety and have more resources for business development.

Banks have been steadily cutting deposit interest rates, which have reached around 8%, a move aimed at reducing lending rates to support businesses.

The number of new customers of commercial banks has increased dramatically in recent years thanks to their digital applications.

Many banks reported negative results in securities trading and investment in 2022 due to the interest rate hike, the exchange rate uncertainty, the sharp decline of stock indices and the ‘freezing’ of the corporate bond market, cafef.vn reported.

With a dim outlook for the banking industry, most securities firms expect conservative profit growth for banks in 2023.

Amid rising non-performing loans (NPLs), many banks have strongly increased their loan-loss reserve (LLR) funds to readily face uncertainties in the future.

The race to lure deposits among banks is becoming fiercer as more customers are selected medium- and long-term savings to get higher interest rates.

The State Bank of Vietnam (SBV) on October 24 continued to sharply increase the selling price of the US dollar by 490 VND to 24,870 VND per USD - the highest rise in many years.

Moody's Investors Service has raised ratings of 12 Vietnamese banks following its upgrade of Vietnam's sovereign rating to Ba2 from Ba3.

The Party Central Committee’s Inspection Commission held its 18th session in Hanoi from August 10 - 11 to discuss wrongdoings by several Party bodies and impose disciplinary measures against the officials involved.

Many banks have reported large profits of up to trillions of Vietnamese dong in the first quarter of 2022 thanks to high earnings from services and bancassurance as well as good control of provision costs.

The group of State-owned banks has continued to maintain their leading position in terms of network coverage in the country’s banking industry.

With an overall brand value growth of 49 percent, Vietnam’s banking sector is one of the fastest growing in the world, according to Brand Finance’s latest report on the most valuable and strongest banking brands globally.