A Vietnamese delegation, led by Nguyen Toan Thang, General Secretary of the Vietnam Banking Association, is attending the 22nd ASEAN Banking Conference that kicked off in the Cambodian capital city of Phnom Penh on November 25.
With cash still being the main payment mode, a youthful demographic and growing smartphone penetration, Vietnam offers great opportunities for fintech developers, experts said.
The "Vietnam: Strengthening banking sector soundness and development" project is expected to help the State Bank of Vietnam to better anticipate and increase resilience to shocks.
The World Bank (WB) and the State Bank of Vietnam (SBV) on October 1 inked a grant agreement worth 2.2 million USD to implement a project aimed at strengthening the soundness and resilience of Vietnam’s banking sector.
Despite a draft roadmap to apply International Financial Reporting Standards 9 (IFRS 9) compulsorily in Vietnam from 2025, domestic banks should start preparations now as the complex norms have proved a major challenge for global financial institutions, experts have said.
Challenges related to network security, customer trust and an inadequate legal framework are road blocks to the digital transformation of Vietnamese banks, experts told a recent conference in HCM City.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetary policy in a proactive, flexible, and cautious manner, and in harmony with fiscal and other macro-economic policies to curb inflation, maintain macro-economic stability, and fuel economic growth.
ZaloPay e-wallet, developed by VNG Corportion, aims to open about 1,000 new points of sale in 2018, according to Phan Thanh Thao, business development director of Zalo Pay.
The banking sector is committed to continuous improvements in customer service, applying advanced technology and enhancing its operational, financial and managerial competencies
Singapore's sovereign wealth fund GIC is set to acquire a 7.73 percent stake on a fully enlarged basis in Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
The Government has approved an e-commerce development plan for 2016-20 that targets 50 percent of consumers switching from cash to other forms of payment.
Consumer credit was expected to develop rapidly in Vietnam in the next five years, driven by rising demand from a recovering economy with a young population.
Businesses and banks in Vietnam still resolve disputes through the
courts, even though arbitration and mediation remain the most popular
methods throughout the world in dealing with banking disputes.
Several measures have been suggested by economic experts to help the
banking sector reduce the non-performing loan (NPL) ratio to less than 3
percent in 2015, as required by the Government.
Many businesses say they are losing high-ranking managers to foreign
companies, leading analysts to warn of a “brain-drain” on a national
scale, according to the English language news portal VietNamNet Bridge.
Mergers and acquisitions (M&A) within the Vietnamese banking
industry have contributed to the sector's restructuring in recent years,
but experts are suggesting that big banks get involved in the process.
As many as 500 local bank executives and IT senior experts gathered
in Hanoi on May 15 at a seminar to get updated with the latest
technologies that can enable them to compete strongly in the current
fierce, fluctuating business environment.
Total non-cash payments in Vietnam reached 32 billion USD by late
2011, showing that consumers are increasingly using bank cards for their
transaction, according to the Bank Card Association.
Sixteen large banks on Oct. 12 signed an agreement to keep their
deposit interest rates under 14 percent for one-month terms, and 6
percent for non-term rates.
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