Standard Chartered Bank has forecast that Vietnam will see a stable economic growth of 6.9 percent in 2019, buoyed by strong FDI-supported manufacturing industry.
Despite the central bank’s tightened monetary policy, many banks reported good business performance last year thanks to improved bad debt resolution and rising income from services.
Prime Minister Nguyen Xuan Phuc has ordered the banking sector to orientate itself in line with the Government’s spirit of breakthroughs
In 2018, bad debts of Vietnam’s banking system dropped sharply and interest rate,exchange rate and foreign currency market remained stable.
Many commercial banks raised deposit interest rates in recent months, triggering worries about the increasing pressure on the lending rates.
After reviewing their business performance over the third quarter, most commercial banks announced positive results with double-digit growth. However, the amount of bad debt is also on the rise.
The entrepreneurial spirit of businesses is a stimulus for the Government to act more drastically and innovatively, said Prime Minister Nguyen Xuan Phuc at the annual Vietnam Business Forum (VBF) 2018 in Hanoi on December 4.
The State Bank of Vietnam has allowed Vietcombank to apply minimum capital adequacy ratio requirements following Basel II standards one year earlier than the deadline initially set by the central bank.
The State Audit Office of Vietnam (SAV) announced on November 29 that it will carry out 190 audits next year, many of which are on major investment projects of public concern.
The Vietnam Debt Asset Trading Corporation (VDATC), in collaboration with the Asian Development Bank, will organise the 4th International Public Asset Management Company Forum (IPAF) from November 14-15.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung was questioned on the pace of handling bad debt and banks with bad performances during the question-and-answer session on November 1 at the 14th National Assembly’s ongoing sixth session.
The Bank for Investment and Development of Vietnam (BIDV)’s pre-tax profit increased by 30.6 percent year-on-year to 7.2 trillion VND (305.45 million USD) in the first three quarters of 2018.
Many banks have reported good business performance in the first nine months of the year thanks to decreasing provision costs and rising income from services.
Consumer finance companies have been cutting credit growth to focus more on tightening internal governance and selecting solvent customers to target a safer and healthier development.
The State Bank of Vietnam (SBV) will likely continue its tightened monetary policy in the remaining months of the year after its decision to strictly control lending to high risk sectors in the third quarter didn’t adversely affect the country’s economic growth, according to experts.
Deputy Prime Minister Vuong Dinh Hue on September 13 received representatives from Mitsubishi, Deloitte, Hanwha Energy, McKinsey, and HSBC in the framework of the World Economic Forum on ASEAN in Hanoi.
The Vietnam Asset Management Company (VAMC) plans to resolve at least 140 trillion VND (5.95 billion USD) of non-performing loans (NPLs) from now until 2020, of which 34.5 trillion VND will be settled this year.
Prime Minister Nguyen Xuan Phuc said on August 30 that ministries, sectors and localities must not underestimate their tasks in the four remaining months of 2018 but carry out drastic solutions as many difficulties still arise from the domestic and global situation.
