The National Payment Corporation of Vietnam (NASA) has become the President of the Asian Payment Network (APN) for 2020 at the recent 15th annual meeting of the network in Hanoi.
The State Bank of Vietnam (SBV) has requested credit institutions to enhance management to ensure their staff adhere to legal regulations and do not take part in “black credit” activities.
Vietnam’s cyber security is being compromised, posing new challenges in ensuring information safety, especially in the finance-banking sector, State agencies and organisations, experts warned at a recent conference.
The banking sector pledged to meet the capital demand for production and business, especially in five prioritised sectors, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said at a conference connecting enterprises and banks in Hanoi on April 16.
Since the beginning of the year, the State Bank of Vietnam has been increasing the reference rate of the dong against the US dollar, and the Vietnamese currency has appreciated 0.43 percent as a result.
2020 is believed to be a do-or-die year for banks since the SBV has decreed that they must all meet global capital adequacy norms, according to analysts.
The improved business performance of Vietnamese banks and a Government regulation to require local banks to meet stricter capital regulations as part of Basel II standards is spelling the start of a wave of foreign investment into the country’s finance and banking sector in 2019, experts said.
In recent years, Vietnamese banking sector has adjusted its strategies and practices to meet green growth targets. However, the outcomes still fall short of expectation.
The banking sector has defined its responsibility in deploying measures to enable people to get access to official credit for business and production activities.
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.
Starting from January 10, four State commercial banks will lower interest rates to support domestic firms operating in five prioritised sectors as stipulated by the State Bank of Vietnam.
In 2018, the banking sector witnessed many achievements such as increasing foreign exchange reserves, remittances, and profit, but also faced challenges in interest and foreign exchange rates.
Vietnam registered to invest 303.5 million USD abroad in the first 11 months of this year, plus 55 million USD worth of additional capital for existing overseas projects.
The banking sector plays a key role in “green” investment, including directing credit flow into environmentally-friendly sectors and restricting flow into projects which might have negative impacts on the environment.
Success of foreign banks in Vietnam has been fueling the volume of capital poured into the sector, while these banks are changing their operations to grow.
Business
