Cyber security is a hot issue globally and in Vietnam, concerns on the subject have been expressed by the Government and departments, especially in the field of banking – finance, said Le Manh Hung, director of the State Bank of Vietnam’s Information Technology Department.
The Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has revised down many business targets for 2018, citing different reasons for this decision.
The Government plans not to license any more wholly foreign-owned banks in Vietnam but encourages foreign banks to buy weak domestic banks, said Deputy Prime Minister Vuong Dinh Hue.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh has underscored the decisive role of banking sector in economic shifting via targeting capital flows into sustainable development goals.
Digital banking will be the future of the Vietnamese banking system, especially amid the development of the fourth industrial revolution, according to experts.
Foreign banks in Vietnam have been expanding their transaction networks and increasing their charter capital in a bid to increase market share, especially in the retail banking sector.
Vietnam’s banking sector has invested in developing technology amid the sweeping changes the 4th Industrial Revolution is bringing to the way people live and work.
Prosperous business performance and positive bank share price trends in the stock market are expected to help some commercial banks meet their capital increase deadline as required by the State Bank of Vietnam (SBV).
The State Bank of Vietnam set the reference exchange rate at 22,548 VND/USD on May 2, up 9 VND from the rate on the last day before the four-day holiday from April 28 to May 1.
Vietnamese students at the Financial University, one of the most prestigious universities in Russia, held a cultural exchange event on April 25 to mark the 100th year of the school, the alma mater of many high-ranking officials of Vietnam’s banking sector.
Many banks have recently reduced deposit interest rates by 0.2-0.4 percentage points against earlier this year due to good capital mobilisation amidst the credit slowdown.
The State Bank of Vietnam set the daily reference exchange rate at 22,487 VND/USD on the first day of the week (April 16), down 5 VND from the last day of previous week (April 13).
Banks are expected to make major changes in the selection of their top personnel for the upcoming term from 2018 to 2023 to meet the Government’s new regulation.
Commercial banks are expecting the revenue from fees and retail banking services to become their main income sources this year, as a result of rising market demands.
Sci-Tech
