Vietnamplus

The capitalisation of Vietnam’s banking sector is expected to increase by nearly 2.8 billion USD this year.

The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80 percent while transaction value will surge 80 - 100 percent annually.

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.

Early this month, the State Bank of Vietnam (SBV) announced a new draft decree providing a controlled testing mechanism (sandbox) for fintech activities in the banking industry. This is the second draft that has been built to gather public opinions for this sector.

Cashless payments have become a norm in many countries in recent years, bringing great benefits to individuals in the payment process.

Some banks have temporarily stopped providing loans to the real estate sector in the short term in the wake of the State Bank of Vietnam (SBV)'s policy on controlling credit growth in risky areas.

“There is a heated race towards digital banking going on in Vietnam, with banking services having found their way into every corner of life.”

The State Bank of Vietnam (SBV) has been developing a sandbox for fintech banking and gathering feedback on a draft regulating the sector.

Nearly 60 percent of credit institutions forecast their business performance results to improve in Q2 after estimating those in Q1 to be not as good as expected, the latest survey by the State Bank of Vietnam (SBV) showed.

Total liquidity in the banking system reached about 13.7 quadrillion VND (601 billion USD) in January, increasing by 2.59 percent against the end of 2021, according to the State Bank of Vietnam.

The State Bank of Vietnam (SBV) has proposed to continually handle bad debts of credit institutions based on the provisions of pilot Resolution 42/2017/QH14 until 2025 instead of this year.

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

It's too early to tell how the ongoing Russia-Ukraine conflict will affect Vietnam's banking sector, said industry experts.

The Vietnam Bank for Agriculture and Rural Development (Agribank) climbed 16 spots to 157th in the 2022 Brand Finance Banking 500 ranking, which features the most valuable and strongest banking brands in the world.

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.

The State Bank of Vietnam (SBV) has to continually inject money to support the liquidity of the banking system as the capital demand and interest rates on the interbank market have remained high though the Tet (Lunar New Year) holiday has ended.

The banking sector plays the key role in maintaining the macro-economic stability and other major balances of the economy, stated Prime Minister Pham Minh Chinh at a New Year meeting with leaders and staff of the State Bank of Vietnam (SBV) on February 8.

Vietnam’s recovery is set to gather momentum in 2022, as domestic demand rebounds and export performance remains strong, according to Fitch Ratings.

Although the Lunar New Year (Tet) is nearing, long queues of people are no longer seen at automated teller machines (ATMs) like in previous years. Instead, online transactions on banking applications are facing difficulties, with network congestion frequently reported by users.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has issued Directive No.01/CT-NHNN on organising the implementation of the key tasks of the banking sector, with a focus on improving credit quality and tightly controlling loans to potentially risky industries.