Vietnamplus

Some commercial banks have increased interest rates on dong deposits to meet rising capital demands towards the end of the lunar year.

The VND-USD exchange rate was adjusted down at commercial banks on late morning of January 12.

Dozens of banks in Ho Chi Minh City have registered to provide loan packages worth 211.5 trillion VND (9.3 billion USD) and 15 million USD to support businesses in 2016.

Vietinbank and PG Bank did not finalise procedures to merge in 2015 as planned, according to Vietinbank's Chairman Nguyen Van Thang.

The State Bank of Vietnam (SBV) on January 7 announced the central rate for the Vietnam dong and the US dollar at 21,919 VND per USD, an increase of 12 VND compared to January 6.

The State Bank of Vietnam (SBV) has announced the central rate for the VND and the USD at 21,896 VND per one USD for January 4.

Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to own minimum 10 billion USD of assets at the end of the previous year.

Vietnam needs to take measures to protect itself including aligning its economic institutions with other ASEAN nations in order to avoid the risk of economic crisis when the AEC is officially formed.

The higher the communication reputation of banks, the higher their stock prices, the Vietnam Report Joint Stock Company said.

The maximum interest rate paid to individuals depositing USD in local banks will be zero percent per year from December 18, the central bank announced.

Vietnamese shares made gains on December 15 on both local exchanges, led by banks and energy firms.

The State Bank of Vietnam (SBV) Operation Centre adjusted the reference exchange rate between the Vietnamese dong (VND) and the USD up by 90 VND on the morning of December 15.

Commercial banks and financial companies are fiercely competing for a slice of the profitable personal loans market as demand often rises sharply at the end of the year.

The banking sector needs to be more proactive in economic integration in anticipation of fiercer competition in both domestic and global playgrounds.

Vietnamese shares rose on both local bourses on December 8, led by the financial sector after it was announced that a large amount of bad loans were sold to the Vietnam Asset Management Corporation.

Vietnamese shares mostly fell on December 4 on the two local exchanges as banks pulled back after recent gains.

Domestic commercial banks need to give top investment priority to information technology if they want to develop better retail banking strategies, according to independent market watchdogs.

Some commercial banks are racing to withdraw invested capital from other banks to ensure compliance with the State Bank of Vietnam (SBV)'s regulations on ownership limits in early 2016.

The Ministry of Finance has instructed commercial banks to completely stop over-the-counter tax payments and work with tax agencies to implement online tax payments by the beginning of December.

Retail banking is now a global trend and an opportunity for Vietnamese banks to secure their foothold in the domestic and foreign markets amidst the country’s strong international integration.