The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has officially completed a plan to reduce its holding ratio at other credit institutions to below 5 percent as required by the central bank.
The Monetary Authority of Singapore (MAS) on December 12 announced the results of its recent survey that Singapore’s economy will grow only 2.6 percent in 2019 due to the negative impacts of protectionism and a trade war between the US and China, the world’s first and second largest economies.
The Asian Development Bank (ADB) has retained its forecast for Vietnam’s economic growth at 6.9 percent in 2018 and 6.8 percent in 2019 in its new report.
Vietnam was expected to remain one of the top ten remittance receivers in 2018, according to the latest edition of the World Bank’s Migration and Development Brief released last weekend.
The high-level court in Ho Chi Minh City on December 10 reduced sentences for former Deputy Governor of the State Bank of Vietnam (SBV) Dang Thanh Binh and two other defendants involved in the losses of over 15 trillion VND (645.8 million USD) at the Vietnam Construction Bank (VNCB).
Credit growth in the next three to five years is forecast to be around 14 percent per year, lower than the average rate of 18.1 percent in the 2015-17 period.
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.
Bank Indonesia (BI) said on November 27 that it will continue to adopt its pre-emptive and ahead-of-the-curve monetary policy in a bid to maintain economic stability amid the high external pressure in 2019.
Indonesian Coordinating Minister for Economy Darmin Nasution said the pressure on rupiah would not yet be over although it is relatively stable hovering in a narrow range of 14,500-14,600 per US dollar after dropping to the level of 15,000 rupiah per US dollar a few weeks ago.
Bank Indonesia (BI) has forecast that next year its national economy will grow at almost the same rate as this year’s estimation of 5.1 percent, and domestic consumption will continue to serve as the main engine of growth.
A Reuters poll of 11 economists showed that Singapore is expected to report slower third-quarter economic growth than initially thought as the manufacturing sector faces strains from weaker global demand and an intensifying trade dispute between the United States and China.
Chinese President Xi Jinping arrived in Manila on November 20, beginning his two-day state visit to the Philippines.
Indonesia’s central bank on November 15 decided to raise its benchmark interest rate for the sixth time this year to lower the country’s yawning current-account deficit.
The State Bank of Vietnam (SBV) has issued a decree asking businesses to enhance customer information privacy after an alleged breach of mobile retail chain The Gioi Di Dong (Mobile World) revealed personal information of more than five million customers.
Singaporean Prime Minister Lee Hsien Loong on November 12 called on ASEAN member countries to open their market and strengthen integration amidst the increasing protectionism in the world.
More commercial banks expect their credit growth limits to be expanded this year after Techcombank became the first to get the nod to do so from the State Bank of Vietnam (SBV) recently.
Moody’s Investors Service has changed its 12-18 month outlook on the banking system in Vietnam (Ba3 stable) to stable from positive.
The State Bank of Vietnam (SBV) has made an official request for all payment service providers to facilitate visually impaired people as well as others with disabilities when they want to open a bank account and get a bank card.
