The International Finance Corporation (IFC) investor group is now no longer a major shareholder of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), after selling more than 55.7 million shares of the bank.
A report by securities firm SSI on the financial and monetary market says deposit interest rates are likely to be cut by 0.5- 1 percentage point this year, and lending interest rates would also be cut by at least 0.5 percentage points as required by the Government.
Social policy credit helped to build more than 4,000 houses, along with over 1.2 million safe water supply and sanitation facilities in rural areas in 2019, according to the Vietnam Bank for Social Policies (VBSP).
The competition to gain a larger share in the consumer finance market is heating up as rising capital demand before Tet (Lunar New Year) is an opportunity for both banks and finance companies.
Credit grew over 13 percent in 2019, slightly below the yearly targetof 14 percent, a senior official from the State Bank of Vietnam (SBV) told a recent press conference.
Vietnam’s foreign exchange reserves have reached approximately 79 billion USD so far this year, with a quarter of it bought by the State Bank of Vietnam (SBV), according to SBV Governor Lai Minh Hung.
Capital difficulties are putting pressure on some banks struggling to meet the central bank’s Basel II deadline of early next year, but experts suggest the central bank should not delay the process.
The banking sector has recorded many important hallmarks in 2019, especially the adjustment of a series of policies to help stabilise credit institutions.
In recent days, many domestic banks have lowered both deposit and lending interest rates for short-term VND loans to support businesses in the year-end months.
The State Bank of Vietnam (SBV) has taken steps to tighten regulations over banks’ use of short-term deposits, reducing its ratio used to finance medium and long term loans from 60 percent now to 40 percent by September next year.
The Indonesian Financial Services Authority (FSA) has revised the credit growth in 2019 down to the range 8-10 percent from the range of 12-14 percent it forecast in the middle of the year.
The State Bank of Vietnam (SBV) has said it would continue to direct credit institutions to strictly control credit in potentially-risky areas such as real estate and securities, especially Build-Operate-Transfer (BOT) and Build-Transfer (BT) transport projects.
Vietnam’s credit growth is slowing and can fall behind the central bank’s target of 14 percent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year.
Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth.
Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week.
Most of credit institutions have expected better business performance for the fourth quarter as well as the whole of 2019, according to a recent survey by the State Bank of Vietnam.
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