Vietnamplus

Cashless payments continued to grow fast in the first nine months of 2021 to top 36.28 quadrillion VND (1.6 billion USD), according to a recent report by the Government.

The State Bank of Vietnam (SBV) has proposed to issue a separate law on bad debt settlement.

A cash assistance programme and faster provision of relief for people with disadvantages caused by the COVID-19 pandemic are among the proposals submitted by experts at a consultation held in Hanoi on September 27.

Banks have been promoting the mobilisation of medium- and long-term capital through bond issuance to meet the State Bank of Vietnam (SBV)’s requirements on capital adequacy ratio (CAR).

The banking industry sharply reduced outstanding loans for real estate business in the first half of 2021 and will continue such limits in the second half.

The northern province of Vinh Phuc has set the goal of having 70 enterprises eligible to become first-tier and second-tier suppliers for manufacturers of automobile, motorcycle, electronic products and partially supply for large enterprises or corporations or exports by 2030.

The State Bank of Vietnam (SBV) on September 7 issued a circular amending and supplementing a number of articles of Circular No. 01/2020/TT-NHNN issued by the SBV Governor directing foreign credit institutions and bank branches to reschedule debt payments, waive and reduce borrowing interest and fees, and maintain the groups in order to support customers affected by the COVID-19 pandemic.

By the end of August, the total outstanding credit of the banking system in the capital city of Hanoi had reached 2.38 quadrillion VND (104 billion USD), an increase of 1 percent over the previous month and 8.3 percent compared to the same period last year.

The State Bank of Vietnam (SBV) is consulting on a draft circular for incentive policies to support firms with access to bank loans to overcome difficulties in the COVID-19 pandemic.

As the market is witnessing adjustments in the rate of ownership for foreign investors in banks, analysts say that it depends on the strategy and business plan of each bank from time to time.

The State Bank of Vietnam (SBV) has issued a Decision 1349/QD-NHNN on interest rates applicable to reserve requirement deposits and excess reserves of credit institutions and foreign banks’ branches in the SBV.

The State Bank of Vietnam (SBV) has directed credit institutions to reduce some transaction fees from August 1 this year to support customers amid the outbreak of the latest COVID-19 pandemic.

Banks will continue to tighten lending in risky sectors including securities, real estate, financial, and tourism business, seeing higher credit risks in the remaining months of this year, a survey carried out by the Monetary Forecasting and Statistics Department has said.

Many legislators held that the fight against COVID-19 needs to be promoted, but it is also necessary to speed up the recovery of businesses so as to keep up with the trend in the global economy.

The Vietnam Bank for Agriculture and Rural Development (Agribank) on July 15 said it will cut lending rates in Vietnam dong for the fifth time.

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to study and carry out pilot implementation of cryptocurrency based on blockchain technology in the 2021-23 period.

The Ministry of Finance has continued to cut a number of charges and fees to support and remove difficulties caused by the COVID-19 pandemic for businesses and individuals.

A delay in issuing official legal regulations on managing cryptocurrencies will cause a rise in the risks of fraud and theft related to virtual assets, experts have warned.

Three credit institutions have committed to sponsoring the national flag carrier Vietnam Airlines to get loans worth 4 trillion VND (173.67 million USD), an official from the State Bank of Vietnam (SBV) said on June 21.

The State Bank of Vietnam (SBV) has flexibly operated monetary policy tools to maintain liquidity for the banking system, contributing to stabilising and recovering credit growth in the context of unpredictable impacts of the COVID-19 pandemic.