Banks slash fees for interbank fund transfers Business

Banks slash fees for interbank fund transfers

Thirty-seven commercial banks have confirmed the reduction of fees for fast interbank fund transfers following the move of the National Payment Corporation of Viet Nam (NAPAS) to halve the switching fees for local banks from March 25.
Banking sector to cash in on benefits from EVFTA Business

Banking sector to cash in on benefits from EVFTA

The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders.
IFC raises trade finance limits to support firms amid COVID-19 Business

IFC raises trade finance limits to support firms amid COVID-19

The International Finance Corporation (IFC) announced it has increased trade finance limits for Vietnamese banks to improve their capacity to cover payment risks in granting trade financing to local companies affected by the outbreak of the novel coronavirus (COVID-19).
Ibaraki prefecture asked to boost ties with Vietnamese localities Politics

Ibaraki prefecture asked to boost ties with Vietnamese localities

Permanent Deputy Prime Minister Truong Hoa Binh has asked Governor of Japan’s Ibaraki prefecture Oikawa Kazuhiko and its authorities to further boost cooperation with Vietnamese localities, especially in high-tech agriculture, manufacturing and processing, and precision engineering.
Europe firms may purchase 49 percent in local banks Business

Europe firms may purchase 49 percent in local banks

The Vietnamese Government may allow European financial firms to buy up to 49 percent of only two local commercial banks, Nguyen Thi Thu Trang, Director of the WTO Integration Centre at the Vietnam Chamber of Commerce and Industry, said on October 23.
Foreigners still allowed to make term deposits Business

Foreigners still allowed to make term deposits

Resident and non-resident foreigners in Vietnam are still permitted to make term deposits at local banks despite some banks saying they would not accept savings deposits from individual foreign customers, the State Bank of Vietnam has said.