A financial report analysis of 24 Vietnamese banks shows that the average Current and Savings Account (CASA) ratio of the banks rose from 17 percent in 2020 to 19.4 percent in late 2021.
Vietnam needs effective changes and reforms to attract more foreign portfolio investment, Andy Ho, chief investment officer of investment fund VinaCapital, has said.
The Airports Corporation of Vietnam (ACV) expects profit this year will reach just 1.7 trillion VND (73.4 million USD), a decrease of more than 6 trillion VND compared to the year’s forecast, due to the effect of COVID-19.
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.
As the State Bank of Vietnam (SBV) has ordered tight control over real estate loans by credit institutions, property firms and developers have to seek alternative ways to raise their capital, and many of them have decided to issue shares to fund their business.
Many commercial banks have recently increased deposit interest rates, but experts forecast that the rise will last only a short time and won’t have a domino effect on lending rates.
The State Bank of Vietnam (SBV) is collecting feedback on a draft circular that will allow non-residents legally present in Vietnam to make term deposits in both VND and foreign currencies.
The list of banks taking part in the race to raise deposit rates continues to lengthen, and this has taken the interest rate on long-term deposits to 8.4 percent.
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