The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) became the first large commercial bank with state capital to raise deposit rates earlier this morning.
The Viet Dragon Securities Company (VDSC) said that bad debts might continue to increase slightly this year, after a circular allowing banks to reschedule debt repayment periods and maintain the debt group for certain sectors expired at the end of 2024.
Bank representatives said they plan to increase market share and shift retail, with a focus on sustainable development to boost profits higher than last year.
The Vietnam Oil and Gas Group (Petrovietnam) tops the list of ten strongest brands in Vietnam in 2024, selected by readers of Tap Chi Kinh Te Viet Nam / VnEconomy / Vietnam Economic Times.
While private joint stock commercial banks have increased capital significantly so far this year, the capital for State-owned commercial banks has remained stagnant.
Vietcombank has become the first bank in Vietnam to stop offering SJC-branded gold bars on its website and sell them through its banking app from August 27.
The Ministry of Construction has agreed with the State Bank of Vietnam (SBV)’s proposal to offer preferential lending rates for homebuyers who borrow from the 120 trillion VND (4.72 billion USD) social housing credit package, at 3-5 percentage points lower than the average.
Fifteen Vietnamese banks are named among the world’s top 500 most valuable banking brands this year according to the Brand Finance Banking 500 2024 ranking. In the recently released ranking, Vietcombank is the Vietnamese bank with the highest brand value in 2024. Globally, Vietcombank ranks 133rd, up 4 positions compared to 2023.
The National Power Transmission Corporation (EVNNPT) on January 26 signed credit contracts worth over 15.6 trillion VND (634 million USD) with five banks to implement projects to build the 500kV circuit 3 transmission line section from Quang Trach to Pho Noi.
Vietnam’s four largest commercial banks - Vietcombank, BIDV, Agribank and VietinBank (the Big 4) - in 2023 accounted for 41.9% of total outstanding loans and about 50% of the total deposits of the country's banking system.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued slashing deposit interest rates on January 12, with the lowest standing at 1.7% per year.
Credit ratings agency Fitch Ratings has recently revealed upgrades for several banks, in the wake of its decision to raise Vietnam's national credit rating to BB+ with a long-term outlook of "Stable".
Deposit interest rates at four major banks of Vietnam have been adjusted sharply, down by 0.2-0.4% per year from the previous listings, bringing the rate to 2.2% per year at the lowest.
In the third quarter of 2023, a notable variance is anticipated in the profits of commercial banks, with some continuing to experience double-digit growth, while others see a sharp downturn.
Two more State-run commercial banks, Vietinbank and BIDV, on September 19 lowered their deposit interest rates matching the lowest level recorded during the COVID-19 pandemic.