Vietnam PM orders lower lending rates, wider credit access
Vietnamese Prime Minister Pham Minh Chinh has asked the central bank and commercial lenders to further lower lending interest rates and facilitate greater credit access.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Seasonal factors, weak economy behind low credit growth: Vietnam central bank
Vietnam’s low credit growth in the first two months of 2024 was due to seasonal factors and weak economy, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said on Saturday.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Deposits at banks in Vietnam net rise by record $70 bln in 2023 despite falling rates
Deposits at banks in Vietnam net increased by a record high of nearly VND1,700 trillion (roughly $70 billion) in 2023 although interest rates continuously dropped during the year, according to the central bank.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam government wants further lending interest rate cuts
The Vietnamese government has directed the State Bank of Vietnam (SBV) to continue to operate proactive, flexible and effective monetary policies, while encouraging credit institutions to reduce costs, simplify lending procedures and reduce lending interest rates to support economic growth.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam plans $82 bln credit injection in 2024
Credit institutions in Vietnam are expected to pump around VND2,000 trillion ($82 billion) into the economy this year, or a 15% credit expansion, the central bank estimates.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam targets 15% credit growth this year
The State Bank of Vietnam (SBV), the country’s central bank, has set a credit growth target of 15% for this year, significantly higher than the estimated 12% expansion in 2023.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Credit growth limits still appropriate in current Vietnam context: lawyer
Applying credit growth limits is necessary in Vietnam as businesses and the economy still rely too much on bank credit, said lawyer Truong Thanh Duc, CEO of ANVI law firm.
Opinion - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam banking system credit expands 11% in 2023 through December 21
Vietnam’s banking system credit grew 11.09% in 2023 through December 21, up from 7.39% recorded in early November, according to the General Statistics Office (GSO).
A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam credit growth hits 10.58% as of December 20
Vietnam’s credit as of December 20 had increased by 10.85% compared to the end of 2022, thanks to drastic directions from the government and efforts of the banking industry, according to the State Bank of Vietnam.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam banks cut deposit interest rates to record lows amid lukewarm lending
Commercial banks in Vietnam are unanimously lowering their interest rates on short-term deposit to all-time lows as credit demand stays lackluster despite the year-end peak season nearing.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam credit growth reaches 9.87% as of mid-December
Vietnam’s credit as of December 13 had increased 9.87% compared to the end of last year, but was still some way off the 2023 target of 14%, reported the State Bank of Vietnam (SBV).
Banking & Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Banks should continue reducing interest rates: central bank governor
Banks should continue cutting costs in order to reduce interest rates, Governor Nguyen Thi Hong of the State Bank of Vietnam said at the government’s Thursday meeting on boosting credit growth for the economy.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
No more lending to ‘backyard’ companies, Vietnam PM tells banks
Vietnamese Prime Minister Pham Minh Chinh has instructed banks to cancel all new loans to a small group of businesses or projects of an ecosystem known as “backyard” companies, in a move to improve banking operations.
Banking & Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam central bank expands credit growth quotas to stimulate lending
The State Bank of Vietnam (SBV) is increasing credit growth quotas for banking institutions on a case-by-case basis in a move to stimulate lending.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Improve project quality to boost implementation speed, economic recovery, WB tells Vietnam
Improving project quality through better feasibility studies and reforming public investment procedures will help the Vietnamese government speed up their implementation and hasten economic recovery, a World Bank note says.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam can lend another $39 bln by year-end: central bank
Lending in Vietnam’s banking system has room to grow an additional 8%, or VND950 trillion (nearly $39 billion), in the remaining months of this year, a central bank official said.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam PM requests eased loan access amid lukewarm credit growth
Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam (SBV) to create more favorable conditions for loan approval as year-to-date credit growth has yet to meet half of the full-year target.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam domestic investment, investor confidence still weak: World Bank
While Vietnam’s growth gathered pace in the third quarter, private domestic investment and investors’ confidence remained weak, according to a World Bank report.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Avoid market panic, keep monetary policy flexible: central bank told
The State Bank of Vietnam (SBV) has been asked to keep its monetary policy flexible from now until the year-end, avoiding dramatic moves that may trigger panic in the market.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
$5 bln pumped into Vietnam economy in just one week
Credit institutions in Vietnam injected some VND120 trillion ($4.9 billion) in just one week ending September 29, indicating heightened economic activity towards the year-end, the central bank says.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam’s 8-month credit growth reaches only 5.33%
Vietnam’s credit reached about VND12,560 trillion ($522.14 billion) in the year to August 29, up only 5.33% from the end of last year, said standing Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu on Thursday.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Reduce interest rates further, promote credit growth: experts
With credit growth at its lowest level in the past 10 years, experts say reducing interest rates further will be key to increasing businesses’ access to capital.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam central bank revises down credit growth target to 14%
The State Bank of Vietnam (SBV) on Monday adjusted down the country's 2023 credit growth target for credit institutions to about 14% from the 14-15% set at the beginning of the year.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam’s five-month credit growth hits only 3.17%
Credit in the Vietnamese economy reached over VND12,300 trillion ($523.8 billion) in the first five months of this year, an increase of only 3.17% from the end of 2022, according to the State Bank of Vietnam (SBV).
Banking & Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam’s credit growth forecast to reach 12% in 2023
Credit growth in Vietnam will hit only 12% this year due to the ailing real estate market, decelerating export growth, and high interest rates, said top broker VNDirect Securities.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam central bank eyes 14-15% credit growth in 2023
Credit growth this year is set at 14-15%, subject to adjustments according to actual developments, the State Bank of Vietnam (SBV) said in a directive on goals for the banking sector in 2023.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
HCMC realtors propose higher credit growth limit for $4.1 bln market inflow
The Ho Chi Minh City Real Estate Association (HoREA) has proposed that the State Bank of Vietnam lifts its credit growth limit from 14% to 15% to stimulate the sector.
Real Estate - Mon, Dec 22, 2021 | 11:30 am GMT+7
State Bank upholds credit growth cap, urges lending for production
TVietnam's central bank has confirmed its cap on the banking system's credit expansion for this year will be unchanged at 14%, urging banks to boost lending for production activities.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
18 commercial banks allowed to lend more
Eighteen commercial banks that account for 80% of the Vietnamese banking system's credit have had their credit growth cap for this year lifted by the central bank.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Central bank to maintain 14% credit growth cap
The State Bank of Vietnam will maintain the banking system's credit growth cap for this year at 14% because lifting it would impact industry liquidity and interest rates, says its deputy governor.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Central bank declines to lift credit growth cap
The State Bank of Vietnam has stuck to its 14% credit growth cap for this year over inflation risk concerns.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Banks likely to have credit expansion at end-Q3: broker SSI
Banks are forecast to have a credit expansion at the end of the third quarter of 2022, according to top broker Saigon Securities Incorporation.
Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam’s exchange rate remains stable amid Fed interest rate hike
The U.S. dollar/Vietnamese dong exchange rate would remain stable at 22,600-23,050 in 2022 amid the global currency tremors induced by the Federal Reserve’s tightening monetary policy, according to top broker VnDirect Securities.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Credit growth rebounds in Q1
Vietnam's credit growth grew 5.04% year-on-year in Q1, much higher than the 2.16% in the same period last year, according to the State Bank of Vietnam.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
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