Lukewarm interest in Vietnam’s first gold auction after 11 years

Lukewarm interest in Vietnam’s first gold auction after 11 years

Just two companies submitted bids to buy 3,400 taels of SJC-branded gold bars, or 20.2% of the volume offered, at an auction held by Vietnam’s central bank Tuesday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank cancels first gold auction in 11 years

Vietnam central bank cancels first gold auction in 11 years

Vietnam's central bank has canceled a gold auction due to take place at 10 a.m. Monday, which would have been the first after an 11-year hiatus.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Greenback surge appears a mixed bag for Vietnam businesses

Greenback surge appears a mixed bag for Vietnam businesses

As expected, the recent surge in the U.S. dollar against the Vietnamese dong (VND) has benefited exporters handsomely while importers are feeling the pinch of paying more for their purchases.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank pumps cash to save troubled lender SCB

Vietnam central bank pumps cash to save troubled lender SCB

Vietnam’s central bank has pumped in money to support Saigon Commercial Bank (SCB), which experienced a run triggered by the arrest of real estate tycoon Truong My Lan in October 2022.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Lending picks up at Vietnam banks with 1.34% Q1 growth

Lending picks up at Vietnam banks with 1.34% Q1 growth

Credit growth in the Vietnamese banking system accelerated in the final days of last month to reach 1.34% as of March 29 from end-2023.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank to auction 16,800 taels of gold after 11-year hiatus

Vietnam central bank to auction 16,800 taels of gold after 11-year hiatus

The State Bank of Vietnam (SBV), the country’s central bank, will auction 16,800 taels of SJC-branded gold bars next week for the first time in 11 years to help bring prices down in a country where the metal is highly favored as a safe haven asset.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank ready to cool USD surge: Deputy Governor

Vietnam central bank ready to cool USD surge: Deputy Governor

The State Bank of Vietnam (SBV) stands ready to make needed interventions to curb the worrisome strengthening of the U.S. dollar against the local currency, a senior official has said.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

US dollar hits new high versus Vietnam dong

US dollar hits new high versus Vietnam dong

The U.S. dollar has continued to strengthen against the Vietnamese dong, reaching a new high at commercial banks and causing another headache for the country’s central bank, which has been ordered to stem gold fever.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Cash to flow into stocks, real estate on back of gold rally, low interest rates

Cash to flow into stocks, real estate on back of gold rally, low interest rates

While gold prices have been climbing sharply, deposit interest rates remain low, and the stock market has experienced recent corrections, so where should people put their money to make a profit? The Investor spoke with Pham Manh Hung, vice head of the Research Institute for Banking, under the Banking Academy of Vietnam, about this issue.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam to increase gold bar supply, narrow global-domestic price difference

Vietnam to increase gold bar supply, narrow global-domestic price difference

The State Bank of Vietnam (SBV) will increase gold bullion supply in order to reduce the disparity between domestic and world prices as locals have rushed to trade the metal in recent weeks.

Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank stands ready to cool overdone dong depreciation

Vietnam central bank stands ready to cool overdone dong depreciation

The State Bank of Vietnam (SBV) is aware of the importance of keeping the USD/VND exchange rate steady and stands ready to put a brake on the dong devaluation run when necessary, said an official.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

USD rate passes VND25,000 milestone at top Vietnam lender Vietcombank

USD rate passes VND25,000 milestone at top Vietnam lender Vietcombank

Vietcombank, the largest Vietnamese lender by market capitalization and foreign exchange transactions, increased its USD buying and selling rates to VND24,790 and VND25,130 Wednesday afternoon.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Central bank names 14 crucial banks in Vietnam in 2024

Central bank names 14 crucial banks in Vietnam in 2024

The State Bank of Vietnam (SBV) has approved a list of 14 credit institutions of systematic importance in 2024.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s economy to grow 6.1% in Q1: Standard Chartered

Vietnam’s economy to grow 6.1% in Q1: Standard Chartered

Vietnam’s GDP is expected to expand 6.1% year-on-year in the first quarter of 2024, much higher than a 3.32% growth rate in Q1/2023 but lower than the 6.72% posted in Q4/2023, according to Standard Chartered Bank.

A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam PM orders lower lending rates, wider credit access

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

Vietnam central bank continues cash withdrawals with $1.82 bln in 3 days

Vietnam central bank continues cash withdrawals with $1.82 bln in 3 days

The State Bank of Vietnam (SBV), the country’s central bank, withdrew a total of VND45 trillion ($1.82 billion) over three consecutive days ending Wednesday in an attempt to cool the U.S. dollar rally in the country.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank withdraws $609 mln in cash after 4-month hiatus amid weakening VND

Vietnam central bank withdraws $609 mln in cash after 4-month hiatus amid weakening VND

The State Bank of Vietnam (SBV), the country’s central bank, on Monday withdrew VND15 trillion ($608.6) million in cash from circulation via a T-bill auction after a four-month hiatus as the local currency has devalued rapidly since the start of the year.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam QR code payments skyrocket in Jan

Vietnam QR code payments skyrocket in Jan

Cashless payments in Vietnam are continuing to rise, with payments via QR codes in January soaring 892.95% in volume and 1,062% in value year-on-year, according the State Bank of Vietnam (SBV).

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Central bank inaction on gold fever can have severe economic impacts: economist

Central bank inaction on gold fever can have severe economic impacts: economist

The sharp increase in gold and USD prices presents serious market stabilization challenges for the State Bank of Vietnam (SBV), writes Dr. Nguyen Huu Huan, an economist at the Ho Chi Minh City University of Economics.

Opinion - Mon, Dec 22, 2021 | 11:30 am GMT+7

Seasonal factors, weak economy behind low credit growth: Vietnam central bank

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

Exchange rate in Vietnam breaks VND24,000 milestone again

Exchange rate in Vietnam breaks VND24,000 milestone again

The State Bank of Vietnam (SBV) on Monday raised the central exchange rate by VND8 to VND24,004 per U.S. dollar, breaking the VND24,000 milestone and approaching the peak of VND24,110 in October 2023.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam lending rates fall faster than deposit rates

Vietnam lending rates fall faster than deposit rates

Average lending interest rates in Vietnam tended to fall faster than those on deposits, with respective drops of 0.25% and 0.15% as of January 31 compared to the end of 2023.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam begins 2024 with 0.6% credit growth fall

Vietnam begins 2024 with 0.6% credit growth fall

Credit growth of Vietnam’s banking system dropped 0.6% in January over end-2023, according to the State Bank of Vietnam (SBV), the nation’s central bank.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

National Banknote Printing Factory has new chairman

National Banknote Printing Factory has new chairman

Nguyen Duc Cuong, deputy director of the State Bank of Vietnam's (SBV) department of issuance and treasury, has been appointed chairman of the board of members at the National Banknote Printing Factory.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Lend more, promote growth, Vietnam central bank tells commercial banks

Lend more, promote growth, Vietnam central bank tells commercial banks

The State Bank of Vietnam (SBV) has asked commercial banks to take measures to boost credit growth in the first months of 2024 and contribute to promoting economic growth.

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 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 central bank tightens rules on gold bullion production

Vietnam central bank tightens rules on gold bullion production

The State Bank of Vietnam (SBV), the country’s central bank, has issued a decision to update a sister rule issued in 2012, in a move to tighten the production of gold bullion amid recent volatility in the local market.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank mulls more market-oriented gold management

Vietnam central bank mulls more market-oriented gold management

The State Bank of Vietnam (SBV), the country’s central bank, will propose the government replace a decade-old decree on gold trading with more market-oriented mechanisms to manage trade of the precious metal, SBV officials have hinted.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam plans $82 bln credit injection in 2024

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 banking system credit expands 11% in 2023 through December 21

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 should consider establishing crisis and financial stability monitoring function at SBV: IMF

Vietnam should consider establishing crisis and financial stability monitoring function at SBV: IMF

On the occasion of new year 2024, Jochen Schmittmann, resident representative of the International Monetary Fund (IMF) in Vietnam, talks to The Investor about the prospects of Vietnam’s economy and recommendations on deepening the capital market.

A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietcombank chairman appointed State Bank of Vietnam deputy governor

Vietcombank chairman appointed State Bank of Vietnam deputy governor

Pham Quang Dung, board chairman of state-controlled Vietcombank, has been appointed Deputy Governor of Vietnam's central bank (SBV) per a prime ministerial decision, starting from January 1, 2024.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam credit growth reaches 9.87% as of mid-December

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

Vietnam PM orders scrutiny of crossholdings in banking system

Vietnam PM orders scrutiny of crossholdings in banking system

Prime Minister Pham Minh Chinh has ordered strict handling of all violations found after an urgent scrutiny of crossholdings at credit institutions in the country.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Private lender TPBank to acquire fund management firm

Private lender TPBank to acquire fund management firm

Vietnamese private lender TPBank says the impending acquisition of fund management firm Vietnam Fortune Capital (VFC INC.) will further its efforts to become a modern financial group.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7