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

Debt rescheduling circular to be extended if needed: central bank

Debt rescheduling circular to be extended if needed: central bank

The State Bank of Vietnam (SBV) will consider extending a circular on debt rescheduling to remove difficulties for businesses and ease the economic situation if needed, a senior official has said.

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

Credit growth limits still appropriate in current Vietnam context: lawyer

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 central bank to further facilitate real estate credit access

Vietnam central bank to further facilitate real estate credit access

The State Bank of Vietnam (SBV) will continue to implement measures to increase credit access for the ailing real estate market, Governor Nguyen Thi Hong said at a conference Monday.

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

Vietnam credit growth slow despite rates back to pre-pandemic levels

Vietnam credit growth slow despite rates back to pre-pandemic levels

Lending interest rates have returned to pre-pandemic levels, but Vietnam’s credit has still expanded slowly at only 7.1% so far this year, said State Bank of Vietnam (SBV) Governor Nguyen Thi Hong.

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

Vietnam central bank to control credit in high-risk areas

Vietnam central bank to control credit in high-risk areas

The State Bank of Vietnam (SBV) will continue implementing solutions to control credit heading into high-risk areas, including speculative real estate areas, the high-end real estate segment with excess supply, securities and corporate bonds.

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

Central bank’s money withdrawal 'normal' amid excess liquidity: experts

Central bank’s money withdrawal 'normal' amid excess liquidity: experts

Cash withdrawal is a normal measure taken by the State Bank of Vietnam (SBV) when the banking system shows excess liquidity, said economists, referring to the central bank’s recent issuance of nearly VND10 trillion ($411 million) of treasury bills.

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

Vietnam central bank eyes more interest rate cuts: deputy governor

Vietnam central bank eyes more interest rate cuts: deputy governor

Deputy Governor Dao Minh Tu said Tuesday that with suitable conditions, the State Bank of Vietnam may continue cutting the interest rates.

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

Treasury Secretary Yellen backs Vietnam development

Treasury Secretary Yellen backs Vietnam development

The U.S. Department of the Treasury (USDT) is supportive of Vietnam’s growth and economic transformation, which are good for both the Vietnamese and the American people, USDT Secretary Janet Yellen said Thursday.

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

Vietnam central bank makes fourth rate cut to support economy

Vietnam central bank makes fourth rate cut to support economy

The State Bank of Vietnam (SBV) announced on Friday that it is cutting its refinance and discount rates by 50 basis points from Monday to spur the country’s growth amid prolonged global economic headwinds.

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

Central bank okays Vietcombank hiking charter capital to $2.4 bln

Central bank okays Vietcombank hiking charter capital to $2.4 bln

Vietnam's central bank has allowed the state-controlled Vietcombank to raise its charter capital from VND47.33 trillion to VND55.89 trillion ($2.38 billion).

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

Vietnam PM demands further interest rate cuts to improve access to credit

Vietnam PM demands further interest rate cuts to improve access to credit

Prime Minister Pham Minh Chinh has requested the State Bank of Vietnam to continue instructing commercial banks to further cut lending rates to help ease the current credit crunch in the country's slowing economy.

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

Vietnam’s slowing economy faces big challenges: legislator

Vietnam’s slowing economy faces big challenges: legislator

Prolonged global slowdown together with the credit crunch and other problems in the Vietnamese slowing economy may hinder Vietnam’s 2023 GDP growth target of 6.5%, a top lawmaker said.

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

Opening market to foreign investors key to NPLs in Vietnam: IFC

Opening market to foreign investors key to NPLs in Vietnam: IFC

Vietnam should promptly open the non-performing loan gate to international investors as the country does not have sufficient resources to solve NPL problems, an International Finance Corporation (IFC) official said Wednesday.

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

Vietnam's central bank to restrain cross ownership among banks

Vietnam's central bank to restrain cross ownership among banks

The State Bank of Vietnam (SBV) is planning to inspect share transfers between banks this year to prevent cross-ownership in the banking system.

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

Prime minister demands lower interest rates to spur growth

Prime minister demands lower interest rates to spur growth

Vietnamese PM Pham Minh Chinh has urged state-run commercial banks to cut both deposit and lending rates to support businesses and help revive the slowing economy.

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

Vietnam government has plan to boost economic growth

Vietnam government has plan to boost economic growth

VinaCapital’s chief economist Michael Kokalari highlights a series of measures taken by the Vietnamese government to stir growth amid global economic headwinds.

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

Vietnam needs to tackle inflation head-on: IMF

Vietnam needs to tackle inflation head-on: IMF

Vietnam's inflation is "still pretty high", and the central bank needs to address the problem head-on so that it does not have to tighten much faster later, said the International Monetary Fund (IMF).

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

Government requests central bank to urgently assist Saigon Commercial Bank restructuring

Government requests central bank to urgently assist Saigon Commercial Bank restructuring

The government has requested the State Bank of Vietnam to restructure specially controlled banks timely and efficiently according to the Politburo's conclusions, and urgently issue a restructuring plan for Saigon Commercial Bank (SCB).

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

State Bank cuts policy rates by 50 basis points to fuel growth

State Bank cuts policy rates by 50 basis points to fuel growth

The State Bank of Vietnam (SBV) will lower its policy interest rates by 0.5 percentage points from April 3, the second cut within one month, to support growth amid global economic headwinds.

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

Vietnam’s GDP growth slows to 3.32% in Q1 amid global headwinds

Vietnam’s GDP growth slows to 3.32% in Q1 amid global headwinds

Vietnam posted economic growth of 3.32% in the first quarter of 2023 compared to a year earlier, the General Statistics Office reported on Wednesday.

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

Former State Bank inspection chief prosecuted in Van Thinh Phat scam

Former State Bank inspection chief prosecuted in Van Thinh Phat scam

Do Thi Nhan, former head of the State Bank of Vietnam's banking inspection and supervision department II, has been prosecuted for alleged wrongdoings related to the Van Thinh Phat scandal.

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

Investor confidence must improve to unleash Vietnam's capital market

Investor confidence must improve to unleash Vietnam's capital market

More transparency and expertise in Vietnam’s corporate bond market is needed for the country to recover investor confidence in its efforts to ease the current credit crunch in the capital market, heard a workshop Friday in Hanoi.

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

Regulators inspect 11 banks over corporate bond investments

Regulators inspect 11 banks over corporate bond investments

The State Bank of Vietnam (SBV) said it has conducted spot inspections on 11 banks over their investments in corporate bonds, and fined those that were found to have violated regulations.

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

IFC-backed SeABank seeks to sell shares to foreign investors

IFC-backed SeABank seeks to sell shares to foreign investors

Vietnam’s SeABank, in which International Finance Corporation (IFC) has invested almost $400 million, will collect shareholders' opinions on approving its planned private placement of shares to foreign investors.

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

Abundance of issued corporate bonds harms realty market: businessman

Abundance of issued corporate bonds harms realty market: businessman

Some real estate developers in Vietnam have issued too many bonds to mobilize capital, causing complicated fluctuations in the country’s financial sector and adversely affecting the property market, GP.Invest chairman Nguyen Quoc Hiep said.

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

Real estate companies face high bankruptcy risks: top developer Vinhomes

Real estate companies face high bankruptcy risks: top developer Vinhomes

Vietnam’s government should take prompt action in removing obstacles in legal procedures and credit access in the property sector to help the ailing industry recover as realty enterprises face high risks of bankruptcy, Vinhomes chairman Pham Thieu Hoa said Friday.

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

Tourism expected to propel Vietnam economy this year: HSBC

Tourism expected to propel Vietnam economy this year: HSBC

Tourism will be a key area fueling the resilience of Vietnam’s economy in 2023 as there is significant room for growth amid looming global economic headwinds, HSBC’s study says.

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

Challenges still loom for Vietnam's monetary policy: central bank official

Challenges still loom for Vietnam's monetary policy: central bank official

Regulators in Vietnam will continue to face global economic headwinds in 2023, including challenges in running monetary policy, said a director of the State Bank of Vietnam.

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

Vietnam central bank runs flexible monetary policy in 2022

Vietnam central bank runs flexible monetary policy in 2022

The State Bank of Vietnam has managed monetary policy in a flexible manner to curb inflation and stabilize the monetary and foreign exchange markets in 2022, a year of global fluctuations.

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

Vietnam central bank seeks to keep 2023 inflation at 4.5%

Vietnam central bank seeks to keep 2023 inflation at 4.5%

The State Bank of Vietnam will manage monetary policy in a flexible way to keep inflation at 4.5% next year as the National Assembly has targeted, the central bank's Deputy Governor Dao Minh Tu said Tuesday.

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

VPBank becomes Vietnam’s largest bank by charter capital

VPBank becomes Vietnam’s largest bank by charter capital

VPBank has topped Vietnam's banking system in terms of charter capital after expanding it by 50% to VND67,434 billion ($2.83 billion).

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

State giant Agribank has new general director

State giant Agribank has new general director

Wholly state-owned Agribank has appointed deputy general director Pham Toan Vuong its council member and general director for a five-year tenure, starting from December 1.

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

State Bank upholds credit growth cap, urges lending for production

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

FDI firm solution for Vietnam property developers: Savills

FDI firm solution for Vietnam property developers: Savills

Vietnam keeps luring foreign direct investment thanks to its bright economic outlook, making FDI a reliable capital source for local real estate developers, Savills Vietnam said Tuesday.

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