Though banks gained profits of trillions of Vietnamese đồng in Q3 2022, credit quality has remained a concern of the banking industry, especially when Circular No. 14/2021/TT-NHNN on loan rescheduling for COVID-19 affected borrowers expired at the end of June this year.
Visa, the world’s leader in digital payments, is launching Google Wallet for cardholders in Vietnam in partnership with ACB, Sacombank, Shinhan Bank, Techcombank, TPBank, Vietcombank, and VPBank. With the launch, Android and Wear OS users will be able to enjoy secure and convenient digital payments with a single tap of their smart device.
The capital market is an important component of the financial market, a source of medium and long-term capital, and an important foundation for economic growth. In the past years, in addition to spectacular development steps and remarkable results, Vietnam's capital market has also been exposed to various limitations and risks.
The increase of the central exchange rates and adjustment of the exchange rate band of the State Bank of Vietnam are suitable with the trends of other currencies at a lighter level. The State Bank of Vietnam (SBV) last week adjusted the USD to VND exchange rate from ± 3 per cent to ± 5 per cent.
The HCMC branch of the State Bank of Vietnam (SBV) has told local banks and foreign bank branches to strictly comply with foreign exchange regulations after the trading band of the Vietnamese dong currency was widened from 3% to 5% on either side of the central exchange rate.
By the end of this year, oil and gas, transportation, insurance, retail, and hydropower sectors will see positive signals, while the banking and real estate sectors are not ideal options for short-term investment, said experts from DNSE Securities Company.
The refinancing rate – which the central bank applies to short-term loans for commercial banks – rises to 5% per year from 4% while the rediscount rate, applicable to valuable papers, inches up to 3.5% per year from 2.5%. The 4% refinancing rate and the 2.5% rediscount rate had been in force since October 2020.
The market’s breadth was in a negative zone with 262 stocks declining, while 184 stocks inched up. However, liquidity improved compared to the previous session, of which matching value on the southern bourse increased by 1 per cent to over VNĐ10.1 trillion (US$431 million).