BANKS REQUIRED TO CUT RATES TO SUPPORT ECONOMIC RECOVERY
Under a document issued on Thursday, banks have been required to cut operating costs and unnecessary expenses, as well as administrative procedures, so as to have room for lending interest rate reduction to support the economic recovery and development.
US$6.8 BILLION IN REMITTANCES FORECAST TO FLOW TO HCMC THIS YEAR
Incoming remittances to HCMC are estimated to reach some US$6.8 billion this year, according to Nguyen Duc Lenh, deputy head of the State Bank of Vietnam branch in HCMC. Growth in remittance flows to the city in 2022 could be lower than the 2021 figure, but remained robust amid global economic headwinds and geopolitical uncertainties in some parts of the world, Lenh said.
DEPOSIT RATE HIKES STILL LINGERING
Banks continue to increase their deposit rates to relieve liquidity constraints at year-end. On November 22, Hanoi-headquartered commercial lender Techcombank applied a new deposit interest rate chart, with the new rate inching up 30 basis points per year for six-month terms and beyond compared to the previous chart.
SECURITIES COMPANIES ADJUST BUSINESS RESULTS AMID MARKET DOWNTURN
Securities companies have to adjust business plans lower due to the volatility of the stock market at present as the market is still seeing negative movements in terms of liquidity and scores.
BANKS FACE CHALLENGES IN IMPROVING CREDIT QUALITY
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 ADDS GOOGLE WALLET CAPABILITIES IN VIETNAM
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.
FOR CAPITAL MARKET TO WORK MORE PRODUCTIVELY
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.
PREVIOUS FINANCIAL CRISES THUS FAR AVERTED VIA STABLE MOVES
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.
