Starting November 2, foreign investors will no longer be required to pre-fund 100% of their transactions, promising the removal of a major roadblock for Vietnam's market upgrade process.
Next year, the State Bank of Vietnam expects the credit expansion to be around 14%, slightly higher compared to this year, for which the central bank is committed to further restricting credit going into risky fields.
A large number of magnetic-card holders in Vietnam have not seen many benefits from using chip cards so they refuse to make the replacement.
This year, tax revenue was estimated at VND1,510 trillion ($66.1 billion), exceeding the year’s estimate by 12.47%.
Digital transformation in banking is indispensable to providing products and services to the Vietnamese population, especially the vulnerable.
The move is aimed at promoting non-cash payment in Vietnam during the period.
Credit growth in 2021 is estimated at around 12-13%, roughly the rate recorded in the same period of last year.
The move is aimed at diversifying products on offer and boosting market liquidity.
Many banks have reached their respective credit limits in the first nine months of 2021.
On an annual basis, the bond market expanded 23.5% year-on-year in the third quarter, slowing from 27.5% year-on-year growth in the second one.
Banks’ profits are expected to decline by a total of VND20.6 trillion (US$908.3 million) until late 2021 due to business support schemes during the pandemic.
This resulted in trillions of dong being pumped into the economy and helped reduce the inter-banking lending rates.
The estimated consumer spending growth of 5.7% in 2022 stays in line with the agency’s forecast of economic growth by a real rate of 8% year on year.
Only when the people are aware of the benefits of non-cash payments then the Government’s efforts could be considered successful.
The year 2021 will be the fifth in a row that Vietnam remains in the top 10 in terms of remittance.
The mobile carrier is set to provide the service at 600 stores and distributors in the first phase, with the view of expanding to 10,000 dealers during two years of pilot implementation.
In long term, non-cash payment as one of the key payment methods in the economy would promote sustainable growth and ensure a transparent business environment.
The Covid-19 pandemic is expected to remain complicated in 2022, given the risk of new variants with higher transmissibility representing bigger danger.
Banks have foregone around VND31.4 trillion ($1.38 billion) in profits by lowering lending rates from January 23, 2020, to late October 2021.
E-wallet channel maintains strong growth in the coming time.
Digital financial services have seen healthy growth, especially in the adoption of e-wallets and account-to-account, fueled by both merchant adoption and consumer usage.
