Banking & Finance

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.

Over US$800 million has been spent on Covid-19 vaccines purchase so far.

Successful realization of the program would help boost economic growth in the 2021-2025 period to 6.4-6.8%, one percentage point higher than a scenario without the program.

The move is part of a national strategy to promote non-cash payment in Vietnam in the 2021-2025 period.

Vietnam would accept a higher level of fiscal deficit to continue providing support for businesses.

Funding is empowering SMEs amid difficult access to bank loans.

Many fees and taxes will be waived for businesses and people affected by the pandemic in the remainder of the year.

The move aims to help the country's banking sector resolve bad debts that need a debt market and qualified investors.

The central bank would continue to keep the policy rates unchanged until the end of the year.