Banking & Finance

The banking sector is set to have a bright outlook in case the economy return to the uptrend growth.

Hanoi remains a spotlight with tax revenue of VND265.89 trillion (US$11.52 billion) in 2020, up 5.9% year-on-year.

As of December 31, 2020, the total value of G-bonds reached more than VND1,350 trillion (US$58.55 billion), up 17.39% year-on-year.

As market markers, entities have the right to participate in the issuance and repurchase of government bonds and notes via bidding.

The economy will continue to face uncertainties in 2021, which requires a cautious and flexible approach in price management.

The stock market will continue to be an efficient capital mobilization channel for Vietnam’s economy and a useful instrument for macroeconomic management of the government.

The fact that interest rates are still very low, will help the local stock markets continue to be an attractive and profitable channel, thereby attracting domestic investor.

Alliex, a fintech company, has cooperated with banks to develop the non-cash payment system nationwide.

Vietnam's effective containment of Covid-19 is seen as a major factor to boost retail sales during final months of the year.

The average transaction value in the stock market is estimated at VND7.05 trillion (US$304.8 million) per session, up 51.5% year-on-year.

The move is aimed to ensure greater efficiency and transparency of Vietnam’s stock market.

Core inflation rose 2.31% year-on-year in 2020.

As of December 15, the budget revenue collection reached VND1,307.4 trillion (US$56.67 billion), equivalent to 86.5% of the year's estimate.

The Central bank has lowered its interest rate cap three times by a combined of 1.5-2 percentage points per annum, which is the largest cut in the region.

The banking system has been providing support for 590,000 customers, mainly in forms of debt restructuring or freezing and waiving debt payment with outstanding loans worth over VND1,000 trillion (US$43.31 billion).

The Vietnamese stock market can surprise investors with a “big year” returns during the 2020-24 period.

Applying international standards becomes necessary amid the world's financial markets have become increasingly interconnected.

Total capital mobilized by credit institutions in Hanoi this year is estimated to increase by 12.91% year-on-year and total outstanding loans at 9.58%.

To help accelerate the application of chip cards, most banks are offering the switch free of charge.

The money flow is expected to help the market moving to the 1,070-1,085-resistance zone for a short correction phase, but will continue to maintain its positive uptrend by the weekend.