Banking & Finance

As of the end of the third quarter, Vietnam has around 93.78 million bank cards in circulation, in which the majority are magnetic cards.

The Decree governing the establishment and operation of the Local Development Investment Funds was signed by the Prime Minister on December 18.

The Ministry of Finance is planning to further support the business community, including the extension of the validity period for existing support programs already in place.

A devaluation of the Vietnamese dong will disrupt and cause severe consequences to the local economy, said an expert.

This is the first time that the state-run bank claims the first spot in the stock market in terms of market capitalization.

It is the first time that a traditional gold trading enterprise in Vietnam is allowed to conduct online gold trading.

The Covid-19 pandemic has changed customers’ behavior and perception regarding digital banking services.

Given abundant liquidity and low demand for credit, banks are offering attractive loans during the year-end period.

The release of these figures is a key step in promoting transparency and publicity of Vietnam’s state budget.

Investors could take opportunity from a short correction of the market to accumulate shares, stated SSI Securities Corporation.

Vietnam’s stock market authorities are actively working with global providers of financial services in MSCI and FTSE Russell to speed up the market upgrading process.

The multi-level market forex activities are illegal in Vietnam.

An addition of VND4.54 trillion (US$196.5 million) was mobilized to help mitigate impacts from natural disasters, flooding and African swine fever.

That interest rate was ten times higher than the banks’ rates but many people still accepted to borrow because they could not borrow from banks.

The State budget collection this year is projected not to reach the estimate amid rising expenditure and declining fees and charges.

A banking expert said the central bank needs long-term and effective solutions to deal with bad debt after the pandemic.

More loans have come to wind and solar power projects recently.

Investment funds unexpectedly divested capital from Vietnam’s stock market in October. However, the local securities market is still expected to rally in November and the last quarter, driven by strong growth of large-cap stocks.

Despite challenges, Vietnam's banks are nearly approaching their full-year targets but the risk provision pressure remains great.

Budget revenue, however, remains short of VND100 trillion (US$4.31 billion) to meet the year’s target with one month to go.