Banking & Finance

The decrease in short-term deposit rates at commercial banks was mainly driven by the excess liquidity when credit growth was slow at only 5.12% year-on-year as of September 22.

The detail of the investigation is scheduled to be made public this week.

ASEAN affirmed its priorities in maintaining the movements of goods and services, and cooperation is the key to help the bloc overcome the pandemic.

Covid has made us focus as a society collectively on a range of ways of new solutions to familiar problems in order to help live our lives during a pandemic.

The interest rate cap for deposits with maturities of one month to less than six months has been lowered to 4% annually from 4.25%.

Core inflation comes at 2.59% year-on-year in the first nine months of 2020.

Under the decree, enterprises’ revenue would be the main criteria to assess whether they are qualified for such a tax reduction.

A possible delay in the Vietnamese stock market’s status upgrade until next year will result in the country losing a significant catalyst to reverse the trend of foreign selling.

This is mainly due to lower outstanding debt in the government sector, even though the corporate bond stock increased.

Holding, sale and use of cryptocurrencies as an asset pose numerous risks and are not protected by law, stated a central bank official.

The growth rate is far away from the credit growth target of 14% set by the government for this year.

The average liquidity for a trading session in the first half of 2020 rose 24% year-on-year to VND5.8 trillion (US$250 million).

Many listed banks witnessed weak performance of fee income growth in the first six months of the year due to the Covid-19 pandemic.

The government is responsible for not only promoting innovation in the banking sector, but also maintaining stability and safety of the financial market.

The recent uptick of the market, however, is not sustainable, when the margin outstanding may have increased sharply along with the rise.

Fitch Rating is still maintaining its growth forecast for Vietnam at 2.8% in 2020 and 7.5% in 2021, despite the Covid-19 resurgence in late July.

In addition to a weakening US dollar, the ample supply of dollars thanks to Vietnam’s record trade surplus is a major factor that could keep a stable USD/VND exchange rate.

From January 1 to August 19, enterprises have carried out over 2.23 million transactions related to online tax payment with a combined amount of US$17.75 billion.

The average mobilizing interest rates as of the end of July declined by 0.6 percentage points per annum against late 2019, creating conditions for lower lending rates.

Fitch Solutions forecast Vietnam to record real GDP growth of 3.0% in 2020, and the global economy to contract by 4.0%.