Banking & Finance

The Government leader has called for the publication of average lending rates to allow individuals and businesses to choose their banks.

The local stock market's upgrade from the frontier to emerging status by 2025 remains critical to the country’s transformation into a high-middle-income country by 2035 and a high-income country by 2045.

Virtual asset transactions in Vietnam are currently conducted through international trading platforms or direct arrangements, which poses risks of money laundering for the individuals involved.

With a population of 100 million, a young workforce, a stable political system and attractive policies, Vietnam has attracted the interest of many global companies.

International trade is an important driver of productivity, jobs, and development – but to be effective, adequate trade finance is essential.

The Ministry of Finance is expected to establish a separate bond market, strengthen inspection and auditing, and create conditions for businesses to raise capital.

The fact that the Vietnamese dong depreciated by a modest 2.9% year on year in 2023 indicated high stability and improved foreign exchange reserves compared to the end of the previous year.

The Ministry of Finance is expected to ease pre-transaction deposit requirements for foreign investors this year.

The central bank achieved some success in managing the foreign exchange market as the USD/VND exchange rate maintained a sliding rate of about 3.1% in 2023, despite some periods approaching the VND24,800 threshold.

If the stock market is upgraded to emerging status, the potential influx of foreign capital could range between $5 and $8 billion.

The main goal of the banking sector is to support economic growth while controlling inflation, contributing to the stability of the macro-economy, the monetary and foreign exchange markets, and financial security.

A reduction in interest rates is expected to fuel better credit performance in 2024 compared to last year.

Proactive and coordinated efforts among Government agencies are key to achieving the goal of upgrading Vietnam's stock market from the current frontier to emerging market status.

The move is aimed at facilitating cashless payments in both countries.

The move is expected to increase tax revenue by over VND14.6 trillion ($603.5 million) from 122 foreign multinationals operating in Vietnam.

Vietnam’s government bond yields climbed across all tenors for September 1 - November 10 driven by a rise in inflation and the US Federal Reserve’s decision to keep interest rates high for an extended period.

However, Vietnam was placed back on a US Treasury currency "watch list".

Through strengthening Vietnam’s fintech industry and fostering the digitalization of the banking sector, the program offers new opportunities for Small- and medium-sized enterprises to improve their access to financing.

It is expected that there will be cashless streets in every district of the capital.

The extension will result in individuals' savings in spending and living expenses, potentially stimulating demand and boosting consumption.