Banking & Finance

The fund will be part of the ASEAN Green Recovery Platform launched at COP26.

The banking sector is set to continue promoting the use of non-cash payment methods with greater convenience and safety for the public.

The Government is looking at measures to curb the rising trend of petrol prices on the domestic market, which is placing a huge burden on the economy.

Vietnam and the UK would strengthen cooperation in green finance, and digitalization of the financial sector, with the UK's assistance in providing the required resources for Vietnam to realize its commitments at the COP26.

The move is expected to help accommodate the momentum of the exchange rate and the pressure on foreign exchange reserves.

Rising prices of strategic goods, including petrol, fertilizers, and farm produce are putting pressure on the Government’s efforts in market price management.

The open-plan office is located in the grade A Capital Place building, Ba Dinh District, Hanoi.

Such a move would help ensure that banks and credit institutions have the means to meet the demand for foreign exchange from individuals and organizations.

Against the backdrop of rising USD value, the Vietnamese Dong has depreciated by a mild margin of 2% compared to Thai’s Bath (down 7%), Japanese Yen (14.6%), and Taiwanese dollar (5%).

Vietnam has incurred green, social, and sustainability (GSS) debts of US$1.5 billion in 2021, almost five times the $0.3 billion in the previous year, and maintaining steady growth for the third consecutive year.

The cut would lead to an estimated decline of VND1.4 trillion (US$60.3 million) in state budget revenues per month.

Such a move would help ensure transparency and openness in banking operations while staying in line with Basel II standards and other international practices.

The banking sector stands ready to provide sufficient capital for economic development.

Compared to other ASEAN countries, inflation pressure in Vietnam is still relatively contained.

The Government needs a financial tool to control the prices of strategic commodities, including petroleum products, to avoid a sudden rise in prices and impact on people’s lives.

The Vietnamese Government continues to exercise monetary policies to contain inflation, stabilize macro-economic conditions, and support economic recovery.

Since 2020, Vietnam has faced four outbreaks of Covid-19, for which the government has mobilized resources to help businesses and people overcome the impacts of the pandemic.

There have been improvements in Vietnam’s budget transparency compared to previous years.

The Government’s efforts have resulted in a modest rise of 0.09% in the average interest rates against early 2021.

The main objective of the project is to ensure all banks adopting the Basel II standards have a capital adequacy ratio (CAR) of at least 10-11% by 2023, and eventually to 11-12% by 2025.