Latest News about credit institutions
Credit growth of the banking system in the first two months of this year reached only 0.06 percent, slowing significantly against the 1 percent rate in the same period last year, due to impacts of the COVID-19 epidemic.
The circular lists cases that credit institutions are granted a reserve requirement waiver or a lower reserve requirement ratio.
The Government has announced new regulations regarding the charter capital required by credit institutions.
The Government recently issued Decree No.86/2019/ND-CP regulating the minimum legal capital levels of foreign banks’ branches and credit institutions operating in Vietnam.
Vietnam has made considerable progress in terms of providing access to credit to become one of the top 25 global performers, according to the newly-released Doing Business Report 2020 produced by the World Bank.
Bank for Foreign Trade of Vietnam (Vietcombank) reported $757.59 million in consolidated profit in the first nine months of this year, surging 50.6 percent from the same time last year and reaching 85.8 percent of the yearly plan.
The State Bank of Vietnam (SBV) said it will closely monitor interest rates offered by credit institutions and take measures to strictly handle violations of the law, including cutting credit growth targets.
Resident and non-resident foreigners in Vietnam are still permitted to make term deposits at local banks despite some banks saying they would not accept savings deposits from individual foreign customers.