Latest News about SBV
Vietnam welcomes the US’s latest decision not to take any trade action against the nation concerning the Vietnam Currency Section 301 investigation.
The State Bank of Vietnam (SBV) is facing a delicate balance of curtailing excessive lending to real estate developers while reducing imminent Covid-19 risks to the sector, according to HSBC.
Depositing money at banks is currently the safest and most profitable investment channel, as Covid-19 developments remain complicated and the stock market is "hot" and, thus, risky.
The Vietnamese government will support boosting the application of new payment methods to achieve the digital transformation goals of the banking industry.
All foreign exchange (forex) trading activities in Vietnam are illegal as the authorities have not issued license for any forex trading floor.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to closely control the capital injected into the real estate sector to prevent property speculation and ensure that property projects meet the demands of residents.
The US Treasury has removed Vietnam from the list of countries labeled as currency manipulators.
Vietnamese people are overpaying to own a same amount of gold as their international peers, said an expert.
Vietnam’s economy was adversely affected by the COVID-19 pandemic in 2020, along with natural disasters and the impact of trade conflicts.
The U.S. Department of Treasury’s decision to label Vietnam as a “currency manipulator” is not satisfactory given the country’s real conditions.
The US Treasury Department’s labelling of Vietnam as a currency manipulator is biased, as it is only based on US standards and lacks suitable consideration as well as recommendations from international organisations, according to experts.
The State Bank of Vietnam has asked the Vietnam Asset Management Company (VAMC) to come up with a plan to establish a debt exchange and submit it to the competent agencies for approval.
The inflation in 2020 is forecast at 3.3%, significantly lower than the target of 4% set by the government.
It is now easier than ever to borrow money through apps, but paying back the debts can be difficult since interest rates can be 700-1,400 percent per annum.
Individual investors are increasingly buying real estate bonds and land rather than depositing money in banks, which have reduced interest rates on deposits.
Despite a credit slowdown in the first half of 2020, some private commercial banks have still asked the State Bank of Vietnam (SBV) for a credit growth expansion to prepare for a peak lending season expected at the end of the year.
Peer to peer lending (P2P Lending) will become legal in Vietnam after a draft decree on fintech management is compiled.
The dollar price has decreased since the second half of March, with the dong/dollar exchange rate in the interbank market falling to VND23,200 per dollar last week.