vietnam banking

Update news vietnam banking

Vietnam’s commercial banks continue to expand

Twelve Vietnamese banks had charter capital of $1 billion or higher as of December 31, 2023. The total charter capital of 27 listed banks was VND671.571 trillion ($27.51 billion), an increase of VND93 trillion (16 percent) compared with late 2022.

Credit shrinks as businesses refrain from borrowing money

The State Bank of Vietnam (SBV) reported that the outstanding loans of the entire banking system in January decreased by 0.6 percent compared with the end of 2023.

Online payment blooming in Vietnam thanks to its convenience

Due to the government’s promotion of cashless payment, online payment has seen significant growth, contributing to the development of the digital economy.

Some banks recruit workers, others lay off thousands of officers

As many as 236,000 officers were working for commercial banks by the end of 2023, an increase of 6,400 officers over the year before, according to fourth-quarter financial reports from 27 listed banks.

Changes to Law on Credit Institutions reduce ownership limits in banks

Under the amended Law on Credit Institutions, effective from July 1, 2024, commercial banks in Việt Nam are required to reduce the ownership ratios of organisations, shareholders, and related parties.

Central bank pushes others to boost lending from start of New Year

The State Bank of Vietnam has issued a directive urging credit institutions to accelerate credit growth from the early months of 2024, a pivotal step toward propelling economic growth.

New policy may have adverse impacts on bancassurance

The regulation under the amended Law on Credit Institutions was recently passed by the National Assembly and will take effect from July this year.

Bancassurance helps banks but insurance buyers suffer

Many people have complained that they have had to take out insurance policies from banks in exchange for bank loans.

AI improves customer service at finance companies, banks

The appearance of Generative AI (artificial intelligence) has helped many finance companies and banks make great strides in customer service, operations, and new business models.

Bad debt recovery faces many challenges in 2024

The settlement of bad debts will face many difficulties this year as there are no legal regulations related to repossessing collateral assets, industry insiders said.

Vietcombank Remittance is largest firm of its kind in Vietnam

According to the Ministry of Labor, War Invalids and Social Affairs (MoLISA), Vietnam sent around 155,000 workers abroad in 2023, an increase of 8.55% compared to 2022, the highest number ever.

Record-low interest rates drive early-year credit growth

Since the beginning of the year, numerous banks have launched attractive credit packages with low interest rates, some even as low as 0% per year, easing the financial burden for customers seeking additional capital.

VN needs an enabling environment to promote financial leasing

Financial leasing has high potential in Việt Nam’s dynamic economy with more than 800,000 enterprises and more than 5 million business households.

VN banks gain large profits from securities investment in 2023

According to financial statements of banks, the total net profit from securities investment of 12 banks in Q4 2023 increased by 195 per cent to more than VNĐ5.6 trillion, while trading securities also brought in more than VNĐ300 billion.

Credit offers on the rise nearing Tet

High demand during the Tet shopping season has prompted commercial banks to introduce credit offers worth hundreds of billions VND for consumers, said industry experts and insiders.

USD/VND exchange rate surges in first month of 2024

The USD/VND exchange rate has seen notable developments in the first month of 2024 when it increased significantly in both official and free markets.

Expert predictions on forex in 2024

A moderate exchange rate movement is forecast for this year.

New market trends to shape Vietnam’s banking system - report

Emerging trends in digital payment, artificial intelligence (AI) and sustainable development present both opportunities and challenges that could impact banks in Vietnam this year, according to experts.

Banks to maintain stock dividend payouts for capital boost and cash flow growth

Banks are set to continue their practice of paying stock dividends this year in order to bolster their capital and attract cash flow, driven by positive prospects.

Banks are selling secured properties at discounts to recover debts

The increasing risk of bad debt forces banks to sell secured assets, especially real estate, at discounts.