Banking-finance

Vietnamese banks are among the earliest in the world to make the digital transformation, experts have said.

After the State Bank of Vietnam (SBV) reduced the benchmark interest rate by an additional 0.5 percent, effective from May 25, many commercial banks have started lowering their lending rates.

Following the State Bank of Vietnam’s decision, commercial banks nationwide have simultaneously reduced deposit interest rates.

The volatile crisis across banks in the US continues unpredictably with the recently declared bankruptcy by the First Republic Bank. This marks the third bank to fail in the last few months.

The State Bank of Vietnam (SBV) is set to further reduce regulatory interest rates on May 25, the third cut in a row since mid-March, expected to give a boost to the stagnant real estate market.

The State Bank of Vietnam (SBV) yesterday announced the decisions on adjusting regulatory interest rates which will be valid from May 25.

By early May, commercial banks have started to reduce deposit interest rates. With this the average deposit interest rate that had peaked in January at 9 percent per year for a 6-month term decreased to around 7.5 percent per year.

The economy is facing external headwinds as weakening external demand continues to weigh on exports, translating into weakening industrial production, according to the May edition of the World Bank’s monthly Vietnam's economy published today.

The National Population Data Center (under the Public Security Ministry) yesterday introduced its payment ecosystem in the event of Banking Digital Transformation Day 2023.

Deputy Prime Minister Le Minh Khai stressed on the Banking Digital Transformation Day 2023 that this inevitable complicated process should be done with care, adapting from international experience and achievements to suit Vietnam’s context.

As Vietnamese young people are increasingly borrowing more money to buy consumer goods, consumer credit is considered to have a lot of potential.

The banking industry in Vietnam is currently taking the lead in applying new digital technology in its various departments.

In the past week, deposit interest rates at many commercial banks continued to decrease.

A high interest rate environment is a great risk to the competitiveness of Vietnamese enterprises, according to economists.

On May 11, the State Bank of Vietnam (SBV) and the People's Committee of Ho Chi Minh City jointly organized a conference to discuss monetary and credit solutions to support and promote the economy of the Southeast region.

The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.

Banks in Vietnam are now very keen to tie up with financially strong foreign partners to increase their capital, especially in the current situation where capital flow is limited to small deposits and people are holding on to their savings.

Amid the fluctuation of the global financial market, the exchange rate in Vietnam has remained stable in the first four months of this year, and the Vietnam dong has been considered one of the most stable currencies in Asia, according to experts.

Moody’s Investor Service has forecast that Vietnam’s forex reserves excluding gold will rebound to US$95 billion by the end of the year as the State Bank of Vietnam rebuilds its stockpile.

Banks, including VietBank (VBB) and Việt Capital Bank (BVB), are expected to transfer from UpCOM exchange to the Ho Chi Minh City Stock Exchange (HoSE).