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SBV attempting to boost credit access
Banking & Finance

SBV attempting to boost credit access

The State Bank of Vietnam (SBV) is implementing solutions to create favorable conditions for businesses and individuals to access bank credit and has set out three goals on monetary policy management in 2022. Interest rates will be adjusted in line with the macro balance, inflation, market movements, and monetary policy objectives, and the network of credit institutions will be restructured in association with bad debt settlement.
Banking & Finance

SBV continually loosening banking system liquidity

Liquidity in the banking system from November 22 to November 26 was continually supported by the volume of VND supplied by the State Bank of Vietnam (SBV) from forward trade purchases. Buying foreign currency to supplement the liquidity of the VND, loosening the credit space, and reducing the ratio of short-term capital for medium and long-term loans are rare activities in monetary easing policy from the SBV.
Further cut to environmental tax on jet fuel to help airlines

Further cut to environmental tax on jet fuel to help airlines

The Ministry of Finance has proposed that the reduction on the environmental protection tax for jet fuel be changed from the current 30 per cent to 50 per cent from January 1 to the end of 2022. If approved, the 2022 budget would see revenue fall by more than VND1.5 trillion ($66.11 million). The policy will increase the financial capacity of airlines to overcome the difficulties from Covid-19.
BIDV Securities: Three factors helping banks grow

BIDV Securities: Three factors helping banks grow

There are three factors helping banks operate effectively, according to the Bank for Investment and Development of Vietnam Securities Company: loosening credit space, increasing the proportion of corporate bonds, and effectively mobilizing current account savings account (CASA) deposits. It is forecast that growth in the banking sector will reach 22.2 per cent next year with a lower profit base compared to 2021.
Banks commit to easing lending interest rates

Banks commit to easing lending interest rates

Sixteen commercial banks have agreed to cut their lending interest rates from July 15, 2021, to the end of the year, with customers saving an estimated VND20.61 trillion ($906.11 million). In which, four State-owned commercial banks committed to a dedicated support package of VND4 trillion ($175.81 million) to reduce interest rates and service fees.
Stock market of continued interest to foreign investors

Stock market of continued interest to foreign investors

The value of foreign investors’ portfolios in Vietnam’s stock market has increased 6.5-fold over the course of the past decade, to $50 billion. According to Mr. Andy Ho, CEO of VinaCapital Group, when Vietnam is upgraded from MSCI Frontier Markets to MSCI Emerging Markets, interest among foreign investors will increase at least 100-fold compared to now.
Insurers need to stay abreast of IFRS 17 standards

Insurers need to stay abreast of IFRS 17 standards

International Financial Reporting Standards 17 (IFRS 17) will become effective from January 1, 2023 and have a comprehensive impact on the business activities of insurance companies. Vietnamese insurers must begin preparations now to keep pace with market changes and compliance requirements.

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