Banking & Finance

Figures from VnDirect show that the VN-Index increased 6.3 per cent in August; higher than most countries in the region. It has, however, fallen by 14.4 per cent since the beginning of the year, but this has still surpassed the MSCI emerging market index.

VnDirect has forecast that Vietnam’s stock market may face a short-term correction in September, with the VN-Index approaching a strong resistance area of 1,300-1,330 points. As market fundamentals are improving, this correction will create a “good disbursement opportunity” for investors. Current market valuations are quite attractive to long-term investors.

Data from the State Bank of Vietnam shows that as of the end of August, total credit at credit institutions in Ho Chi Minh City stood at over VND3.1 quadrillion ($132 billion), up 0.4 per cent compared to the end of July and 11 per cent compared to the end of 2021.

In moving towards the goal of “leaving no one behind” and as part of efforts in financial inclusion, banks are now looking at a range of solutions that include promoting the development of domestic credit cards in rural areas. Agribank has been implementing its “Agribank Digital” program in many localities, which allows customers to conduct transactions without going to a counter.

Mirae Asset Securities believes that interest rates will increase in the second half of 2022 to stabilize exchange rates and control inflation, which will affect industries and companies using a high degree of financial leverage. It is also optimistic about companies involved in industrial park (IP) development.

On August 30, 2022, in Ho Chi Minh City, HDBank and DEG co-organized a “German Desk Networking Event”, looking back on the one-year journey of German Desk cooperation. Through the German Desk, the German Government and DEG have provided support packages and financial solutions to businesses for sustainable economic development. HDBank has also provided commercial banking solutions for German businesses in Vietnam as well as Vietnamese businesses exporting to Germany and other European countries.