Banking & Finance

The stock market has been less active than previously in the final transaction week of 2021. A sharp fall in liquidity may come from the limited use of margins and not many investors wanting to act “recklessly” at this time. Small bank stocks, however, increased.

In the domestic chip card ecosystem are important markets that have a small rate of cashless payments, such as public transport. The use of cashless payments in these markets face many difficulties, with connectivity between sectors lacking.

Mr. Nguyen Quoc Hung, General Secretary of the Vietnam Bankers Association, told the “Developing personal banking services to boost retail banking performance” video seminar that online banking services such as internet banking and mobile banking have seen strong growth in recent times, sparking remarkable change in retail banking services. Low-income earners in remote areas, however, are still not universally accessible.

Vietnam’s stock market set many records in 2021 despite Covid-19, helping companies such as Vinatex, PV Oil, Petrolimex Insurance, BIDV Securities (BSI), and Hai An Container Transport (HAH) post outstanding profits.

After a period of stability, the USD/VND exchange rate has recently begun to fluctuate by a wide margin. It is currently at a relatively high level compared to the beginning of the year, when the foreign currency status in the system was negative. United Overseas Bank (UOB) has forecast that the USD and other exchange rates will continue to rise in Asia as the US Fed increases interest rates in the year to come.

In addition to interest rates starting to rise because of the year-end liquidity season, banks have also increased their deposit rates to boost the channel’s appeal compared to other investment channels.