Banking & Finance

There are currently about 50 securities companies licensed to take part in the corporate bond market. Those with strong support from commercial banks hold a market share of more than 50 per cent.

In line with a move that began last month, some banks have shaved their deposit interest rates. ACB is currently offering the highest rate, followed by MSB and LienVietPostBank.

While many banking sector business segments such as credit and foreign exchange are forecast to decline to the end of the year, bancassurance promises to be a growth engine. In the first half of 2021, the proportion of premiums collected from bancassurance out of total insurance premiums stood at 28.8 per cent.

The State Bank of Vietnam (SBV)’s administrative reform plan for the 2021-2025 period aims to provide public administrative services online 24/7; digitize 100 per cent of administrative procedures; achieve a level of satisfaction of over 90 per cent among individuals and businesses on handling administrative procedures; and reduce regulations by at least 20 per cent.

The State Bank of Vietnam (SBV) has released a draft regulation on the debt trading and purchase activities of credit institutions and foreign bank branches. The new regulations ensure transparent and substantive debt purchases and prevent abuse of debt trading and purchase to hide bad debts.

The Vietnam Asset Management Company Limited (VAMC) will open a debt trading floor on October 15. The floor will provide a new, professional, and effective service for bad debt settlement, in order to fully handle bad debts and promote the development of a debt trading market. The first session of the floor is expected to see at least VND3 trillion ($132 million) worth of bad debts traded.