Banking & Finance

Figures from the General Department of Vietnam Customs show that the US imports the most textile products from Vietnam and is also the largest market for Vietnam’s wood and wooden products. Textiles and wood are now among the groups with the largest number of stocks and attract the most attention from stock market investors.

Production and business activities were halted due to Covid-19 last year and deposit interest rates were low, so the deposit balance of corporate customers far exceeded that of individual customers. According to analysts, this abnormal situation will soon return to normal as Vietnam’s economy recovers.

According to the Price Management Department at the Ministry of Finance, the unusually volatile petrol price is not the biggest obstacle in controlling inflation in 2022. Flexible coordination between monetary policy and fiscal policy is the first and foremost solution in controlling inflation.

The Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) signed a regulation on March 9 on a mechanism for buying and selling foreign currencies between the State budget and foreign exchange reserves, in order to balance foreign currencies for the State budget. Vietnam currently posts a trade surplus and has record-high foreign exchange reserves. According to the BIDV Securities Company (BSC), the country’s foreign exchange reserves stood at $105 billion at the end of 2021. It has also forecast that foreign exchange reserves will remain abundant this year.

Data from the State Bank of Vietnam (SBV), which consists of bad debt ratios, credit growth rates, international balance of payments, and foreign currency market movements, will be updated regularly on its website.

The State Bank of Vietnam (SBV) is drafting a Prime Ministerial Decision on loans offshore and facilitating Vietnamese institutions lending overseas. One of the basic principles is that lending must comply with local regulations on currency, foreign exchange, investment, and taxation, and with the laws of the country or territory of the borrower and guarantor as well as relevant international treaties.