Banking & Finance

Crimes using high technology have been increasing in recent times. A representative from the State Bank of Vietnam (SBV) said it will raise awareness about policies and laws so that people can avoid being taken advantage of. The SBV Governor has affirmed that there are many regulations in place relating to opening and using bank accounts to make payment transactions and transfer money abroad, such as the Law on Preventing and Combating Money Laundering money and the Criminal Code.

The State Treasury has announced a need to buy up to $250 million in foreign currencies from commercial banks. The news shows that Vietnam continues to implement a policy of changing from deposit-lending to foreign currency trading.

According to the Governor of the State Bank of Vietnam (SBV), the easing of credit conditions may reduce credit quality and increase bad debts. The SBV is therefore carefully considering the removal of difficulties facing businesses while ensuring macroeconomic stability.

There is a huge disparity in bank network coverage between urban and rural areas and between major cities and remote provinces. While there are many commercial banks in cities such as Hanoi and Ho Chi Minh City, the number is modest in rural areas.

Analysts believe that as liquidity in the banking system continues to be abundant and credit begins to open up, interest rates will remain low until the end of the year.

The tax sector must collect VND140 trillion ($6.1 billion) over the closing months of the year and has been striving to raise some VND9.4 trillion ($413 million) through debt recovery and inspection.