Banking & Finance

International Financial Reporting Standards 9 (IFRS 9) are especially important for the banking sector to ensure a sustainable financial foundation, especially in the context of deep international integration. Some banks in Vietnam have applied IFRS 9 but there are still many difficulties and obstacles that need to be addressed.

The State Bank of Vietnam (SBV) has announced that it will reduce the buying rate for USD from November 5. This is the third time it has cut the rate this year. There is an abundant supply of foreign currencies in the Vietnamese market at this time.

As of October 29, credit in the entire economy stood at nearly VND10 quadrillion ($439.53 billion), while VND120 trillion ($5.27 billion) was pumped into the market. Analysts believe that 2021 credit growth may reach 13 per cent.

Twenty-seven administrative procedures in six business lines under the management of the State Bank of Vietnam (SBV) are to be simplified. Six procedures are related to business activities and the provision of foreign exchange services by organizations that are not credit institutions.

According to the Hanoi Stock Exchange (HNX), the Vietnam State Treasury mobilized VND16.146 billion ($709 million) from bonds in October, down 58 per cent against September, with a successful issuance rate of 49.3 per cent.

State budget revenue stood at VND1.22 quadrillion ($52.6 billion) in the first ten months of the year, equaling 90.9 per cent of the estimate. Revenue from crude oil and trade exceeded estimates and fulfilled plans early.