Top 10 reputable commercial banks for 2024 announced
The announcement made by the Vietnam Report JSC on June 10.
Topic: Commercial banks
State-owned commercial banks will be allowed to sell gold to the public
The new policy, starting from June 3, aims to stabilize the gold market.
Lending rates to soon cool
Analysts believe that loan interest rates will soon cool down following management from the central bank and moves by commercial banks.
16 banks cut interest rates to the tune of $149mln to support businesses
The commercial banks committed to a reduction in loan rates of between 0.5 and 3 per cent per annum.
SBV urges commercial banks to mobilize idle capital and cut interest rates
Money flows prioritized for areas such as agriculture and rural development, small and medium-sized enterprises, exporters, and supporting industries.
PM meets bank leaders
At a meeting with leaders of commercial banks on October 16, Prime Minister Pham Minh Chinh asked them to comply with the law and strengthen their governance capacity. Vietnam’s commercial bank sector has continually grown in scale, quality, and financial capacity. Total assets at joint stock commercial banks stand at VND7.5 quadrillion ($307.15 billion) and at four State-owned commercial banks more than VND7 quadrillion (286.7 billion).
VnDirect: Deposit interest rate may increase 30-50 points
According to VnDirect Securities, the State Bank of Vietnam (SBV) has decisively and promptly responded to changes in the international financial market. However, an increase of 100 basis points in the operating interest rate was unexpected, and higher than the forecasted 50 basis points. VnDirect believes the rate may increase by an additional 30-50 points during the closing months of the year. The 12-month deposit interest rate at commercial banks will rise to 6.1-6.3 per cent per annum by end-2022, which is still lower than the pre-pandemic 7.0 per cent per annum.
Deposit rates may rise by year-end
Securities companies expect increases in deposit interest rates to slow in the third quarter of 2022 because of low demand for capital mobilization. The pressure to raise deposit rates will increase by the end of the year, however, after the State Bank of Vietnam (SBV) opens up credit space for commercial banks and especially when the ratio of short-term capital for medium and long-term loans falls from 37 to 34 per cent, under a Decision from the SBV to take effect on October 1.