Tag: State Bank of Vietnam

The central bank affirmed that the information technology systems of credit institutions in Vietnam operate completely independently from CIC.

All electronic money transfers valued at $1,000 or more at the center must be reported for anti-money laundering purposes.

To establish a commercial bank in the IFC, a wholly domestically-owned bank must have minimum total assets of VND100 trillion ($3.8 billion); a wholly foreign-owned bank must have at least VND10 billion (over $380,000) in assets, while a foreign bank branch's parent must possess minimum total assets of VND20 billion (nearly $760,500).

Conference held by VnEconomy / VET and partners on December 7 provided an opportunity for banks, payment intermediaries, and service providers to discuss further advances in Open Banking.

Country joins Indonesia, Malaysia, Thailand, the Philippines, Singapore and Thailand in working to promote cross-border payments.

Meeting held following a request from the Prime Minister over concerns about limited access to credit by some businesses.

Some organizations found illegally trading foreign currencies.

In need of restructuring are Dong A Bank, CB Bank, Ocean Bank, and GP Bank.

Analysts believe that loan interest rates will soon cool down following management from the central bank and moves by commercial banks.

Mr. Alain Cany, President of the European Chamber of Commerce in Vietnam (EuroCham), told VnEconomy / VET that while devaluations of the VND have increased over the last two weeks, the currency remains strong, is improving, and is holding up better than many other currencies. The State Bank of Vietnam (SBV), he said, has been doing a good job.

The State Bank of Vietnam (SBV) believes that inflationary pressure is tending to increase. The 2022 figure is expected to exceed 4 per cent, posing challenges in control efforts next year. Cutting lending interest rates will also face difficulties, due to deposit rates and the USD/VND exchange rate both tending to increase.

KB Securities Vietnam (KBSV) has said that if banks use up the new credit limit, then credit in the industry as a whole will increase about 13.2 per cent compared to the beginning of the year. Therefore, the State Bank of Vietnam (SBV) can loosen the limit again, from 0.5-1.2 per cent, to achieve the annual target of 14 per cent.

Following a decision by the US Fed on September 22, the State Bank of Vietnam (SBV) joined the global trend and increased operating interest rates for VND from 4 per cent to 5 per cent. The move will not really have an impact, however, because no bank has borrowed capital from the central bank for many years.

The State Bank of Vietnam (SBV) set a credit growth target of 14 per cent for 2022 at the beginning of the year. SBV Deputy Governor Dao Minh Tu has said that as of the end of August, credit growth had reached 9.91 per cent; high compared to the same period last year. With more than 4 per cent remaining, the central bank will assign new targets to banks in the next few days.

The State Bank of Vietnam (SBV) has issued a Circular guiding foreign exchange management in the business of prize-winning electronic games for foreigners. From September 1, players are allowed to transfer foreign currencies as bonuses abroad via authorized banks.

According to the State Bank of Vietnam (SBV), as of May 31, outstanding credit for real estate stood at VND2.33 quadrillion ($99 billion), an increase of 12.31 per cent compared to the end of last year. Most credit went to owner-occupiers.

Figures from the General Statistics Office show that credit growth in 2022 as of June 20 stood at 8.51 per cent, much higher than the 5.47 per cent posted in the same period of 2021. Growth in banks’ capital mobilization, however, was only 3.97 per cent. The State Bank of Vietnam (SBV) expects credit growth to come in at 14 per cent for the year as a whole.

A draft Circular on conditions for foreign loans to enterprises not guaranteed by the government, which the State Bank of Vietnam (SBV) consulted on, will introduce regulations to prevent such loans pouring into securities and real estate. Enterprises will also not be permitted to borrow foreign capital for repaying short-term debts.

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 implementing solutions to create favorable conditions for businesses and individuals to access bank credit and has set out three goals on monetary policy management in 2022. Interest rates will be adjusted in line with the macro balance, inflation, market movements, and monetary policy objectives, and the network of credit institutions will be restructured in association with bad debt settlement.