Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates According to the Department of Credit for Economic Sectors under the State Bank of Vietnam, in the first quarter of this year, the deposit growth reached only 0.54%, well below the credit growth of 2.93% and the average deposit growth of 2.28% in the first quarter of the past seven years, Lao Dong newspaper reported. At present, the rate for savings of less than six months is 3%-4%. Meanwhile, tenors of six to less than 12 months and over 12 months enjoy a rate of 3.5%-5.5% and 4.6%-6%, respectively. Although some banks have revised up their deposit rates by 0.1-0.4 percentage points, the banks’ average deposit rate in the first quarter remained some 2 percentage points lower than that in the same period last year. If the trend continues, the banking system’s liquidity will no longer be ample this year, according to Bao Viet Securities Company. Meanwhile, the General Statistics Office stated that capital had been injected into other sectors, with life insurance premium soaring 11%. Meanwhile, the securities market mobilized nearly VND55.6 trillion, surging 42% over the same period last year. Pham Lam, vice chairman of the Vietnam Association of Realtors, attributed land fevers over the past few months partly to residents’ idle money and their expectations of higher prices of real estate products. According to Dao Minh Tu, deputy governor of the central bank, as of mid-March, banks’ outstanding loans for the property sector grew 2.13%, higher than the current credit growth of 2.04%, despite the central bank’s close control over credit for the sector. Market rebounds, VN-Index returns to 1,250 point-level Shares settled higher on Wednesday, reversing their morning course on recoveries of materials and banking stocks. The benchmark VN-Index …
Asia pacific attractions
Vietnamese tourism promoted on BBC
Côn Đảo Island is a must-visit destination in Bà Rịa-Vũng Tàu Province. The island charms visitors with its pristine natural beauty. VNA/VNS Photo Ngọc Hà HÀ NỘI — Images of the southern province of Bà Rịa – Vũng Tàu’s tourism sector are being showcased in an advertisement broadcast on BBC Global News Asia Pacific channel. This is the first time that provincial tourism has been screened on an international channel. The 30-second ad, set to be aired 150 times over two months until June 2, features images of Bà Rịa – Vũng Tàu’s blue sea, white sand, golden sunshine, diversified marine ecosystems and impressive architectural constructions. According to Trần Thị Thu Hiền, the deputy director of the Department of Tourism of Bà Rịa – Vũng Tàu Province, the promotion activity aims to introduce the beauty of the area to international tourists, preventing it from being forgotten after a long period of locking down due to COVID-19 pandemic. "More importantly, we want to take the proactive step and get ready to welcome international tourists as soon as the country reopens its doors and gradually revives the tourism industry after the COVID-19 pandemic has been under control,” Hiền told Tuổi Trẻ (Youth) Newspaper. Bà Rịa-Vũng Tàu is among many localities in Việt Nam that had its tourism sector hit hard by the COVID-19 pandemic in 2020. It is estimated the number of tourists in the province reached nearly 11 million last year, down more than 30 per cent compared to the previous year, among which the number of international visitors decreased by more than 64 per cent. Revenue from tourism of the province went down by 23.15 per cent. BBC Global News is a major media channel with more than 450 million households watching channels in 200 countries and territories. BBC Global News content is available in 3 million hotel rooms, on 178 cruise ships and 53 airlines. The channel has been chosen as a promotional channel for …
Cai Mep – Thi Vai port receives vessel destined for West Coast of US
At the Cai Mep-Thi Vai port cluster in Ba Ria - Vung Tau (Photo: VNA) Hanoi (VNA) - Deep-sea port SP-SSA International Terminal (SSIT) in the Cai Mep-Thi Vai port cluster in the southern province of Ba Ria-Vung Tau berthed MP The Belichick - a container vessel operated by Swiss logistics firm Mediterranean Shipping Company (MSC) on April 13. The ship is destined for the US’s West Coast under a newly launched container service called Sentosa. It embarked from Singapore and travels through Thailand’s Laem Chabang City and Ba Ria-Vung Tau to Long Beach City in the US’s Pacific Southwest, and will return to Singapore through China’s Shanghai, Ningbo and Xiamen cities. The route aims to connect Southeast Asia with markets in southwestern Pacific, thus further promoting trade activities between the two regions. Despite severe impacts posed by the COVID-19 pandemic on the global economy, Vietnam’s exports still recorded positive results, even breakthroughs. As the demand for export to the US has risen sharply, MSC has put the above-mentioned service into operation to satisfy the demand. According to the General Statistics Office, the US remained the largest importer of Vietnamese goods in the first quarter of 2021, with turnover of 21.2 billion USD, up 32.8 percent year-on-year./. VNA …
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