Banks refinance rates

Deputy Governor Dao Minh Tu of the SBV said that as the liquidity of the banking system is currently abundant and banks do not lack capital, commercial banks are not allowed to raise interest rates, even mobilizing interest rates. If necessary, the SBV will adjust the benchmark interest rate, thereby indirectly helping banks to lower interest rates to support enterprises during the Covid-19 outbreak. He also noted that the whole banking system needs to ensure activities to happen normally. Commercial banks need to implement solutions, such as restructuring debts, outstanding loans, and repayment period and considering to lower interest rate. Currently, several banks have joined in helping enterprises affected by the Covid-19. Vietcombank cut interest rate by 1-1.5 percent per annum for credit outstanding balance in Vietnamese dong, depending on term; by 0.5-0.75 percent per annum for credit outstanding balance in US dollar; by 1 percent per annum for new loans in Vietnamese dong and … [Read more...] about Banks offer preferential interest rates for enterprises affected by Covid-19

The fears of the Wuhan coronavirus, which is now called Covid-19, have clouded prospects for the global economy. The virus will cause many economic and human losses, prompting credit institutions and credit rating agencies to lower their prospects for economic growth in Asia, China and Vietnam, Khanh said. … [Read more...] about Real estate firms drag VN-Index down

Kuala Lumpur (VNA) - Malaysia’s modest gross domestic product (GDP) growth of 4.3 percent in 2019 is considered better than some of its neighbours, said Economic Affairs Minister Datuk Seri Azmin Ali. Other ASEAN countries, while most of it registered higher growth, had missed their 2019’s projection. Last year, Singapore’s economy grew 0.7 percent, the slowest in a decade, while the Philippines missed its 6.0 to 6.5 percent target to register 5.9 percent GDP expansion, the lowest in eight years, he said, adding Indonesia’s GDP rose 5.02 percent, short of the government’s 5.3 percent target. Azmin said the trend was also seen in parallel with the growth of other Asian countries. The overall performance of the Malaysian economy was moderated by the slowdown in the global economy in line with the slowdown in global trade activity, he explained. Azmin said domestic economic growth prospects for 2020 might be affected by the recent coronavirus disease … [Read more...] about Malaysia’s GDP growth in 2019 in line with neightbouring countries

Tran Dinh Dan, Head of the NA Office said that the NA Chairman and the Prime Minister agreed that all relevant ministries will get involved in the Q and A session and Prime Minister will take a day to reply to all the questions. During the session, ministers will answer questions relating to their own particular fields. … [Read more...] about NA begins Q&A session