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Representatives of the two firms pose for a photo at the launch of HSBC TravelOne credit card in Viet Nam. — Photo courtesy of HSBC HSBC Bank (Vietnam) Ltd. (HSBC Vietnam) and Mastercard have announced the launch of the HSBC TravelOne credit card in Viet Nam, tailored for travel enthusiasts who want greater flexibility, convenience and incentives as they embrace new experiences in the post-pandemic travel boom. Launched in partnership with Mastercard, the HSBC TravelOne credit card offers an easy rewards redemption experience with a wide range of international airlines and hotel partners via the HSBC Vietnam mobile banking app. HSBC is one of the first banks in Viet Nam to offer customers the convenience of instantly redeeming their card reward points for a wide range of airline miles and hotel stays via their mobile app. Viet Nam is one of the first batch of markets where HSBC will launch this card. TravelOne credit card furthers HSBC's wealth and personal banking strategy by … [Read more...] about HSBC, Mastercard launch new credit card in Viet Nam

(from left) H.E. Hynek Kmonicek – Ambassador Extraordinary and Plenipotentiary of the Czech Republic in Vietnam, Mr. Jan Bartosek - Deputy Speaker of The Chamber of Deputies of The Parliament, Ms. Annica Witschard – CEO of Home Credit Vietnam and Ms. Pham Vu Minh Dan – Home Credit Vietnam’s Chief People Officer This visit holds special significance as it coincides with the celebration of the company's 15-year anniversary. Jan Bartosek - deputy speaker of the Chamber of Deputies of the Parliament and his delegates commended Home Credit Vietnam for its achievements and valuable contributions to the economy and the country as a whole. The frequent meetings between senior government officials and Home Credit Vietnam underscore the company's pivotal role in fostering business relationships between the Czech Republic and Vietnam. The deputy speaker and his delegates praised Home Credit's notable accomplishments in financial inclusion, responsible lending, sustainable growth as well … [Read more...] about Czech Republic senior leaders meet with Home Credit Vietnam

Nguyen Duc Thai Han, deputy director general at ACB, noted that revising growth targets attached to controlling bad debts has been causing banks many difficulties. So far this year, ACB has set aside $43.4 million worth of credit packages, with reduced interest rates, to benefit both retail and corporate customers. New customers are being offered a 0.3 percentage point reduction, while regular customers are offered 0.2. < “With a newly released circular on debt rescheduling, part of the risk facing businesses has been passed to banks,” said Han. In light of ACB’s first quarter financial statement, the bank’s bad debt surplus rose 31.5 per cent to touch $17.4 million, bringing its bad debt ratio from 0.74 per cent in late 2022 to 0.97 per cent in the latter part of the first quarter (Q1). ACB's case is not rare. Tech-driven lender TPBank saw its bad debt ratio swell 84 per cent from $59 million to $86.9 million in late Q1, The volume of subprime debts soared to $52.1 … [Read more...] about Vigilance over bad debt essential

At the seminar, VBSP delegates shared their experiences of helping customers, especially the poor, in remote and rural areas to access banking services on their mobile phones. With support and cooperation from DFAT, TAF, Mastercard and other technology partners, VBSP’s Mobile Banking project has successfully developed a digital financial platform suitable for its target customers. The deployment of mobile-based financial services kicked-off with the launch of an SMS Messaging service from VBSP , followed by the trial implementation of a Policy Credit Management app, and most recently the launch of the VBSP SmartBanking app. At the seminar, Tran Ngoc Hien, head of a Savings and Credit group in Phong Dien district in the Mekong Delta city of Can Tho, recalled that in the past, she had to visit several dozen households each day until late in the evening to collect money and as a result, errors were inevitable. “The Policy Credit Management app is so efficient. Now the … [Read more...] about VBSP driving digital finance to aid the disadvantaged

Mezic Steel Company in Ba Ria - Vung Tau province. (Photo: VNA) Hanoi (VNS/VNA) - Experts have said that the support policies must be practical to ensure accessibility for enterprises. Several support measures introduced recently have proven not as effective as expected. Recently, the State Bank of Vietnam ( SBV ) proposed the undisbursed part of the 2% interest rate support package, worth up to 40 trillion VND (1.7 billion USD), to be transferred into other forms of support. Statistics showed that only around 256 billion VND of the package was disbursed to 1,784 customers as of the end of February. It was forecast that about 2.57 trillion VND would be disbursed by the end of this year when the package expired. This would mean that only 6% of the package was disbursed, leaving a huge sum of more than 37.4 trillion VND unspent. Ha Thu Giang, Director of the SBV’s Credit Department , said that enterprises needed support such as capital sources or tax reduction rather … [Read more...] about Support policies must be practical for enterprises

The central bank will continue instructing banks to reduce interest rates, share profits with businesses, and undertake debt restructuring with a greater sense of urgency. Commercial banks must continue optimizing their operational costs while reducing lending rates for both businesses and customers. Deputy Prime Minister Le Minh Khai at the meeting. Photo: Nhat Bac Deputy Prime Minister Le Minh Khai stressed the view during a Government meeting on May 24, discussing solutions to help businesses better access credit and lower interest rates . During the meeting, Khai emphasized the importance of the State Bank of Vietnam (SBV) carefully analyzing factors about credit issuance and the economy's capacity to absorb capital. Such a move will serve as the foundation for banks to devise strategies aimed at reducing costs and lowering both capital mobilizing and lending interest rates, he noted. “Reasonable capital mobilizing rate will be key to … [Read more...] about Banks urged to further cut lending rates

"It's very close and I'm optimistic," Biden told reporters at the White House. "I'm hopeful we'll know by tonight whether we're going to be able to have a deal." The Democratic president said he hoped for a resolution to the standoff "before the clock strikes twelve." It was by far the strongest indication that the drama in Washington might end, allowing the government to borrow and avoid a default likely to trigger a recession, mass job losses and recession. Earlier, Treasury Secretary Janet Yellen said the dreaded X-date, when the government runs out of money unless it can borrow, will now be June 5, not June 1. Yellen, however, warned that the deadline extension does not change the urgency. "Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she said in a letter to the Republican leader of … [Read more...] about Biden says ‘hopeful’ on US debt deal within hours

The 2000-rupee note, introduced into circulation in 2016, will remain legal tender but citizens have been asked to deposit or exchange these notes by Sept. 30, 2023. The decision is reminiscent of a shock move in 2016 when the Narenda Modi-led government had withdrawn 86% of the economy's currency in circulation overnight. This time, however, the move is expected to be less disruptive as a lower value of notes is being withdrawn over a longer period of time, according to analysts and economists. Why did the government withdraw 2000-rupee notes? When 2000-rupee notes were introduced in 2016 they were intended to replenish the Indian economy's currency in circulation quickly after demonetization. However, the central bank has frequently said that it wants to reduce high-value notes in circulation and had stopped printing 2000-rupee notes over the past four years. "This denomination is not commonly used for transactions," the Reserve Bank of India said in its communication … [Read more...] about What India’s decision to scrap its 2000-rupee note means for its economy

Unofficial exchange points sold the greenback at VND23,475, up 0.11% from Monday. Most banks kept their rates unchanged. Vietcombank sold the dollar at VND23,660 Sunday. Eximbank kept the rate stable at VND23,620, Techcombank at VND23,645, and ACB at VND23,700. The State Bank of Vietnam (SBV) raised the reference rate 0.03% to VND23,680. The USD/VND exchange rate has decreased by 0.29% since the beginning of the year. Globally, the greenback lost ground against a basket of world currencies after Federal Reserve Chairman Jerome Powell's remarks hinted at a slightly dovish shift, opening the door to the possibility of a rate hike pause at the conclusion of next month's policy meeting. In his remarks, Powell said that uncertainties surrounding the lagging impact of past rate hikes and recent bank credit tightening made it unclear whether more monetary tightening will be necessary, according to Reuters . The dollar index fell 0.35%, with the euro up 0.32% to $1.0803. … [Read more...] about Dollar rises against dong on black market

"After sluggish GDP performance in the first quarter, Vietnam is still not out of the woods yet. In particular, we have not seen the light at the end of the tunnel on the trade front," HSBC analysts said in a recent report. Minister of Planning and Investment Nguyen Chi Dung said that the economy faces a number of challenges, including high inflation and tightened monetary policy globally. But although exports dropped 11.2% and imports fell 13% year-on-year last month, revenue from retail and services grew 11.5%, implying a rise in domestic consumption, data from the ministry showed. Total supply of goods at Ho Chi Minh City’s wholesale market in the five-day national holiday earlier this month rose 5.7% year-on-year, and consumption at supermarkets and malls surged, according to the city’s Department of Industry and Trade. Tourism also showed signs of recovery. Vietnam welcomed around 984,000 international tourists last month, taking the year-to-date figure up … [Read more...] about Retail, services shine amid cloudy economic outlook