Foreign exchange yearly average rates

A view of an ABBank’s transaction office in Ha Noi. ABBank is currently the only bank that is listing interest rate of more than 9 per cent per year for 12-month deposits. VNA/VNS Photo Interest rates on the interbank market, the open market operation (OMO) channel and commercial banks have all decreased after the State Bank of Vietnam (SBV) cut several policy interest rates last week. The SBV on March 15 made its first policy rate cut by 50-100 basis points since October 2020 to support economic growth and stabilise the monetary market. Accordingly, the discount rate has been reduced from 4.5 per cent per year to 3.5 per cent per year while overnight electronic interbank rate and interest rate for loans to offset capital shortages in clearance between the central bank and commercial banks have been also decreased from 7 per cent per year to 6 per cent per year. After the SBV’s move, interest rates in the inter-bank market have declined significantly. Accordingly, the average … [Read more...] about Interest rates reduce in all markets in wake of central bank’s policy rate cut

Stakeholders have much to say about the current state of the tourism industry, and what must be done Prime Minister Pham Minh Chinh chaired a tourism recovery conference on March 15 and talked to management agencies and tourism businesses about removing obstacles for the industry to thrive once again. Despite being one of the first Southeast Asian countries to fully reopen to international tourism after the pandemic, Vietnam’s tourism industry still trails other countries in the region. The PM raised a series of questions about tourism promotion, competitive advantages, products, and visa policies – all factors that are considered to be subjective causes for Vietnam’s tourism to fail its foreign tourism targets thus far. “Tourism cannot develop alone, and tourism cannot develop if culture and the entertainment industry do not develop,” PM Chinh said. He directed the tourism industry to build green and sustainable tourism products, finance tourism activities, and develop … [Read more...] about Tourism breakthrough within reach

The maximum short-term lending rate for borrowers in some sectors will be reduced, photo Le Toan The State Bank of Vietnam (SBV) last week took bold steps to soften the regulatory interest rates for the first time in two years, in a bid to support the capital-thirsty local business community. The central bank issued two decisions on reducing key interest rates by 0.5 to 1 per cent, which took effect on March 15. Under Decision No.313/QD-NHNN, the rediscount interest rate will be revised down from 4.5 per cent per year to 3.5 per cent. Overnight lending rates in interbank electronic payments and loans to cover capital shortfalls in clearing payments of the SBV for credit institutions will be dropped from 7 per cent per year to 6 per cent. Particularly, the refunding interest rate will remain unchanged at 6 per cent on an annual basis. Meanwhile, under Decision No.314/QD-NHNN, the maximum short-term lending rate in VND of credit institutions for borrowers to meet capital needs … [Read more...] about Careful action required to curb inflation threat

Pioneering in technology to create the talking cards From March 15, VIB applied new features and a refreshed look for its Mastercard credit cards. The bank is pioneering in using cutting-edge technology and minimalist design with more luxurious and durable materials for the cards. At the same time, the bank has reorganised its credit card portfolio to feature key products including Cash Back, Rewards Unlimited, Travel Elite, and Premier Boundless to meet customers’ demands. With the new design, VIB has combined minimalism and modern styles. The special lines on the cards are carefully chosen to make the cards more luxurious and durable. On the back of the card, the QR code is incorporated with VR and augmented reality. The virtual finance expert Vie will appear at customers’ request to give advice on card usage and incentives. Vie is brought closer to users with a 3D display and voice interaction. VIB is a pioneering bank in introducing the talking card to customers, … [Read more...] about VIB offers new-look credit cards