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Le Huu Minh (L), deputy managing director of Volkswagen Vietnam, and Trinh Bang Vu, head of the retail lending division at Shinhan Bank Vietnam, at the signing ceremony for the preferential lending programme for buyers of Volkswagen cars on March 23. — Photo courtesy of the bank Shinhan Bank Vietnam Limited has partnered with Trend Motor Vietnam Co., Ltd to launch a preferential loan programme exclusively for people buying Volkswagen cars that provides financing of up to 80 per cent of the value of a new vehicle. Customers who borrow to buy the German carmaker’s Touareg, Teramont, Tiguan, T-Cross, and Polo models get the loan interest-free for the first six months and at a fixed rate of 10.9 per cent a year for the remaining 54 months. They can opt for terms in line with their financial ability, with maximum financing of 80 per cent of the price and loan tenure of up to eight years. The programme will be in effect at all dealers across the country until June 30, 2023. … [Read more...] about Shinhan Bank Vietnam offers special programme for Volkswagen buyers

Michele Wee, CEO of Standard Chartered Bank Vietnam (centre) received the award as "The Most Outstanding Foreign Bank in Viet Nam". — Photo courtesy of the bank Standard Chartered Bank Vietnam has been named in the Top 50 Foreign Invested Enterprises (FIEs) in Viet Nam with the title "The Most Outstanding Foreign Bank in Viet Nam" in 2022-23 of the Golden Dragon Awards 2023 by Viet Nam Economic Times. This is a testament to the bank’s strong commitment and unwavering efforts to support the sustainable development of its clients and the economy. From more than 500 nominations, the award recognises the top 50 pioneers for their contributions to innovation, green transition, and the application of digital technology during their activities in Viet Nam, and especially for their environmental, social, governance (ESG) performance. Winning FIEs were selected in six sectors: manufacturing; digital technology and digital services; financial and insurance; infrastructure, industrial … [Read more...] about Standard Chartered Vietnam named “The Most Outstanding Foreign Bank in Viet Nam” in 2022-23

Some banks used to be very popular, with hundreds of thousands of customers, but they gradually disappeared from the market because of many reasons. Nam Do Commercial Joint Stock Bank Nam Do was a bank based in Ho Chi Minh City, which operated strongly in the mid-90s of the last century. However, under impacts of the Asian financial crisis in 1998, this bank could not recover debts. In 1998, after a series of violations in credit activities, Nam Do Commercial Joint Stock Bank was insolvent and was placed under special control by the State Bank of Vietnam. To ensure the safety of the banking system as well as stabilize the socio-economic situation in Ho Chi Minh City, the Prime Minister and the State Bank of Vietnam assigned the Bank for Investment and Development of Vietnam (BIDV) to participate in controlling Nam Do Bank. BIDV established a special working group to assess the entire situation of Nam Do Bank and propose solutions. Photo: Vietnamnet … [Read more...] about Vietnamese banks that ‘disappear’ from the market

How did a bank ranking on the list of American Best Banks for five straight years collapse in your viewpoint? Professor Andreas Stoffers, country director of the Friedrich Naumann Foundation in Vietnam Just before March 10, Silicon Valley Bank (SVB) was the 16th largest in the US. It had taken four decades to build and its parent company SVB Financial Group. However, it took only 36 hours to completely dismantle. SVB was forced to sell assets at a loss to pay for withdrawals from venture capital funds and tech startups. However, this led to massive withdrawals, while SVB was facing many difficulties, which left it unable to pay its debts, leading to bankruptcy on March 10. Dark memories of the 2008 financial crisis returned and this crisis did reach other banks in the US as well. Many questions remain unanswered, such as why bonuses were still being paid to management shortly before the bank collapsed and why the CEO was still gold-plating his shares in January … [Read more...] about The potential ramifications of US banking collapse

At the event (Photo: MoMo) HCM City (VNA) - Vietnamese digital payment firm MoMo and American multinational financial services company Western Union on March 20 announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app. It is the first time a money transfer operator’s services have become available on a leading super app in Vietnam. Accordingly, it takes MoMo users about one minute to receive international money transfers from relatives in over 200 countries and territories. The recipient only needs to access MoMo and enter the 10-digit Money Transfer Control Number provided by the sender to receive the money immediately from their relatives abroad. With an ecosystem of nearly 50 partner banks, in just a few simple steps through the international money transfer service supported by MoMo, the money will be transferred to the recipient's account. Exclusive insights from Western Union research showed that a staggering … [Read more...] about MoMo, Western Union partner for money transfer in Vietnam

Governor of Bank Indonesia (BI) Perry Warjiyo. (Photo: Antara) Jakarta (VNA) – The closure of Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank in the United States has no direct impact on Indonesia’s banking sector,  Governor of Bank Indonesia (BI) Perry Warjiyo said on March 16. direct impact is almost zero as most of Indonesia’s banks do not invest funds or deposit in these three banks, the official told the press after a BI Board of Governors’ Meeting in Jakarta. However, Warjiyo said it is necessary to monitor the spillover effect of the incident on the market due to investor expectations or perceptions of the turmoil from the banks’ fall. Foreign capital inflows into Indonesia's financial market, especially investment portfolios,  reached 3 billion USD as of March 13 and the outflow in March reflects the growing uncertainty in global financial markets, he said. The rupiah exchange rate increased by 1.32% this year as of March 15. However, … [Read more...] about Closure of US banks has little impact on Indonesia’s banking sector: governor

Illustrative image (Source: Xinhua/VNA) Singapore (VNA) – The Monetary Authority of Singapore (MAS) said on March 16 that the exposure that Singaporean banks - DBS, OCBC and UOB - have to troubled banking giant Credit Suisse are "insignificant.” Singapore’s banking system remains sound and resilient, MAS said in response to media queries. Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks, the financial authority said in a statement, adding that their liquidity positions are healthy, underpinned by a stable and diversified funding base. The authority said while Credit Suisse operates a branch in Singapore, its main activities are private banking and investment banking, and it does not serve retail customers here. MAS said it has been in contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse, over recent developments relating to the bank and will … [Read more...] about Singapore’s banks face ‘insignificant’ exposures to Credit Suisse

Outside of the State Bank of Vietnam in downtown Ha Noi. — Photo SBV The State Bank of Viet Nam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank. Carolyn Turk, WB country director in Viet Nam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (US' 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She said there are many similarities that can be … [Read more...] about Central bank must keep a close on the financial market: WB

A customer uses Home Credit’s app. Investment in digitalisation is currently the key for large financial companies to compete and expand their market shares. (Photo thoibaonganhang.vn) Hanoi (VNS/VNA) - Large foreign financial groups have actively penetrated the Vietnamese consumer finance market, which has significantly helped accelerate the digitalisation of the country’s financial services. United Overseas Bank Limited (UOB) has recently completed the acquisition of Citigroup’s consumer banking business in Vietnam, which includes Citibank’s unsecured and secured lending portfolios, wealth management and retail deposit businesses. Not only UOB, multinational financial groups from countries in the Asian region are also strongly promoting mergers and acquisitions (M&A) and capital contributions in Vietnamese commercial banks to promote their consumer lending activities. There has been recent information that Japan's Sumitomo Mitsui (SMBC) has reached a number of … [Read more...] about Foreign investors expand consumer finance business in Vietnam

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes