The limit is relatively low as prices in some foreign countries are 20-30 times higher than Vietnam. (Photo: thebank.vn) Hanoi (VNS/VNA) - Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of 30 million VND (some 1,300 USD) per day for international credit and debit cards from early this year to meet a central bank regulation. Vietcombank last week announced it has adjusted the limit for its cardholders, starting from January 1, 2019. The adjustment aims to meet the State Bank of Vietnam (SBV)’s Circular No 26/2017/TT-NHNN on bank card operation, effective from January 1 this year, a Vietcombank representative said. According to the SBV, it stipulates cash withdrawal transactions will be subject to a daily cap to limit the use of cash as foreign currency spent for improper purposes that are not permitted by law. Vietcombank’s representative said this regulation does not affect … [Read more...] about Cash withdrawal limit in foreign countries set at 30 million VND
Higher limit credit cards
Cash withdrawal limit in foreign countries set at VND30 million
The limit is relatively low as prices in some foreign countries are 20-30 times higher than Viet Nam. — Photo thebank.vn Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of VND30 million (US$1,280) per day for international credit and debit cards from early this year to meet a central bank regulation. Vietcombank on Thursday announced it has adjusted the limit for its cardholders, starting from January 1, 2019. The adjustment aims to meet State Bank of Viet Nam (SBV)’s Circular No 26/2017/TT-NHNN on bank card operation, effective from January 1 this year, a Vietcombank’s representative said. According to SBV, it stipulates cash withdrawal transactions will be subject to a daily cap to limit the use of cash as foreign currency spent for improper purposes that are not permitted by law. Vietcombank’s representative said this regulation does not affect customers’ demands as a survey … [Read more...] about Cash withdrawal limit in foreign countries set at VND30 million
Credit card race heating up with more competitors
VietNamNet Bridge - Small banks and finance companies are now rushing to issue credit cards and compete with big banks as they believe the development potential of the credit card market remains great. The total number of cards issued by the end of the second quarter of 2018 had reached 141.6 million, an increase of 7.3 percent compared with the beginning of the year, according to the State Bank of Vietnam. The number of cards issued has been increasing steadily in recent years, as non-cash payment methods are becoming more popular. Of the 141 million issued cards, more than 90 percent are debit cards, while other types of cards, including credit cards, account for a very small proportion. Meanwhile, Vietnam has over 70 million adults, and income and spending growth rates among the highest levels in the region. As for banks, developing credit cards can bring higher profits thanks to the higher interest rates than normal lending. They also have earnings from different types of … [Read more...] about Credit card race heating up with more competitors
Vietnam’s credit card market heats up with big players
The Hanoitimes - Competition in the country’s credit card market has become stiffer as more big players join large domestic banks and finance companies in the race to gain shares in the potential market. Last week, South Korea’s Lotte Card officially took part in the Vietnamese card market after receiving a license from the State Bank of Vietnam to establish and operate its Lotte Finance Vietnam Co. Ltd as a finance company in the country. Vietnam now has about 10,000 places that accept card payments Under the license issued on September 19, Lotte Finance Vietnam, which has charter capital of VND600 billion (US$25.5 million), is allowed to provide various financial services, including consumer lending and credit card issuance. With the license, Lotte Finance Vietnam has become the first Korean financial company to be permitted to issue credit cards in Vietnam. According to statistics, shares of the country’s credit and debit card market are currently in … [Read more...] about Vietnam’s credit card market heats up with big players
Vietnam’s Techcombank shares drop 20 pct on debut
By Reuters  June 4, 2018 | 02:27 pm GMT+7 People walk past the headquarters of Techcombank in Hanoi, Vietnam. Photo by Reuters/Kham The shares hit the lowest trading limit allowed on a stock’s maiden day of trading. Vietnam’s Techcombank saw its shares fall as much as 20 percent from their reference price on Monday, hitting the lowest trading limit allowed on a stock’s maiden day of trading. Techcombank, formally known as Vietnam Technological and Commercial Joint Stock Bank, raised $922 million in April in one of Vietnam’s biggest offerings, aiming to expand aggressively into retail banking to capitalise on booming demand for an array of financial services. The shares are allowed to move 20 percent higher or lower than the reference price on the first day of listing, according to exchange trading rules. In morning trade, Techcombank hit a low of 102,400 dong ($4.49), falling from its 128,000 dong reference price. Vietnam’s … [Read more...] about Vietnam’s Techcombank shares drop 20 pct on debut