Interest rate

Moody’s Corporation, a global integrated risk assessment firm, on Wednesday announced the launch of Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating), a partnership between Moody’s and leading Vietnamese financial institutions. The Vietnamese Ministry of Finance on Tuesday issued a credit rating agency license to VIS Rating that was initiated by the Vietnam Bond Market Association. VIS Rating will provide independent credit rating services to corporate issuers in Vietnam. Moody’s is the largest shareholder in VIS Rating with a 49-percent holding but VIS Rating operates independently from Moody’s. Other founding shareholders include ACB Securities Company, Dragon Capital Finance Limited, Nam A Bank Asset Management Company Limited, VNDIRECT Securities Corporation, and VPS Securities Joint Stock Company. Michael West, president of Moody’s Investors Service, a subsidiary of Moody's Corporation, said, “Moody’s recognizes the vital role that the local debt … [Read more...] about Moody’s launches credit rating firm in partnership with Vietnam’s leading financial institutions

Headquarters of the State Bank of Vietnam in Hà Nội. Some experts believe the SBV can still cut the policy interest rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. — Photo sbv.gov.vn Experts have different forecasts about the time when the State Bank of Vietnam (SBV) will lower its policy interest rate. While some experts expect the rate to decrease by 0.5-1 percentage point at the end of the third or fourth quarter of this year, others believe the rate will be kept unchanged. According to some experts, although rising pressure on the foreign exchange rate and inflation are the main factors affecting the SBV's ability to continue lowering the policy rates in the remaining months of this year, the SBV can still cut the rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. Banking expert Nguyễn Trí Hiếu forecasts that deposit interest rates will … [Read more...] about Different forecasts made for policy interest rates in the rest of 2023

Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating) was established by the Vietnam Bond Market Association, and received an operating licence from the Ministry of Finance on September 18. With a 49 per cent holding, Moody's is the majority shareholder in VIS Rating. Along with Moody's, ACB Securities Company, Dragon Capital Finance Ltd., Nam A Bank Asset Management Co., Ltd., VNDIRECT Securities Corporation, and VPS Securities JSC are also founding stockholders. VIS Rating operates independently of Moody’s. Michael West, president of Moody’s Investors Service said, “Moody’s recognises the vital role that the local debt capital market plays in driving Vietnam’s economic growth. As a global leader in credit ratings, research, and risk analysis, our international presence and local experience will position VIS Rating as the agency of choice in Vietnam.” Wendy Cheong, managing director and regional head of Asia-Pacific at Moody’s Investors Service and member of the … [Read more...] about Moody’s launches Vietnam-based credit rating agency

Two more State-run commercial banks - Vietinbank and BIDV - lowered their deposit rates on September 19 to match the lowest level during the COVID-19 pandemic. Both cut their rates by 0.2 or 0.3 percentage point on deposits with a term of three months or longer. The rate for deposits with a 12-month term was also lowered by 0.3 percentage point to 5.5% per annum. For one-month and two-month deposits, the rate remains at 3%. These rates are similar to those of Vietcombank and Agribank, which were revised downwards on September 14./. VNA … [Read more...] about “Big Four” banks lower deposit interest rates to COVID-19 levels

Nguyen Thanh Hong, director of the Quang Nam Province Department of Culture, Sports and Tourism, said an inspection was done of tourist accommodation establishments in Hoi An on September 11 and a number of hotels were found proclaiming four- and five-star status without designation as such by authorities. They were also found using misleading advertising, he said. They included Le Pavillon Luxury Hoi An Resort & Spa, Allegro Hoi An Little Luxury Hotel & Spa, Koi Resort & Spa Hoi An and Bellerive Hoi An Hotel & Spa. Quang Nam authorities said Le Pavillon Luxury Hoi An Resort & Spa has not received any star rating but claimed to be a four-star establishment on signboards outside, its official website and travel sites. It has since removed the signs at the gate. Inspectors also found these hotels have been advertised as four-star or five-star rating on online room booking platforms, such as Agoda and Booking. Pham Hong Phuoc, marketing manager of … [Read more...] about Hoi An hotels hauled up inflating star ratings

It was one of 20 global carriers to be honored with such title at a ceremony held last week in Long Beach, California, along with Japan's All Nippon Airways, the U.K.'s Virgin Atlantic, Germany's Lufthansa and South Korea's Korean Air. Nearly one million flights were rated by passengers across more than 600 airlines from around the world using a scale covering seat comfort, in-flight service, food and beverages, entertainment system and Wi-Fi service. Launched by air travel researchers APEX, the awards were based on third-party passenger reviews undertaken in partnership with TripIt. Last August, Vietnam Airlines has become the only Vietnamese representative to break into a global ranking of 10 best carriers in the world thanks to seat comfort and quality of staff service by U.S. luggage storage company Bounce. It leads the Vietnamese aviation market in terms of passengers with 18 million in 2022. … [Read more...] about First Vietnamese carrier receives 5-star rating at APEX awards

Talking to the media on the occasion of the recent 20th China - ASEAN Expo (CAEXPO) and China - ASEAN Business and Investment Summit (CABIS) in Nanning city, China's Guangxi province, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said Vietnam will continue to negotiate with China on protocols for imports and exports, especially watermelon, frozen durian, chili, medicinal herbs and citrus fruits. If these issues are taken care of, bilateral trade will be favorable and the exponential growth rate will continue, stated Tien. According to the Ministry of Agriculture and Rural Development, Vietnam earned 3.45 billion USD from exporting vegetables and fruits in the first eight months of 2023, up 57.5% year-on-year. Currently, China remains Vietnam’s biggest veggie and fruit importer, accounting for 65% of the revenue. General Director of Chanh Thu Fruit Export - Import Group Joint Stock Company Ngo Tuong Vy said that although China has tightened control over … [Read more...] about Veggie, fruit exports to China enjoy double-digit growth rate

Gemalink Deep-Sea Port in Ba Rịa - Vung Tau province (Photo: VNA) Hanoi (VNA) - The Ministry of Planning and Investment has outlined three potential economic growth scenarios for 2024 , with the highest GDP growth rate forecast at 6.5%. These projections stem from the Government's socio-economic development strategy for the 2021-25 period, combined with endeavours to meet the 2023 growth goal of 6.5%. Given the challenges faced by the Vietnamese economy between 2021-23, 2024 is anticipated to be a pivotal year for Vietnam to accomplish the objectives of its five-year plan. In the first scenario, Vietnam's GDP is predicted to rise by 6%. This estimate presumes that global growth will be moderate in 2023 and the resurgence of global trade and investment will continue to face hurdles. Although the domestic market and services sector might exhibit robust growth, the import, export, and industrial production sectors may not experience a marked recovery due to their … [Read more...] about Ministry projects three economic growth scenarios for 2024

Banks should simplify procedures for small and medium sized enterprises to enable them to access credit. (File photo) Hanoi (VNS/VNA) - Enterprises expected access to banking credit to be made easier to quench their thirst for capital during the process of recovering production and business. Tran Sy Thanh, Chairman of the Hanoi People’s Committee, said at the recent conference to connect businesses and banks held by the State Bank of Vietnam (SBV) in Hanoi that the credit policies failed to cover and support all businesses. Thanh said that he expected banks to take timely actions to provide credit to enterprises while enterprises still have the ability to absorb capital. If the capital came late, it would be difficult for enterprises to survive, he said. Le Vinh Son, President of the Hanoi Association of Main Industrial Products (Hami), said that small and medium-sized enterprises (SMEs) encountered a lot of difficulties in borrowing money from banks, including … [Read more...] about Enterprises expect easier access to credit

Foreign exchange rates have cooled down but still high. (Photo: VietnamPlus) Hanoi (VNA) – After a relative period of stability, the USD/VND exchange rate has increased sharply. Experts said that the surge in exchange rates will last for just a short time, but enterprises still need to take measures in anticipation of the risks. From August 28 to 31, the USD/VND exchange rate rose sharply. At Vietcombank , the sharpest increase was recorded on August 30, when the rate hit 24,350 VND per USD while the daily reference exchange rate, set by the State Bank of Vietnam (SBV), was 23,977 VND per USD. However, the rate gradually cooled down after the Natonal Day holiday. Vietcombank listed its selling rate on September 5 at 24,240 VND per USD, down slightly from the previous week, while the reference rate for the day was reduced by 281 VND to 23,959 VND per USD. Despite certain declines, exchange rates are still high, over 24,000 VND per USD, up 1.4% from the end of July … [Read more...] about Vietnamese currency to appreciate despite forex fluctuations