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Latest figures from the central bank show that in late February the on-balance sheet non-performing ratio of the banking system stood at 2.91 per cent, an increase compared to 2.46 per cent in late 2016, 1.49 per cent in late 2021 and most recently, 2 per cent in late 2022. However, according to a State Bank of Vietnam (SBV) assessment, several sorts of debts have the potential to be turned into bad debts in the future, such as investment into corporate bonds for debt restructuring, hard-to-collect receivables, among others. “If such debts were considered, the non-performing loans (NPLs) ratio of the system might reach 5 per cent of total outstanding balances,” said SBV Governor Nguyen Thi Hong. One positive point is that credit institutions have been taking practical measures to ensure operational safety through boosting their loan loss reserve (LLR) funds for their bad debts . Accordingly, credit institutions have maintained a fairly high LLR ratio approximating … [Read more...] about How bad debts influence lending rates

A delegation from Vietnam’s T&T Group, led by chairman of the board Do Quang Hien, embarked on a visit to the headquarters of DB Group, a prominent economic powerhouse in South Korea, on May 25. Under this comprehensive accord, T&T Group and DB Group will support each other's endeavours with the shared goal of becoming leaders in Vietnam's thriving insurance sector. Additionally, the two groups have committed to jointly exploring and executing ventures across multiple other industries. Speaking at the signing ceremony, Do Vinh Quang, vice chairman of the Board of Directors and Deputy CEO of T&T Group, highlighted the shared vision of both companies to excel in Vietnam's insurance sector. Recognising the potential in other areas such as finance, asset management, IT, and real estate, Quang emphasised the importance of leveraging these strengths to achieve sustainable growth for both conglomerates. He expressed confidence, stating, “This strategic collaboration will … [Read more...] about T&T Group and DB Group form strategic partnership to fuel investment opportunities

A customer uses QR code for payment at Con market in the central city of Da Nang. — VNA/VNS Photo Van Dung The State Bank of Viet Nam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payments and the implementation of the national digital transformation programme. The move is also set to help with the plan on developing the application of resident data and electronic identification and authentication to serve national digital transformation for the 2022 - 25 period, with a vision to 2030. In its Document No 3956/NHNN-TT, the SBV asked banks, foreign banks’ branches, and intermediary payment service providers to continue considering and offering preferential programmes and policies on payment and intermediary payment service fees to customers, and exempt account maintenance fees as well as cash withdrawal fees for the customers entitled to the social security policy. They were told … [Read more...] about Central bank demands stronger promotion of cashless payment

Nguyen Minh Tam (R), deputy CEO of Sacombank, receives the "Outstanding Retail Banking" and "Outstanding Bank for Community" awards at a ceremony in HCM City last week. — Photo courtesy of the bank Sacombank won the awards for Retail Banking and Bank for Community at the 2022 Vietnam Outstanding Banking Awards that were given away in HCM City last week. It was for a sixth consecutive year that Sacombank won the awards given by the International Data Group, the Vietnam E-Commerce and Digital Agency, the Vietnam Banks Association, and other organisations. Sacombank won the "Outstanding Retail Banking" award for achieving consistent customer growth -- with its customer base topping 15 million by the end of 2022 -- and having large transaction, ATM and merchant networks and diverse products and services. It offers more than 250 products and services for individuals and corporate customers and has linked up with 110 banks and 30 e-wallets for money transfer. It won the … [Read more...] about Sacombank, Vietbank honoured at Vietnam Outstanding Banking Awards

Speakers at a meeting in HCM City on Monday to discuss ways for the city to attract remittances and investment. — Photo danviet.vn HCM City will improve its business climate and create favourable conditions to attract remittances and investment, said a city official. Speaking at a meeting on Monday, Nguyen Duc Lenh, deputy director of the State Bank of Viet Nam (SBV) HCM City branch, said the city planned to enhance monetary and foreign exchange policies and remittance services. Options for remittances include money transfers, cheques, bank transfers, prepaid cards and several other ways of sending money without a bank account. "Besides foreign investment (FDI), remittances are a major source that helps ensure the foreign currency supply and stabilise the national foreign exchange reserves," he said. Financial and banking expert Nguyen Tri Hieu said Viet Nam should ensure stable macroeconomic policies to increase the confidence of overseas Vietnamese to send back money for … [Read more...] about HCM City seeks to attract remittances, investment