The headquarters of the State Bank of Vietnam in Hanoi (Photo: State Bank of Vietnam) Hanoi (VNA) – The State Bank of Vietnam (SBV) said the official interest rates will be adjusted down as from September 16. Under Decision 1870/QD-NHNN dated September 12, 2019, the re-financing rate will be reduced to 6 percent per annum from the current 6.25 percent. The discount rate will be adjusted to 4 percent per annum from the current 4.25 percent. The overnight electronic inter-bank interest rate and rate of loans to offset capital shortage in clearance between the SBV and credit institutions will go down to 7 percent per annum from the current 7.25 percent. The SBV said in the previous period, it has carried out synchronous measures to stabilize the interest rates, contributing to keeping the macro economy stable and support a suitable growth rate. VNA … [Read more...] about State Bank of Vietnam cuts official interest rates
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State Bank of Vietnam promotes credit programs for rural areas
The State Bank of Vietnam (SBV) will launch more effective credit programs to support agricultural production and improve local livelihoods, making contributions to boosting economic growth while wiping out black credit in rural areas. The SBV will promote credit programs to support agricultural production - Photo: VNA SBV Deputy Governor Dao Minh Tu said high-tech agricultural development programs as well as agricultural production in value chain to increase added value will be prioritised as part of the agricultural shake-up project. Theo VNA … [Read more...] about State Bank of Vietnam promotes credit programs for rural areas
State Bank of Vietnam promotes credit programmes for rural areas
The State Bank of Vietnam (SBV) will promote credit programmes to support agricultural production. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam (SBV) will launch more effective credit programmes to support agricultural production and improve local livelihoods, making contributions to boosting economic growth while wiping out black credit in rural areas. SBV Deputy Governor Dao Minh Tu said high-tech agricultural development programmes as well as agricultural production in value chain to increase added value will be prioritised as part of the agricultural shake-up project. “The SBV sees agriculture and rural areas as top priority in its credit programme. It has directed credit institutions to improve procedures for loan access and paid due attention to branching out mobile banking model in remote areas, creating favourable conditions for local people to have better access to capital and other banking services,” Tu said. Currently, 70 commercial banks, … [Read more...] about State Bank of Vietnam promotes credit programmes for rural areas
External factors should be focus of Vietnam’s economy in 2019: VinaCapital
The Hanoitimes - A torrent of foreign direct investment (FDI) continues to flow into the country (circa 7%/GDP in 2018), which helps to stabilize the country’s currency and helps drive domestic consumption growth. Vietnam’s government is doing a reasonable job in managing the economy, for which external factors are likely to have a bigger impact on Vietnam in 2019 than internal issues, according to VinaCapital, one of Vietnam’s two largest asset management firms. Illustrative photo. In 2018, inflation is expected to be under control, and the country’s currency has been more stable than most of its Emerging Market peers, stated VinaCapital in its latest report. Furthermore, a torrent of foreign direct investment (FDI) continues to flow into the country (circa 7%/GDP in 2018), which helps to stabilize the country’s currency and helps drive domestic consumption growth. Those sustainable inflows are driven by Vietnam’s low … [Read more...] about External factors should be focus of Vietnam’s economy in 2019: VinaCapital
No customer had money stolen after alleged data leak: State Bank
The State Bank of Vietnam (SBV) issued the statement Friday following the reported leak of information about 31,000 transactions of Mobile World, including customers' bank card numbers, on the internet. The central bank also noted that while there has been no report of Mobile World customers having card information stolen and used to appropriate money, the incident has caused anxiety and created negative public opinion. The SBV said it is closely coordinating with relevant authorities to determine the cause of the alleged leak, as well as the identity and motive of the individual or group behind it so they could be strictly punished in accordance with the law. Also on Friday, the SBV issued instructions on enhancing security of customer information to proactively prevent any possible leak of bank card information. Payment service providers and third-party payment gateway operators have been asked to work with Mobile World to determine the cause of the alleged leak, monitor all … [Read more...] about No customer had money stolen after alleged data leak: State Bank