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To inject additional money into the economy, banks are also awaiting the SBV's revision of some risk-reward laws. The early notification of credit room by SBV and the revision of Circular 22/2019/TT-NHNN is a crucial condition for banks seeking to balance their capital The market heard speculation last week that the SBV will provide commercial banks with a credit line in January. Consequently, banks will be awarded a credit margin ranging from 10 to 12 per cent, depending on the bank. The credit rating of the whole system climbed by 14.5 per cent in 2022, the biggest rise over the previous five years. Dr. Le Xuan Nghia, an economic expert, said that in 2023, the SBV may consider boosting the money supply to help the economy owing to lessened external pressure and a higher inflation goal (4.5 per cent). As a result of the large base in 2022, economists anticipate that credit growth will decrease in 2023, expanding by 12 to 13 per cent. In addition to the credit room, … [Read more...] about Expanded credit probable for January

Viet Nam is considered an extremely promising market for the retail banking industry thanks to the characteristics of population growth, GDP per capita and fast economic development. Grasping that trend, many banks have been promoting retail lending activities to diversify credit portfolios and optimise profits. — Photo courtesy of VIB With the privilege of up to 50 per cent cashback on the Lazada Vietnam e-commerce platform and technologies first deployed by VIB, the LazCard credit card is expected to bring a great shopping experience to users during the year-end shopping season. Innovative and pioneering card trend in VN Viet Nam is an extremely promising market for the retail banking industry thanks to the characteristics of population growth, GDP per capita and fast economic development. Grasping that trend, many banks have been promoting retail lending activities to diversify credit portfolios and optimise profits. VIB is one of the banks which has seen its outstanding … [Read more...] about VIB’s new card gives big push to online shopping

Vietnam has launched its Green Economy Development Strategy, in which green credit activities and green banks play an important role. Can you share some initiatives that the banking sector has recently implemented? The policies and directions of the state, the National Assembly, and the government in the fight against climate change and environmental protection are obvious, reflected in the international commitments of the Vietnamese government, including the Paris Agreement and at COP26. Vietnam made the commitment to develop and implement stronger measures to reduce greenhouse gases (GHGs) to achieve net-zero carbon emissions by 2050. Dao Minh Tu, Standing Deputy Governor of the State Bank of Vietnam In that context, the banking sector has also been actively implementing and will continue to implement action programmes to direct the flow of green credit and capital for green economic activities. Accordingly, several contents of the banking industry have been set out … [Read more...] about Making growth greener

NashTech has announced the grand opening of its new office in central Da Nang City on January 13, 2023 after more than a year since the launch of the hybrid office, as a part of its continued expansion plans. NashTech Da Nang was first launched in mid-2021 under a coworking space model. Now, as customer demand continues to rise, the business sees the promise for greater opportunities and more exciting customer projects being delivered from the centre in Da Nang. The board of directors at the grand opening of the Da Nang office. The brand new physical office looks to attract a broader pool of talent, establish a solid presence across the surrounding central region of Vietnam, complement the capabilities of the company and strengthen its position as a trusted technology partner to customers across the globe. Sharing his thoughts about the advantages that Da Nang brings to the business, Cuong Nguyen, Managing Director of NashTech Vietnam, said “Da Nang is the … [Read more...] about NashTech paves the way for growth and success with new office in Da Nang

In an interview granted to the Vietnam News Agency, the minister noted that last year, the macro-economic situation was stabilized, with inflation reined in and all major balances ensured. The consumer price index (CPI) expanded 3.15%, he said, adding that the country’s GDP growth reached 8.02%. At the same time, the financial and currency markets remained stable. Interest and exchange rates were regulated in line with market developments, and liquidity and credit growth mediated. These moves helped remove bottlenecks in capital flow, he noted. However, he said that the economy faced many difficulties last year, especially in the last months, mostly due to complicated fluctuations in the world. The minister said that in 2023, the global economy will continue to experience complications, and inflation is forecast to create headwinds. In that context, the ministry will continue to coordinate with other ministries and sectors to give advice to the Government and the Prime Minister … [Read more...] about Resilience crucial for domestic economy in new situation: Minister

Ingrid Christensen , Director of ILO Country Office for Vietnam (Source: ILO) Hanoi (VNA) - With a policy putting humans at the centre and leaving no one behind, when the COVID-19 pandemic broke out in Vietnam, the Government has continuously made drastic instructions to support labourers with relief packages of largest-ever coverage, besides pandemic control measures. In an interview granted to Vietnam News Agency on the occasion of the new year, Ingrid Christensen, Director of ILO Country Office for Vietnam, remarked that the Vietnamese Government has made significant efforts to mitigate the negative impacts of the COVID-19 pandemic within its national resources and context. “In parallel with the prevention and control of COVID-19, we are aware that in consultation with the Vietnam General Confederation of Labour ( VGCL ), Vietnam Chamber of Commerce and Industry (VCCI), and the Vietnam Cooperative Alliance (VCA), the Government has extended various relief … [Read more...] about ILO hails Vietnam’s efforts to mitigate negative impacts of COVID-19 pandemic

In an interview granted to Vietnam News Agency on the occasion of the new year, Ingrid Christensen, Director of ILO Country Office for Vietnam, remarked that the Vietnamese Government has made significant efforts to mitigate the negative impacts of the COVID-19 pandemic within its national resources and context. “In parallel with the prevention and control of COVID-19, we are aware that in consultation with the Vietnam General Confederation of Labor (VGCL), Vietnam Chamber of Commerce and Industry (VCCI), and the Vietnam Cooperative Alliance (VCA), the Government has extended various relief packages through different policies including on tax, capital, credit, and social security to retain jobs and to support businesses and workers,” Christensen said. She appreciated the support of the Vietnamese Government through the relief packages, citing for example adjustments in tax regimes for businesses, which has enabled enterprises to continue operations and retain workers in the … [Read more...] about ILO hails Vietnam’s efforts to mitigate negative impacts of COVID-19 pandemic

Minister of Natural Resources and Environment Tran Hong Ha (R) and a representative of HSBC Asia Pacific exchange a Memorandum of Understanding to collaborate on the Environment, Social, and Governance agenda. (Photo: Vietnam+) Hanoi (VNA) - HSBC Bank (Vietnam) Ltd. and the Ministry of Natural Resources and Environment (MoNRE) on November 8 exchanged a Memorandum of Understanding (MoU) to collaborate on the Environment, Social, and Governance (ESG) agenda. The ceremony, a COP27 side event, was attended by Minister of Natural Resources and Environment Tran Hong Ha and Stephen Moss, Regional Chief Executive Officer – Middle East, North Africa and Turkey, HSBC Group, and witnessed by representatives of MONRE and HSBC Asia Pacific's delegation attending COP27. The MoU states that HSBC Vietnam will assist MoNRE in building a practical approach to realising its strategies in alignment with Vietnam's net zero emissions targets. It also aims to build a framework that unlocks … [Read more...] about HSBC helps Vietnam realise net zero emissions targets

Illustrative image (Photo: VNA) Hanoi (VNA) - By developing and operating the domestic carbon market, Vietnam will effectively reduce carbon emissions. This will happen due to the increase in compatibility with international carbon pricing mechanism s, link with international and regional carbon markets, and increase competition among Vietnamese products, according to experts. carbon market with the proactive participation of businesses plays an important role in implementing Vietnam's commitments at the 26th United Nations Climate Change Conference of the Parties (COP26) in 2021 in the UK, Chinh said. Businesses need to clearly understand the carbon market's operating principles and legal provisions related to the market. This will balance their capacity and readiness to participate in the market when it becomes operational, especially registering to join the carbon credit exchange, he said. Energy conversion and net achievement according to zero emissions are … [Read more...] about Carbon market development helps reduce greenhouse gas emissions

A corner of HCM City. Government goals of achieving economic growth of 6.5 per cent and inflation at 4.5 per cent would be a challenge if the management was not flexible enough. — VNA/VNS Photo Ngoc Ha Although the economy was forecast to continue facing difficulties and challenges in 2023, there were silver linings to pin hope on, experts said. According to Nguyen Duc Hien, Deputy Head of the Central Economic Commission, there were unpredictable factors that would have a significant impact on the country’s socioeconomic development. Many international organisations forecast that global economic growth would slow down with regions and countries at risk of falling into recession, Hien said. Among 10 countries that accounted for more than 71 per cent of Viet Nam’s export revenue, six countries and territories, the US, South Korea, Japan, Netherlands, Germany, the UK and Hong Kong, were forecast to face a mild economic recession in the short term. This would affect some … [Read more...] about A difficult year ahead but there is room for economic growth