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It said the overnight electronic interbank rate would also be kept at the current level of 6.0%. The bank also said it will from Monday lower its refinance rate by 50 basis points to 5.5%, its latest move to support economic growth that bucks a trend among regional peers. The State Bank of Vietnam (SBV) said in a statement it would keep the discount rate unchanged at 3.5%. Earlier this month, the SBV cut several policy rates to increase liquidity and help spur growth, in what was a surprise move amid global financial turmoil. The announcement came just hours after a senior central bank official said the U.S. Federal Reserve's move to ease its rate hikes meant Vietnam would consider further cutting rates in future to spur growth. Vietnam's economic growth slowed to 3.32% in the first quarter, against a 5.92% expansion in the fourth quarter of 2022. The SBV pledged on Friday to keep monetary policy flexible for the rest of the year to support economic stability amid … [Read more...] about Central bank to cut deposit interest rate ceiling from Monday

Phung Ba Hung was recently named amongst the recipients of the Fulbright Master’s Program Scholarship so that he can continue to spread his love for reading in Vietnam. Hung’s passion for reading began when he was a child. It was not until after he graduated from the University of Social Sciences and Humanities under the Vietnam National University-Hanoi with a degree in journalism and media studies that he started sharing his passion with others through the launch of Duong Lieu. Duong Lieu is a private library he opened in his living room designed to create a safe space for neighborhood children to lose themselves in the magic of literature. When Hung, 33, launched Duong Lieu in 2013, the few private libraries that existed in his Hanoian neighborhood were primarily run by retired teachers, veterans, and the elderly. While these libraries were appreciated by many, they were not particularly approachable and child-friendly. “My knowledge of journalism and media has really … [Read more...] about This young man is the backbone of Vietnam’s community library network

A Chinese director of a company in Binh Duong Province, southern Vietnam has been arrested on suspicion of killing a Vietnamese accountant, who was eight weeks pregnant, at his firm, a local police source said on Thursday. Yang Zhong Wu, 47, of Chinese nationality, was detained on Thursday evening while he was holed up in Pleiku City of the Central Highlands province of Gia Lai, about 460 kilometers from Binh Duong, according to the source. The victim was L.T.M., 30, an accountant of Vinh Nhuan Co. Ltd., located in Binh Duong’s Tan Uyen Town, where Yang is the director. Yang’s arrest came one day after Binh Duong police issued a notice to hunt for him after they examined the scene of the killing at Vinh Nhuan. The examination was made as soon as police received a report from the company's staff who found M.'s corpse in the restroom. M. was seen dead with multiple injuries, including a cut on her neck, on the floor of the toilet at around 5:00 pm on Wednesday. A knife … [Read more...] about Chinese director arrested for allegedly killing pregnant Vietnamese accountant

An HDBank transaction office in HCM City. HDBank hopes to maintain its high growth momentum in the coming years. — Photo courtesy of HDBank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its 2022 results audited by PwC, which shows profit before tax of nearly VND10.27 trillion (US$437.18 million), its highest ever and up 27.2 per cent from the previous year and 105 per cent of the target approved by shareholders. The non-performing loans (NPL) ratio was low, while operational safety indicators were among the best in the industry. The operating income for the year topped VND22 trillion ($936.39 million), up 31.1 per cent. Its credit, services, card, and digital banking businesses all saw high growth. The total number of credit cards it issued quadrupled while their transaction value nearly tripled, and the number of e-banking transactions doubled with their value growing by six times to VND761 trillion ($$32.39 million). The return on equity and … [Read more...] about HDBank outstanding loans to property sector, corporate bond holdings among industry lowest