FINANCE MINISTRY SETS TARGETS FOR BANKING SYSTEM
Ministries and agencies will have to report their results to the MoF’s Department of Banking and Financial Institutions before November 15 every year so the department can compile the results to send them to the SBV before November 30 every year.
PEOPLE PREFER BANK DEPOSITS AMID GLOBAL UNCERTAINTIES
Nguyễn Phương Thảo, a salesperson in a Hà Nội-based logistics company, said in the past two years, when the savings interest rate at banks dropped sharply due to the pandemic, she used her idle money to invest in the securities market and got a decent profit.
CHEAP CAPITAL SOURCES AT MOST BANKS DECLINE IN Q2
Focusing on increasing CASA – or the proportion of demand deposits out of total deposits – has been one of the top targets of many banks in recent years as it is a cheap capital source that helps banks have low input capital costs. Currently, demand deposits have very low interest rates of only 0.1 per cent per year.
INVESTORS HAVE AROUND $3.4B IN SECURITIES ACCOUNTS AT END OF Q2
According to estimates from cafef.vn, at the end of the second quarter, customers’ available balance in securities accounts reached VNĐ80 trillion (US$3.4 billion), a decline of VNĐ20 trillion over the record number at the end of the previous quarter. This is the lowest level since the first quarter of 2021.
STANDARDISE BOND MARKET TO ENSURE GROWTH OF STOCK AND REALTY MARKET
The bond market has become an important capital mobilisation channel for enterprises, especially real estate firms. However recent scandals have caused uncertainty, threatening the development of public companies, the Vietnamese stock market and the realty industry.
GOVERNMENT LOOKS TO BUILD SAFE, TRANSPARENT, EFFICIENT, SUSTAINABLE CAPITAL MARKET
The Government has issued Resolution No. 86/NQ-CP on the development of a safe, transparent, efficient and sustainable capital market in order to stabilize macro-economy and mobilize resources for socio-economic development.
POSITIVE OUTLOOK FOR BANKING INDUSTRY
According to a survey recently released by Vietnam Report Joint Stock Company, 63.6% of respondents anticipated higher growth in the banking industry than last year, slightly higher than last year's respondents (58.8%). About 9.1% of respondents are cautious about the banking outlook.
TAX REVENUE SURGES 17.6%
Budget revenue was estimated at VND775,262 billion in the first six months of 2022, equaling 66% of the full-year estimate and 117.6 % of the value a year earlier, said the report at a recent Tax Review Conference for the first half of 2022. Up to 60 out of 63 localities completed more than half of their full-year targets.
