The completion of the sale of Vietcombank stake to foreign buyers in early 2019 and of BIDV at the end of last year may bode well for a comeback of foreign banks to Vietnam in 2020
According to the State Bank of Việt Nam, promoting online payment for public services is one of the goals of the Government. Previously enterprises had to pay tax at the Treasury or a bank, take the payment receipt to customs authorities and wait.
Credit growth in 2019 was estimated at 13% against last year, almost doubling the growth rate of the gross domestic product, according to the State Bank of Viet Nam.
In 2019, bank loans for real estate activities, such as buying, repairing and building houses, exceeded VND300 trillion, up 15 per cent year on year. Meanwhile, capital from other sources, including bonds, remittance and foreign direct investment (FDI), reached about VND240 trillion, he said.
The Ministry of Finance recently coordinated with the Vietnam Chamber of Commerce and Industry (VCCI) to hold a dialogue conference on tax and customs policies and administrative procedures in 2019. This is the 14th year VCCI and the Ministry of Finance jointly hosted this event.
The State Bank of Vietnam (SBV) has announced plans to reduce the ceiling levels of deposit rates for short-term tenors and lending rates for priority sectors from today, November 19. Local commercial banks have also raced to lower their interest rates in recent days.
JP Morgan rated shares of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Technological and Commercial Joint Stock bank (Techcombank) and the Asia Commercial Joint Stock Bank (ACB) at over weight and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) at neutral.
Digital technologies have had a strong impact on the country's economy and nowhere that impact has been more strongly felt like in the banking and finance sector. Technologies helped improve business models and processes as well as created new products and services to serve the need of customers.