Business News

The banking system and credit institutions are the lifeblood of the nation's economy, with digital information in banking and finance set to become one of the key factors in the digital economy, according to experts.

Commercial banks have continuously announced lending interest rate reductions to support and accompany customers to overcome the adverse impacts of the COVID-19 pandemic.

The pandemic-triggered turbulence continues to gnaw at the consumer finance industry in Vietnam, but some players are exploring potential new approaches to the challenges, particularly from some international investors.

Despite the government coming to the aid of banks and vulnerable businesses in the past year, the latest COVID-19 wave has rendered some debt restructuring and payment scheduling by the country’s central bank less effective than expected.

While the number of retail stock brokerage accounts in Vietnam only equates to around 3 per cent of the country’s population, VinaCapital believes Vietnam is still at the very beginning of a multi-decade development of its stock market.

Many banks have reduced or even waived fees for interbank transfers and ATM withdrawals for the rest of the year following similar cuts by the National Payment Corporation of Việt Nam to support customers hit by the latest COVID-19 outbreak.

A number of banks at the end of July reported significant increases in H1 profits on strong credit growth despite pressures from the coronavirus pandemic.

The Tax Policy Department under the Ministry of Finance is drafting a proposal on tax reduction to support individuals and businesses affected by the COVID-19.