Want to be in the loop?
POSITIVE SIGNS FROM VIETNAM’S BANKS AS CREDIT RANKING RISES
The world’s leading credit rating firms have ranked Vietnamese commercial banks at higher positions this year, reflecting the success of monetary policy and efforts made by commercial banks.
Moody's Investors Service on August 14 upgraded the ranking of 14 Vietnam’s commercial banks. Prior to that, the world's leading credit rating agency lifted the national credit rating from B1 to Ba3 on August 10.
Moody's said that the rating improvement was gained on the basis of the strong growth potential of Vietnam’s economy, with the backing of an increasingly effective use of labor force and capital.
It also said the rating upgrading reflected improvement in the banking system.
Fitch Ratings in May 2018 upgraded the Long-Term Default Ratings (IRDs) and revised the Support Rating Floors of three state-invested banks, namely VietinBank, VIetcombank and Agribank, from B+ to BB-.
Prior to that, the agency lifted Vietnam’s credit rating from BB- to BB.
Explaining the move, Fitch Ratings said Vietnam is building policies aiming for macroeconomic stability. The measures to ensure more flexible exchange rates and focus on curbing inflation have helped attract FDI and maintain a high economic growth rate.
Vietnam’s forex reserves have improved continuously thanks to the application of a new exchange rate mechanism in early 2016, aiming for a more flexible exchange rate, large surplus of current accounts and FDI attraction.
Brand Finance, when releasing the list of 500 most valuable bank brands in the world in early 2018, named three Vietnam’s banks – VietinBank, BIDV and Vietcombank.
Moody’s upgraded the outlook of Vietnam’s banking system from stable to positive, while Bloomberg commented that Vietnam dong was one of the most stable currencies in Asia.
The Doing Business Report 2018 of the World Bank put Vietnam in the 29th position out of 190 surveyed countries in Getting Credit index. This represented a 3-notch improvement compared with the year before.
The State Bank of Vietnam has been praised for its timely actions and reasonable moves to regulate loan interest rates, and ensure a stable exchange rate, factors that help protect investors’ confidence in Vietnam’s investment environment.
Despite the uncertainties in the global market (interest rate hike in the US and trade tense among countries), the exchange rate and forex market in Vietnam remained stable with good liquidity and smooth transactions. All the lawful demands for foreign currencies were satisfied by the banking system.
By the end of August, the loans disbursed for agriculture and rural development had increased by 12 percent over the end of 2017, while the loans to fund exports had risen by 7.43 percent.
1. Vietnam needs a better government bond market 2. Big banks reduce lending rates, small banks cannot follow 3. Digital banking: banks' website channel remains untapped 4. Digital banking: banks' website channel remains untapped 5. HCM City, Hanoi among most dynamic growing cities ----and more news
1. Why is SBV constantly raising central exchange rate? 2. Banks sell shares to foreign investors: 'The rich' cry 3. Vietnam central bank likely to raise policy rate in H2/2019: UOB 4. Former US Secretary of State advises Vietnam on response to climate change 5. NA to address policy obstacles facing oil & gas sector ----and more news
1. Elevator supply and installation-bid extend2. Automatic eye dropping machine supply3. Patrolling and controlling equipment supply4. Desks, chairs, beds, cabinets supply5. Training equipment supply-bid extend----and more news
For celebrating Lunar New Year, our company has promotion discount for our product – Edible Bird’s Nest. As you know, from the old days, Edible Bird‘s Nest is considered a delicacy food, it contains high protein (45%), with 18 kinds of amino acids and 31 essential trace elements needed by the body. However, people in modern day are too busy, they do not have time to cook.
1. Desk based life assessment supply2. Audio and lighting equipment supply3. Equipment and materials supply4. Primary Equipment and Materials supply and delivery5. Switching and protection equipment supply----and more news
1. Line printing towel supply and installation2. Chemicals, materials, biological supply3. Insulators and accessories supply4. Photoelectric transducers supply5. Scanner and camera supply-bid extend----and more news