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Vietnam targeted that the ratio of cash transactions should be reduced to below 10 per cent lower than the national plan of non-cash payment market for the period 2016-20. — Photo baocongthuong.vn Nghiem Thanh Son, deputy head of SBV’s Payment Department, said domestic payment of bank cards continued to increase in the period, reaching 65 million transactions worth a total VND171 trillion. The number and value of transactions performed online in the first three months of the year rose by 68.8 per cent and 13.4 per cent over the same period last year. Most banks have brought new technologies into their payment activities while accelerating modern and safe payment methods to attract consumers. Infrastructure and technologies for non-cash payment have seen increased investment and improved quality. By the end of March, the country had 18,668 ATMs and 261,705 POS cards. Nguyen Thi Hien, deputy head of the central bank’s Banking Strategy Institute said … [Read more...] about VN banks handle $898.4 b through e-payments in Q1

Financial Markets Largest M&A deal in banking sector concluded By Trang Nguyen Tuesday,  Nov 12, 2019,19:12 (GMT+7) Largest M&A deal in banking sector concludedBy Trang Nguyen Representatives of BIDV and KEB Hana Bank sign a strategic cooperation agreement - PHOTO: BIDV HANOI – As part of the largest merger and acquisition (M&A) deal ever seen in the local banking sector, the Bank for Investment and Development of Vietnam (BIDV) on November 11 signed a strategic cooperation deal with South Korea’s KEB Hana Bank, transferring a 15% stake in BIDV to the South Korean partner. Witnessed by Deputy Prime Minister Vuong Dinh Hue and other high-ranking officials of Vietnam and South Korea, BIDV, Vietnam’s largest commercial bank in terms of asset value, agreed to issue more than 603.3 million shares worth nearly VND20.3 trillion to KEB Hana Bank. Thus, the South Korean bank has become the first … [Read more...] about Largest M&A deal in banking sector concluded

Financial Markets Vietnam’s banks are capital generators amidst high growth: J.P. Morgan By Thanh Thom Monday,  Nov 11, 2019,10:30 (GMT+7) Vietnam’s banks are capital generators amidst high growth: J.P. MorganBy Thanh Thom A bank teller counts Vietnamese banknotes – PHOTO: THANH HOA HCMC – Vietnamese banks offer an increasingly rare combination of high and self-sustaining earnings growth, said United States-based investment bank J.P. Morgan. “This, along with a favorable credit cycle, should lead to significant multi-year returns, in our view,” according to J.P. Morgan's latest Asia Pacific Equity Research report. Further, the report noted that high visibility on nominal gross domestic product (GDP), and current account surplus in its forecast horizon, allows for extrapolation of strong earnings and credit growth in Vietnam. “Yet, 104% bank loans/GDP is high for US$2,500 … [Read more...] about Vietnam’s banks are capital generators amidst high growth: J.P. Morgan

In 2019 the State Bank of Viet Nam has set a credit growth target for the banking sector of 14 per cent, lower than the rates of 18 per cent in 2017 and 17 per cent in 2018. — VNA/VNS Photo In 2019 the State Bank of Viet Nam has set a credit growth target for the banking sector of 14 per cent, lower than the rates of 18 per cent in 2017 and 17 per cent in 2018. Analysts attribute the SBV’s decision to the economy’s steady growth in recent times without depending much on bank credit unlike in the past. Now some major sectors like supporting industries, services and agriculture are becoming more attractive to foreign investors. Besides, many companies are now able to mobilise funds from the securities market. Others also point to a decline in demand for credit since economic growth this year is expected to be a more modest 6.4-6.5 per cent. Another important reason for the decision is that many banks are struggling to increase their charter capital to meet Basel II … [Read more...] about Central bank hands banks fait accompli: increase non-interest income

Vietnam Economy Central bank not pursuing unhealthy competitive advantage in trade By Thanh Thom Thursday,  May 30, 2019,20:48 (GMT+7) Central bank not pursuing unhealthy competitive advantage in tradeBy Thanh Thom The façade of the State Bank of Vietnam’s headquarters in Hanoi. The central bank is pursuing a flexible foreign exchange rate in line with domestic and international market conditions – PHOTO: SBV HCMC – The State Bank of Vietnam (SBV) said in a statement today, May 30, that it is not pursuing an unhealthy competitive advantage in international trade after the U.S. Treasury Department raised concerns over the Vietnam's currency practices this week. The U.S. department stated in a semiannual report on the macroeconomic and foreign exchange policies of the country’s major trading partners that it had reviewed and assessed the policies of an expanded set of 21 major U.S. trading … [Read more...] about Central bank not pursuing unhealthy competitive advantage in trade