Lending club high interest rates

Vietnam’s economic engine HCM City has the country’s lowest fertility rate of 1.53, according to the Ministry of Health’s latest report in June. A newborn at HCM City's Hung Vuong Hospital. The city's fertility rate is lowest in Vietnam. A total 21 provinces and cities have low to very low fertility rates, mostly in the Mekong Delta, southeast and central coastal regions. With a total population of 38 million, these provinces’ prolonged declining fertility rates pose dire threats to the country’s future in terms of security, workforce and economy, the report said. Meanwhile, 33 others have high fertility rates, with the central province of Ha Tinh topping the list at 2.9 births per woman of childbearing age. The MoH has recently decided to attempt to adjust fertility rates among localities to maintain the desired fertility at replacement level of two to 2.2 children per woman of reproductive age. The ministry said it would allocate State funds to provide … [Read more...] about More than 20 localities in Vietnam have low birth rate: Health Ministry

The Hanoitimes - The decrease in short-term deposit rates at commercial banks was mainly driven by the excess liquidity when credit growth was slow at only 5.12% year-on-year as of September 22. The State Bank of Vietnam (SBV)’s latest policy rates cut, its fourth time of the year, is expected to have limited impacts on the economy, according to securities firms. The latest policy rates cut is expected to have limited impacts on the economy. On September 30, the SBV announced it would slash 0.5 percentage points to the refinancing interest rate, discount interest rate, overnight lending rate, and interest via open market operations (OMO). Accordingly, the refinancing interest rate is down from 4.5% per annum to 4%, rediscount rate from 3% to 2.5%, overnight interest rate from 5.5% to 5% and interest rate via OMO from 3% to 2.5%. The SBV also lowered the interest rate cap to 4% annually from 4.25% for deposits with maturities of one month to less than six … [Read more...] about Vietnam c.bank’s latest policy rate cut to have limited impacts on economy

The Hanoitimes - These actions stem from the sharply lower - albeit positive - growth that Vietnam faces from the Covid-19 pandemic. Fitch Ratings has revised the outlook on the Long-Term Issuer Default Ratings (IDRs) of two state-owned banks and a wholly foreign-owned bank in Vietnam to Stable from Positive, and the outlooks for two joint stock commercial banks to Negative from Stable. Illustrative photo. These actions stem from the sharply lower - albeit positive - growth that Vietnam faces from the Covid-19 pandemic and its potential to negatively affect the banks' credit profiles in the near term, at least. The IDRs of all five banks were affirmed at existing levels as Fitch expects a firm economic recovery in 2021, although there will be lingering effects on the banks. Fitch Ratings previously revised the outlook on Vietnam's IDR to Stable from Positive and affirmed the rating at 'BB'. Vietnam Joint Stock Commercial Bank for Industry and Trade … [Read more...] about Fitch lowers rating outlooks of Vietnamese banks on Covid-19

The Hanoitimes - The interest rate cap for deposits with maturities of one month to less than six months has been lowered to 4% annually from 4.25%. The State Bank of Vietnam (SBV), the country’s central bank, has announced the fourth policy rate cut  this year to support the economy amid Covid-19 impacts, scheduled to take effect from today [October 1]. The State Bank of Vietnam. As per the decision, a 0.5 percentage point reduction would be applied to the refinancing interest rate, discount interest rate, overnight lending rate, and interest via open market operations (OMO). Accordingly, the refinancing interest rate is down from 4.5% per annum to 4%, rediscount rate from 3% to 2.5%, overnight interest rate from 5.5% to 5% and interest rate via OMO from 3% to 2.5%. The SBV also lowered the interest rate cap to 4% annually from 4.25% for deposits with maturities of one month to less than six months. The deposit interest rate cap with maturities of less … [Read more...] about Vietnam c.bank cuts policy rates, the fourth time in 2020

The Hanoitimes - A low-interest rate environment in long term could make capital available for other investment channels, so banks are under pressure to readjust their savings mobilization rates to better attract idle capital. A recovery in production and business activities could lead to higher demand for credit, in turn prompting banks to gradually raise their lending rates from the end of the first quarter. Customers at a branch of VPBank in Hanoi. Photo: Cong Hung Dinh Trong Thinh, lecturer at the Academic of Finance, told Vietnam News Agency (VNA), that lenders, as a result, could also increase capital mobilization rate to further attract cash flow. According to Thinh, Vietnam’s effective measures against the Covid-19 pandemic have prevented disruption to economic activities. Meanwhile, the majority of local enterprises have now also resumed normal operation after having struggled with the Covid-19 impacts for over a year, he noted, not to mention the … [Read more...] about Interest rates likely to raise at end of first quarter