Banking sector vows adequate capital to keep economy going
The banking sector will ensure adequate capital to keep the economy going, according to an official from the State Bank of Vietnam (SBV), amid the novel coronavirus disease (COVID-19) which is taking heavy toll on the economy.
Hanoi (VNA) – The banking sector will ensure adequate capital to keep the economygoing, according to an official from the State Bank of Vietnam (SBV), amid the novel coronavirus disease(COVID-19) which is taking heavy toll on the economy.
Commercialbanks in Vietnam have adopted measures to aid enterprises hurt by the epidemic,said Nguyen Quoc Hung, director of the SBV’s Credit Department.
An estimated44,000 affected firms and individuals, who had taken out total loans of 222trillion VND (9.6 bilion USD), have benefited from various credit initiatives,ranging from interest rate cuts and loan repayment delays to reduction offees, he added.
Some 32 out of45 member banks of the National Payment Corporation of Vietnam (NAPAS) haveannounced fee waivers and reductions for online inter-bank transactions valuedless than 500,000 VND as part of efforts to promote cashless payment and reduce risk of transmission after the WorldHealth Organisation advised people to stop using cash if possible as the notes may help spread the virus.
The centralbank last weekend has urged banks to further cut fees for inter-banktransactions worth over 500,000 VND to 2 million VND from March 25 until the end of this year.
The SBVofficial said earlier this month, Vietnamese commerical banks pledged to offera credit package worth 285 trillion VND (12.3 billion USD) to support affectedbusinesses, offering 0.5 – 1 percent cut in interest rates.
There are moresimilar ones to come in the future, he added.
SBV DeputyGovernor Dao Minh Tu said to strengthen the commerical banks’ financialcapacity, the central bank will soon make a decision on cutting benchmarkinterest rates as well refinance rates, overnight rates and open-market rates.
It made thelast benchmark rate cut by 0.25 percentage points in September last year./.
The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders.
The banking sector is building a credit support programme with a value of 285 trillion VND (over 12.2 billion USD) for firms hit by the epidemic of the acute respiratory disease caused by the SARS-CoV-2 (COVID-19), in an attempt to help ease their difficulties, according to an official of the State Bank of Vietnam.
The Fourth Industrial Revolution (Industry 4.0) has a great impact on the human resources of the banking sector, according to the general director of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Illustrative image (Source: VNA) 
