Financial firms extended loan dues for more than 223,000 borrowers whose outstanding loans stood at 151 trillion VND (6.49 billion USD) by May 25, according to the State Bank of Vietnam.
Hanoi (VNS/VNA) - Financial firms extended loan dues for more than 223,000borrowers whose outstanding loans stood at 151 trillion VND (6.49 billion USD) by May 25, according to the State Bankof Vietnam.
Financial firms also cutinterest rates for more than 320,000 borrowers whose outstanding loans totalled1.14 quadrillion VND.New loans, worth 767 trillion VND, were disbursed to more than 196,000 clients with rates cut by0.5-2.5 percent from the pre-pandemic period.
The global pandemic had hadnegative impacts on all socio-economic aspects and dragged on all economicsectors and businesses, the central bank’s credit department director Nguyen Quoc Hung, said at a meeting thisweek.
Credit growth rates of thebanking sector in the first four months of the year were lower than a year ago,he said.
Credit growth as of May 20 was 1.32 percent. The rates inJanuary, February, March and April were 0.1 percent, 0.07 percent, 1.1 percentand 1.42 percent, respectively.
The pandemic means borrowershad been unable to pay their debts on the due dates, Hung said, adding possible uncollectableloans were worth 2 quadrillion VND or 23 percent of the financial-banking sector’s total.
The worst-hit sectors includedprocessing and manufacturing, transport, accommodation, eatery and hospitality,and education and training, he said.
To help the local businesscommunity recover, the central bank had cut controlling rates twice by total1.5 percent per annum since the outbreak started in early February. Maximumlending rates for short-term loans in prioritised sectors were curbed by 1 percentto 5.0 percent per annum.
The National PaymentCorporation of Vietnam (NAPAS), the National Credit Information Centre ofVietnam (CIC) and NAPAS members had helped customers cut costs to promotecashless transactions by cutting transaction fees, he said./.
The outstanding loans of 12 inefficient projects under the Ministry of Industry and Trade totalled nearly 21 trillion VND (892.7 million USD) as of the end of 2019, most were overdue, according to the Government’s report to the National Assembly.
Banks cut interest rates for loans worth more than 1.12 quadrillion VND (49 billion USD) of nearly 322,190 borrowers affected by the COVID-19 pandemic as of May 11, a State Bank of Vietnam (SBV) report showed.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) planned to increase its chartered capital from its accumulated profits or paying dividend by stocks. The plan is being completed by the competent State agencies to complete the legal procedures for implementation.
The State Bank of Vietnam will consider simplifying lending procedures to help COVID-19-affected firms easily access preferential interest rate loans, SBV Deputy Governor Dao Minh Tu said.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
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.
Transactions at HDBank (Source: HD Bank) 
