Gold devalues by nearly VND1 million per tael after God of Wealth Day

Gold devalues by nearly VND1 million per tael after God of Wealth Day

While the global gold price climbed, the price of gold in Vietnam on February 22 retreated by VND200,000 per tael (1.2 ounces) compared to the previous day, the day of the God of Wealth. Early in the morning, gold trading businesses simultaneously lowered their prices by VND300,000-VND350,000 per tael. However, after that bullion prices slightly increased again.
Credit growth in 2020 not as high as expected

Credit growth in 2020 not as high as expected

The State Bank of Vietnam (SBV) said that by December 31, last year, the credit outstanding balance of the economy nearly touched VND9.2 quadrillion, an increase of about 12.13 percent compared to 2019, at a meeting to deploy the tasks of the banking sector in 2021 held in Ho Chi Minh City on January 7.
The automotive market offers many promotions to attract customers. (Photo: SGGP)

Credit accelerates prior to Lunar New Year

Banks have launched several preferential credit packages to stimulate demand for business capital and spending to take advantage of the peak business and shopping season at the end of the lunar year.

 

Wholesale and retail sale activities at Binh Tay Market. (Photo: SGGP)

Banks enable credit capital at year’s end

In the first three quarters of this year, bank credit growth was low, but since October, credit growth has shown signs of recovery. With favorable conditions, including abundant liquidity, low lending interest rates, and seasonal factors, banks are enabling credit flows to the market at the end of the year.
State Bank of Vietnam (SBV) headquarters in Hanoi. (Photo: VNA)

Banks urged to cut interest rates for epidemic-hit firms

The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies.
Commercial banks lower interest rates

Commercial banks lower interest rates

After the State Bank of Vietnam decided to lower the ceiling interest rates on loans and deposits in Vietnamese dong from November 19, a slew of commercial banks have started reducing interest rates.
Former OceanBank Chairman Ha Van Tham in court (Source: VNA)

Former OceanBank executives stand trial in Hanoi

The People’s Court of Hanoi on August 28 opened the first instance hearing for former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (OceanBank) Ha Van Tham and other 50 defendants for serious violations of the State’s monetary policies.
Net Interest Margin of commercial banks in 2016 (percent). (Source: BIDV Securities Company)

Trimmed interest rates might affect NIMs: experts

Commercial banks which have cut interest rates for short-term lending following the State Bank of Vietnam’s cue might suffer a further decline in the net interest margin (NIM), experts said.