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.

 

Quang Ninh Province has proposed the Government to direct relevant ministries and agencies to negotiate with China to allow commercial banks of the two countries to cooperate and agree on border trade payment service for import-export enterprises and border residents. The State Bank of Vietnam (SBV) has just issued a written response to this proposal.

Vietnamese citizens and commercial banks alike have expressed uncertainty over the new Decree 126 on Tax Administration that requires banks to provide customers’ information as well as deduct tax payables on behalf of the tax department.

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.

According to the State Bank of Vietnam (SBV), by September 16, credit growth of the banking industry reached 4.81 percent. Although the State Bank of Vietnam has recently raised the credit growth limit for some effective credit institutions capable of expanding healthy credit into sectors serving economic growth, general credit in the banking system is still growing sluggishly.

State Bank of Vietnam (SBV) has just announced the reduction of a series of operating rates from October 1. 

Although Vietnam's corporate bond market is the smallest among the six corporate bond markets in the ASEAN, it has recently developed extremely rapidly.

From the beginning of this year to now, the share listing plans of commercial banks have been extremely quiet, currently, many banks have changed their listing routes.

Amid the context that banks limit medium and long-term loans, many enterprises have shifted to a new capital mobilization channel – corporate bond issuance. Statistics by the Ministry of Finance showed that in the first four months of this year, the corporate bond market developed rapidly, exceeding VND58 trillion.

To support enterprises and borrowers affected by the Covid-19 pandemic, banks have simultaneously cut their interest rates by 0.5-2.5 percent per annum for loan packages.