Bank

Viet Nam is one of the leading nations in banking digital transformation. — Photo courtesy of VIB The pandemic has drastically changed the consumption behaviour of customers. That has been prompting banks to adapt. As digital transformation has become inevitable, banks have made greater efforts to put new technologies into practice in the digitalisation race. Currently, Viet Nam is one of the leading nations in banking digital transformation, Le Anh Dung, deputy director of the Payment Department under the State Bank of Viet Nam, said during a webinar entitled 'Banking industry as a pioneer in digital transformation: for the public to participate and benefit'. Among the country's remarkable achievements are the rate of technological adoption in banking operations which has increased by 40 per cent and mobile payments which have seen significant yearly growth of 90 per cent in volume and 150 per cent in value. Digital and payment ecosystems have been established by integrating … [Read more...] about Banks speeds up digital transformation

Banks continue to increase deposit interest rates to attract customers. (Photo courtesy of Viet Capital Bank ) Hanoi (VNS/VNA) - Viet Capital Bank has unveiled a certificate of deposit for individual and institutional customers with an interest rate of up to 8.4% depending on the tenor. Customers can buy CoDs for just 10 million VND (417 USD) and receive interest of 7.5%, 7.8%, 8%, and 8.2% for terms of 6, 9, 12, and 15 months. For 18-month term they can get 8.4%. After six months they can freely transfer the CoDs and still enjoy higher interest rates than ordinary savings deposits, a bank spokesperson said. After the State Bank of Vietnam raised its policy rate, many banks, including State-owned ones, have raised interest rates for VND deposits. ABBANK has the highest rate of 8.8% for 13-month deposits of 500 billion VND (20.8 million USD) and above. Banks are also offering promotions to attract deposits. For instance, from October 3 to December 30, … [Read more...] about Deposit interest rates continue to rise

Manufacturing has been identified as the growth engine of Vietnam’s economy, but the added value from the industry dropped sharply after the pandemic. While in 2019, the added value increased by 8.86 per cent compared to 2018, it only increased by 3.36 per cent in 2020 and 4.82 per cent in 2021, according to the General Statistics Office of Vietnam. Vietnam’s supporting industries seeking incentives - illustration photo Tran Thi Thu Trang, director of Hanel Import-Export JSC, found the current processes tough, especially when it comes to being one step ahead to capture customer needs and orders. “If you miss a beat, you are going to be 1-2 years behind in joining the global supply chain,” Trang said. “The enterprise’s capital has been poured into investment in machinery and equipment and needs support to invest in modern technology to make products more competitive. But currently, the state does not offer specific incentives for enterprises to invest in smart equipment … [Read more...] about Vietnam’s supporting industries seeking incentives

Vietnam is experiencing a shortage of domestic employees in mid and high-level management positions, so is looking overseas to recruit, according to a new report. Lenders look further afield for recruitment- illustration photo The Navigos Group report on the recruitment demand for mid- and senior-level personnel in Vietnam in the second quarter of 2022 said that there is a lack of Vietnamese candidates for jobs that require deep expertise. The report takes the banking industry as a prime example, looking at the ongoing demand for digital banking and risk management. The recruitment market in this field is increasingly heating up with a series of joint-stock commercial banks, especially the big four of Agribank, BIDV, VietinBank, and Vietcombank, continuously recruiting in extremely high numbers. The first half of 2022 saw a 20 per cent increase in job postings compared to the same period in 2021. The banking industry in recent years has been undergoing a digital … [Read more...] about Lenders look further afield for recruitment

Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers

Earth Overshoot Day is a concept that marks the date when humanity has used all the biological resources that the Earth regenerates during the entire year. This year, Earth Overshoot Day fell on July 28, which means on this day, we had used all of the world’s natural resources budget for 2022. Tim Evans, CEO of HSBC Vietnam The date is coming earlier and earlier each year. In 1970, we overshot this threshold two days before the year’s end. This year, we overshot the threshold by 156 days. The truth is we consume a lot and waste a lot. Think about the resources you consumed in the past week: the clothes you bought, the food you ate, the distance you travelled. Think about everything you threw away: single-use plastic items like bags, bottles, coffee cups, straws, boxes, and more. Along with this, the extraction, processing, and manufacture of goods for society account for a staggering 62 per cent of total global greenhouse gas emissions. Excess emissions are released … [Read more...] about From waste to wealth: circular economic prospects