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SBV to disburse VND4 trillion worth of refinancing loans for VNA The Saigon Times A Vietnam Airlines aircraft is parked at a local airport. The State Bank of Vietnam is set to disburse refinancing loans worth VND4 trillion by the end of this month to help the national flag carrier Vietnam Airlines cope with losses caused by the Covid-19 pandemic – PHOTO: VNA HCMC – The State Bank of Vietnam (SBV) is set to disburse refinancing loans worth VND4 trillion by the end of this month to help the national flag carrier Vietnam Airlines (VNA) cope with losses caused by the Covid-19 pandemic, said an SBV representative at a press briefing held on June 21. In response to reporters’ inquiries about the central bank’s supporting policies for VNA, Nguyen Tuan Anh, head of the Department of Credit Policies for Economic Sectors at SBV, said that there were three credit institutions, SeaBank, MSB and SHB, that had pledged to offer VND4 trillion worth of refinancing loans backed by the … [Read more...] about SBV to disburse VND4 trillion worth of refinancing loans for VNA

The State Bank of Vietnam (SBV) is facing a delicate balance of curtailing excessive lending to real estate developers while reducing imminent Covid-19 risks to the sector, according to HSBC. Referring the property sector as an increasing source of growth for Vietnam, the bank in its latest report noted real estate activity in the country accounts for 8% of the GDP, while the ratio in ASEAN is between 5% and 15%. “The memory of a housing bubble of 2007-12, which ultimately led to a prolonged banking crisis, looms large in the collective conscience. Even after a gradual recovery in the banking sector, real estate loans continue to account for a large proportion of bank balance sheets,” noted the HSBC. While some banks do not have a specific classification on loans to the real estate sector, balance sheets of the “Big-4” SOE banks [Vietcombank, Vietinbank, BIDV, Agribank] reveal a key linkage with the associated construction sector, stated the bank. As the real estate market … [Read more...] about Delicate balance needed to address Vietnam’s property risks: HSBC

SBV informed that by early June this year, credit institutions have restructured the repayment period for over 250,000 customers, with loan outstanding balance of more than VND330 trillion; exempted, reduced, and lowered interest rates for 676,690 customers, with loan outstanding balance of VND1,277,831 billion; provided new loans with lower interest rates than before the Covid-19 pandemic, with accumulated loan outstanding balance from January 23, 2020, to now reaching VND3,508,415 billion. The maximum short-term lending interest rate in VND in some priority sectors and fields is 4.5 percent per annum. The average lending interest rate in USD is at 3-6 percent per annum. By May 31, the Vietnam Bank for Social Policies also extended repayment for 174,871 customers, with a loan outstanding balance of over VND4 trillion, gave new loans to more than 3 million new customers, with the amount of VND111,256 billion. As for the support policy to remove difficulties for the national flag … [Read more...] about More than VND3.5 quadrillion of loans given with low-interest rates

The mid-term outlook of the market remains bright, but in short-term, investors may face certain risks. The Vietnam Financial Consultant Association (VFCA) made the assessment in its latest report on the local stock market. According to the VFCA, in the face of the serious nature of the fourth Covid-19 outbreak and the rollout of the vaccination program, scheduled to complete by late 2022, more investors would join the stock market. “Meanwhile, the fact that international organizations providing a positive outlook on the local economy with estimated GDP growth of 6.5-7.1% would further support market development,” it added. The VFCA also pointed out the current low-interest environment as a factor for people to look for investment channels, including the stock market, with higher profit returns. “The State Bank of Vietnam (SBV) is expected to maintain its current interest rate policies to support people and businesses affected by the pandemic,” stated the VFCA. … [Read more...] about Factors keeping capital flowing into Vietnam stock market remain unchanged

PVI Insurance becomes partner of Zurich Global Employee Benefits Solutions network Digital solutions expected at Viet Solutions 2021 for dual target The story of plastic: Solutions and efforts of Unilever Vietnam towards sustainable development Innovative prophylaxis treatment for haemophilia A patients in Việt Nam Moody’s upgrades SeABank’s outlook to positive from stable The unprecedented COVID-19 pandemic has caused challenges for businesses and requires them to have new ways to adapt to the new normal. However, firms with proper and flexible business strategies still take development opportunities during the pandemic. Michele Wee, CEO of Standard Chartered Vietnam, talks about the bank's strategy and its methods to overcome the challenges. Michele Wee, CEO of Standard Chartered Vietnam Amid the unprecedented impact caused by the COVID-19 pandemic, many businesses have been seeking new ways to adapt to the new normal. What have been the changes … [Read more...] about Standard Chartered Vietnam towards sustainability

The State Bank of Vietnam (SBV) has loosened monetary policies since the start of this year to fuel growth as macroeconomic fundamentals remain favorable. Maintaining the values of key interest rates and sustaining policies aimed at supporting enterprises battered by Covid-19 are among the highlights of monetary policies in 2021. Consistently low interbank interest rates since the start of 2020 (except on a few days, when an unexpected drop in liquidity pushes up interest rates) have enabled banks to keep deposit and lending interest rates manageable to boost production and investment – SGT Photo: Tran Ngoc Linh Monetary policy management is inextricably tied with macroeconomic fundamentals. It is therefore important to review these factors as a necessary condition for policymaking of the SVB, the central bank. Two key variables, inflation and the exchange rate, were rather encouraging in the first four months of this year. Inflation in the first four months only … [Read more...] about Monetary policies: highlights of early 2021