Many lenders in Ho Chi Minh City have applied the ‘three-on-the-spot’ mechanism, one of two models required for production companies in virus-hit areas, to deal with difficulties caused by the COVID-19 pandemic.
The Ho Chi Minh City Development Joint Stock Commercial Bank (HOSE: HDB) has reported pre-tax profit of VND4.19 trillion (US$183.9 million) for the first half of the year, a year-on-year increase of 44.2 per cent and equivalent to 58 per cent of the full-year target.
Banks will continue to tighten lending in risky sectors including securities, real estate, financial, and tourism business, seeing higher credit risks in the remaining months of this year, a survey carried out by The Monetary Forecasting and Statistics Department, has said.
Credit demand has been on the rise in the first half of the year and is set to maintain its growth momentum for the second six months.
Moody's Investors Service has assigned a B1 rating for An Binh Commercial Joint Stock Bank’s long-term domestic and foreign currency deposit, one spot higher than the lender’s baseline credit assessments.
Many commercial banks have now extended their credit growth limit for 2021. This could be the best solution offered by the State Bank of Vietnam because currently monetary policies do not have much room and the brunt of reducing lending interest rates is falling on the economy.
The State Bank of Viet Nam is studying a proposal for developing a law on resolving the non-performing loans (NPLs) of credit institutions over the risk of rising bad debts as the COVID-19 pandemic weighs on production and business.
A newly issued government decree provides corporate income tax (CIT) incentives to support industry enterprises that were previously ineligible for such tax breaks.
Vietnam is set to delay an online tax on e-commerce vendors by five months to support economic recovery amid severe Covid-19 impacts.
Viet Capital Bank reported a five-fold growth in pre-tax profits in the first half of the year to VND337 billion (US$14.7 million).