Many banks and finance companies have proactively adopted technologies to provide digital financial services, Nguyen Hoang Minh, a senior central bank official said.
The Vietnam Competition Authority, under the Ministry of Industry and Trade, has advised local consumers to be cautious in taking out online loans amid rampant online loan scams.
Consumer finance companies should invest more in technology to avoid lagging behind in the digital era as technology has dramatically changed consumer behavior, said experts at a seminar in HCMC.
According to the State Bank of Vietnam, the banking sector’s business performance in the first nine months of 2019 has been continuously improved with good results in terms of profits and credit growth. Besides such positive indicators, many banks also made a strong impression with significant events.
The State Bank of Vietnam’s recent move to tighten loans in the real estate sector is expected to have no impact on low-income earners who wish to purchase apartments worth less than VND1.5 billion (US$64,900).
The State Bank of Vietnam (SBV) announced Monday it has lowered the interest rates on compulsory reserves at banks by 0.4 percentage points.
The State Bank of Vietnam has cut the reserve ratio in local currency at credit institutions to 0.8% from the previous 1.2% per year, applied since 2005.
Vietnam’s four major state-owned banks might have to stop lending due to their low capital adequacy ratios, a central bank official has warned.
Vietnam is expected to receive US$16.7 billion in overseas remittances this year, placing it among the 10 countries receiving the most remittances in the world.
Prime Minister Nguyen Xuan Phuc lauded the State Bank of Vietnam’s latest moves to lower interest rates for deposits in Vietnamese dong and order local lenders to offer lower interest rates for key business sectors.