Citizens are using digital applications to pay for medical fees in a hospital in Ho Chi Minh City. (Photo: SGGP)

Digital transformation becomes critical to banking-finance sector

The Institute of Digital Economy Development Strategy, Sai Gon Giai Phong (SGGP) Newspaper, and HCMC University of Economics yesterday co-held a discussion named ‘Digital Transformation in Banking-Finance: Learning from Experience of the Republic of Korea’. Many valuable lessons from RoK and other nations in the world were shared and discussed.
SCB deploys locations to receive information related to corporate bonds

SCB deploys locations to receive information related to corporate bonds

From November 18, Saigon Commercial Joint Stock Bank (SCB) will officially establish a reception location to receive information related to the purchase and sale of corporate bonds, from 8:30 a.m. to 11:30 a.m. and from 1:00 p.m. to 4:30 p.m., from Monday to Friday, at 9th floor of SCB headquarter at No.242 Cong Quynh Street in Pham Ngu Lao Ward, District 1, HCMC.
Pressure on lending interest rates strengthens at year’s end

Pressure on lending interest rates strengthens at year’s end

The recent sharp increase in deposit interest rates has pulled lending interest rates up by 3-4 percent per annum over the same period last year. In the face of highly increasing pressure on the USD/VND exchange rate, deposit interest rates have not cooled down yet, so the pressure on lending interest rates in the peak months of the year is still huge.
Nearly VND2.94 trillion of loans for hunger eradication, poverty reduction

Nearly VND2.94 trillion of loans for hunger eradication, poverty reduction

After six years of receiving the fund, the total loan turnover from the Poverty Alleviation Loan Program at the Ho Chi Minh City Bank for Social Policies reached approximately VND2.94 trillion, with 98,650 turns of poor households, near-poor households, and households that have just escaped the near-poor household standard in the area being granted loans.
Commercial banks raise US dollar price to as high as VND24,888 per dollar

Commercial banks raise US dollar price to as high as VND24,888 per dollar

Although the State Bank of Vietnam (SBV) has increased the operating interest rates by 0.5-1 percent from October 25 to reduce the pressure on the USD/VND exchange rate, which has increased sharply over the past time, the US dollar price in commercial banks is listed at the ceiling price of VND24,888 per dollar, within the range of +/-5 percent according to the regulations of the State Bank. 
Adjustment of Vietnam dong's daily trading has certain effect on production

Adjustment of Vietnam dong's daily trading has certain effect on production

The State Bank of Vietnam's official decision to widen the USD/VND spot exchange rate band from +/-3 percent to +/-5 percent effective from October 17 continued to put pressure on the Vietnam dong to depreciate and the US dollar to appreciate. The expansion of this band has a certain effect on production and business activities and the operation of the economy in the coming time.