Banks create conditions for business restore soon

Banks create conditions for business restore soon

Since the beginning of 2021, Ho Chi Minh City has supported more than 406,000 customers with a total outstanding balance of more than VND471.19 trillion under the policies of the State Bank of Vietnam (SBV) on supporting businesses affected by the Covid-19 pandemic. In the fourth quarter of 2021, the city will strengthen the Bank and Business Connection Program with a credit support package of about VND70 trillion.

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Banks create conditions for business restore soon

Banks create conditions for business restore soon

Since the beginning of 2021, Ho Chi Minh City has supported more than 406,000 customers with a total outstanding balance of more than VND471.19 trillion under the policies of the State Bank of Vietnam (SBV) on supporting businesses affected by the Covid-19 pandemic. In the fourth quarter of 2021, the city will strengthen the Bank and Business Connection Program with a credit support package of about VND70 trillion.
Banks improve credit growth in last months of 2021

Banks improve credit growth in last months of 2021

Credit growth by the end of September 2021 reached 7.17 percent, much higher than the level of 4.99 percent in the same period last year. However, in September, due to the impact of the pandemic and social distancing, the total outstanding balance of the whole economy decreased by VND23 trillion.
Sixteen banks reduce lending interest rates by more than VND8.86 trillion

Sixteen banks reduce lending interest rates by more than VND8.86 trillion

Four State-owned commercial banks continue to commit to sparing a support package of VND4 trillion to cut interest rates and all banking service fees for customers in localities implementing social distancing under Directive No.16/CT-TTg of the Prime Minister.
Credit merely rises 0.76 percent in Q3

Credit merely rises 0.76 percent in Q3

The State Bank of Vietnam Ho Chi Minh City Branch, on September 29, said that by the end of September 2021, the outstanding balance in the city was estimated at nearly VND2.7 quadrillion, up 6.41 percent compared to the end of 2020.
Interest rate cut not as expected

Interest rate cut not as expected

Many commercial banks have announced a 0.5-3 percent cut in lending interest rates and many policies to support customers affected by the Covid-19 pandemic. However, feedback from individual customers in Ho Chi Minh City shows that banks have refused to aid them, even when they are in blocked areas and need priority.
Banks urged to embrace digitisation

Banks urged to embrace digitisation

About 67 percent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus).
Commercial banks sharply raise provisions to cover bad debts

Commercial banks sharply raise provisions to cover bad debts

Although commercial banks have restructured a lot of debts to support customers affected by the Covid-19 pandemic, in the recently released second-quarter financial statements of commercial banks, the total bad debts by June 30 still increased by 4.5 percent compared to the end of last year, equivalent to an increase of nearly VND124.9 trillion. In which, the ratio of debt group 5 (Potentially irrecoverable debts) at some commercial banks has recently increased rapidly.