Money market loosening, despite wait for rate call
The money market is seeing the first signs of loosening though the State Bank of Việt Nam has yet to make a decision on reducing benchmark interest rates.
Last year, VinaCapital’s flagship fund, Vietnam Opportunity Fund (VOF), invested US$25 million in a private hospital operator, Tâm Trí Medical Joint Stock Company.
The State Bank of Việt Nam has said it will not cap foreign ownership of companies in the payment services industry in its draft decree to replace Decree No.101.
Companies’ annual general meetings are likely to be delayed this year with many saying they have not yet set a date, banks have taken advantage of the situation to expand their online services to mitigate its effect on their business.
On February 7, the banking sector’s outstanding loans fell by 0.38 per cent for the year, while overdue debts and non-performing loans showed signs of rising.
Amid the fourth industrial revolution many property developers in Việt Nam are seeking to adopt digital technology both for enterprise management and in their projects.
Property industry insiders said the State Bank of Việt Nam’s decision to tighten credit would mean pain in the short term for developers but help the sector develop sustainably over the long term.
Large mergers and acquisitions deals, an explosion in digital banking and the listing of several banks’shares on the stock market are among the key events expected this year in the financial sector.