Remittances to Việt Nam could fall due to US policies
Overseas remittances to Việt Nam are expected to decline mainly due to global factors.
Since the beginning of the year the State Bank of Việt Nam has been increasing the reference rate of the đồng against the US dollar, and the Vietnamese currency has appreciated 0.43 per cent as a result.
The explosion in e-commerce has sent demand for logistics, especially transportation, through the roof.
Analysts have recently been bombarded with a question by investors: will bank shares continue to be attractive this year?
Last August Prime Minister Nguyễn Xuân Phúc issued Decision No.986/QĐ-TTg on the Development Strategy of the Banking Sector.
Last month, property developer Vingroup unveiled plans to sell 20 million non-convertible bonds at VNĐ100,000 (US$4.39) each in two phases without any covered warrants or guaranteed assets.
On the first day of the new year the Government issued Resolution No 01/NQ-CP/2019 for the robust development of the securities market, especially the derivatives segment.
On December 11 the State Bank of Việt Nam reduced the value of the đồng against the US dollar by VNĐ9 from the previous day to VNĐ22,775 (US$1).
In the first nine months of the year, the Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank)’s pre-tax profit exceeded the full-year 2017 figure and closed in on the year’s target.
Analysts believe banking credit growth will ease off next year, but since lending activities will mainly be focused on the economy, growth will not be affected.