Remittances to Việt Nam could fall due to US policies
Overseas remittances to Việt Nam are expected to decline mainly due to global factors.
The State Bank of Việt Nam (SBV) withdrew a total VNĐ18.87 trillion (nearly US$829 million) from the market in the week of November 26-31.
In the third quarter of this year Techcombank decided to pay stock dividends for 2017 to its shareholders at a ratio of two shares for each share held.
Chu Anh Tuấn, deputy general director of property developer Hà Đô Group, said recently his company expects consolidated profit after tax to be VNĐ700 billion (over US$30.43 million) this year.
A report from the Hồ Chí Minh Securities Company shows that bank interest rates have risen by 0.46 percentage points for short-term loans since the end of last year to 7-9 per cent and to 9-12.5 per cent for medium- and long-term loans.
The State Bank of Việt Nam has shown it is determined to continue with a tight monetary policy for the rest of the year with its decision to refuse to increase bank’s credit limits to constrain inflation and strictly control lending to high-risk sectors.
The HCM City Real Estate Association has recently proposed that the central bank should allow lenders to use 45 per cent of their short-term deposits for long- and medium-term loans next year instead of 40 per cent as it has mandated.
According to the General Statistics Office, as of September 20 the banking sector’s credit growth was 9.52 per cent, much lower than the 11.02 per cent rate recorded a year earlier.
Although Việt Nam’s balance of trade in the first eight months of the year stood at a surplus of US$2.8 billion, analysts warn about it returning to a deficit in the coming months.