Credit institutions headquartered in these financial centers will not be bound by restrictions on to foreign ownership or foreign investment conditions when providing services there or across borders.

Hanoi is advancing its efforts to integrate technology into urban management by expanding the pilot program for cashless parking payments throughout the city.

One of the key priorities for the banking sector is to support small and medium-sized enterprises (SMEs), as they generate a large number of jobs and contribute significantly to the economy.

Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, with consumers using their credit and debit cards more often for in store and online purchases.

VISA expects to become a credible partner for Vietnamese government in facilitating e-payment transactions in Vietnam, according to the company’s CEO.

Vietnam’s e-payment market is growing impressively as the number of Vietnamese people making mobile payments in stores this year has grown the fastest globally by 24 percent.

The total assets of state-owned commercial banks accounted for 44% of the total in the banking sector, followed by joint stock commercial banks with 41%.

At the end of December, the aggregate outstanding bonds of Vietnam’s 30 largest corporate local currency (LCY) bond issuers amounted to VND95.6 trillion (US$4.18 billion), representing 96.3% of the total LCY corporate bond stock.

This is the first comprehensive legal framework that lays out how to organize and implement internal audit, as well as the roles and responsibilities of internal audit and related stakeholders.

Credit expansion of state-owned banks was lower than commercial banks’, in which the current lack of capital of the former was a key factor in limiting the credit growth potential of those banks.

It is expected that the interbank interest rates are likely to decrease further in the case of better situation of geopolitical tensions.

M&A deals in Vietnam’s finance and banking sector will rise significantly this year, given by an improved business performance of local banks and a government regulation to require banks to meet stricter capital regulations as part of Basel II Accord standards by 2020.

Vietnam has been going through an exciting time of change with higher risk management standards and best practices adopted by the banking sector.

As of present, 17 out of 31 join stock banks have their shares listed on the Hanoi Stock Exchange (HNX), the Ho Chi Minh City Stock Exchange (HSX) and the Unlisted Public Company Market (UPCoM).

While Vietnam must quickly grasp opportunities emerged from new business models, any law violations during this process must be dealt with in accordance to the law.

The benchmark VN-Index recorded an increase of nearly 9% in the January – February period, accompanied by significant liquidity improvements.

Despite the banks` improved financial health, greater competition to attract private investments will make it more challenging for Vietnamese banks to raise capital in 2019.

Vietnam’s rapidly evolving fintech sector has been largely driven the country’s young, digitally-savvy population, the high mobile phone and Internet penetration rate and the government’s push to curb cash usage and promote digital payments.

Vietnam stock market has stood firm and developed in many aspects to become an attractive destination for foreign investment flows, local media reported.

Being a strategic investor of state-run VietinBank, MUFG Bank would help improve the Vietnamese lender’s capital mobilization capability.

Since 2007, The Asian Banker has been publishing the world`s annual ranking of the strongest banks.

The reclassification would help Vietnam’s stock market become more attractive in the eyes of new investors, facilitating a new wave of capital into the country.

The total assets of commercial banks under state ownership accounted for 44% of the total in the banking sector, followed by joint stock commercial banks with 41%, Vietnam Finance reported.