The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.

The 2024 growth rate is considered positive amidst global uncertainties and domestic challenges such as natural disasters.

Stable macroeconomic fundamentals, ongoing institutional reforms, and favorable monetary policies will be positive for corporate earnings.

Vietnam seeks to ease foreign investors in pouring into its public companies, considering lifting the foreign stake holding limit at the companies from the current 49 percent to 100 percent.

The bank`s bad debt reached VND20.16 trillion (US$863.33 million), accounting for 2.18% of the bank`s total outstanding loans, the CafeF reported.

By the end of 2017, total outstanding consumer loans reached over US$5 billion. The consumer finance market, however, remains huge potential for development.

According to BIDV Securities Company (BSC), fuel and food prices would have the biggest impact on inflation.

Brokerage expected the bank`s provision expense will continue to be high in next five to six quarters and undermine its earnings.

The credit growth target has been set at 17% this year, meaning that credit can grow an additional 6-7% in the final three months.

The move is considered a welcome sign for Vietnam`s market.

Cyber security and privacy are some of the most challenging issues that Vietnam are facing during the digital transformation process, VietnamFinance reported.

Foreign banks` restructuring process is aimed at refocusing resources on their remaining business activities and increase efficiency in Vietnam`s market.

Consumer financing is expected to grow at a double-digit rate for the next three years as households increase their spending.

Once completing both auctions, the lender will no longer be a major shareholder in Military Bank (MB) and Vietnam Export Import Commercial Bank (Eximbank).

Vietcombank, Vietnam`s largest lender by market value, is allowed to increase its charter capital from VND35.97 trillion (US$1.55 billion) to VND39.57 trillion (US$1.7 billion) by selling 10% stake to foreign investors.

The process plays a key role towards rapid, inclusive and sustainable development of Vietnam`s financial sector.

The difference between M2 growth and credit growth fell from VND238 trillion (US$10.24 billion) as at June 20, 2018 to only VND124 trillion (US$5.33 billion) August 22, 2018.

Favorable stock market and positive economic growth have helped large banks to step up divestment from other peers to meet the central bank’s regulation on holding shares at other credit institutions.

The central bank has proposed issuing detailed regulations on foreign shareholding limit in the country’s fintech firms to better manage the nascent financial services sector.

In 2018, inflation is estimated at 4% year-on-year, the highest level since 2014.

The banking industry will have to work hard to reduce the ratio of non-performing loans (NPLs) – including both NPLs owned by credit institutions and the Vietnam Asset Management Company (VAMC) – from the current 6.6 percent to below 3 percent in 2020.

Securing long-term finance is considered a common challenge for Vietnamese banks, CafeF reported.

The State Bank of Vietnam (SBV)`s approval is a major step creating necessary legal framework for the merger of two banks, which is scheduled to be completed by the end of 2018.