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.

The Ministry of Finance aims to have financial cloud infrastructure fully operational by 2025.

The State Treasury of Vietnam has so far this year successfully mobilized more than over VND56 trillion (US$2.46 billion) via G-bond auctions in the Hanoi Stock Exchange.

Total revenue and pre-tax profits of 14 listed banks reached VND56.34 trillion (US$2.47 billion) and VND20.13 trillion ($883 million) in the first quarter, up 35 percent and 52 percent year-on-year, respectively.

Financial reports of 13 large- and medium-sized banks showed that eight of them had the non-performing loans (NPL) ratio rose in the first quarter of this year.

Ratings firm Fitch raised Vietnam`s long-term foreign-currency issuer default rating (IDR) to `BB` from `BB-`, with a stable outlook, the agency said on May 14.

The State Bank of Vietnam (SBV) has gradually tightened the foreign currency lending to fight against the dollarization in the economy for recent years, however, in fact, the lending is rising again.

An impressive profit growth rate at 52% is considered a short term achievement and not sustainable, due to the large contribution of high expenses.

Total state budget exceeded VND446 trillion (US$19.6 billion) in the first four months, equivalent to 33.8% of the year estimation and up 12.1% year on year, informed the Ministry of Finance.

More commercial banks are keen to establish consumer finance subsidiaries to seize a bigger share of a market that is high potentials with annual growth rate of over 50 percent and projected value of VND1,000 trillion (US$43.85 billion) by 2019.

The State Bank of Vietnam (SBV) has directed commercial banks to stop increasing ATM cash withdrawal fees at this time to create consensus in public opinion.

Credit institutions are now allowed to sell bad debts lower than the bookkeeping value under the Resolution No.42 in 2017, however, banks are still facing difficulties in dealing with bad debts.

In 2017, total transaction revenue via ATM/POS has increased 34% compared to 2016, along with the cash withdrawal rate going down from 15.71% in period 2015 - 2016 to 6.86% in the first 11 months of 2016 - 2017.

Vietnam Asset Management Company (VAMC) is reported to have deposited VND18 trillion (US$790 million) in banks, said its recent financial statement in 2017.

The Ministry of Finance planned to restructure its subsidiaries this year, aimed to reduce the number of tax agencies nationwide to 173 from the current 327.

Vietnam remains huge potential for Fintech development, said the Governor of State Bank of Vietnam (SBV) Le Minh Hung.

BIDV posted its pre-tax profit at VND2.48 trillion (US$108.1 million) in the first quarter, up 9.1% compared to the same period of last year, said the bank`s quarterly consolidated financial statement.

Vietcombank, Vietnam`s largest lender by market value, will offload a 10% stake to a maximum of ten foreign investors in the first half of this year after it received government approval for the sale, it announced at its recent annual shareholders` meeting.

E-commerce transactions will be required to make payment via banks or authorized payment intermediary services compulsorily.

After years of delays, many commercial banks have so far announced to speed up their listing plans to capitalize on the improvement of the stock market.

The International Finance Corporation (IFC), the private lending arm of the World Bank Group, has proposed to extend a financing facility of up to US$100 million to Vietnamese lender TPBank, said a recent report by DealStreetAsia.