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.

Exporters will no longer allow borrowing bank loans in foreign currencies from next year if the State Bank of Vietnam (SBV) does not extend a circular regulating the issue.

In order to get bank loans, enterprises has to improve in various aspects in addition to supports from administrative agencies.

Recently, Vietcombank, one of the biggest commercial bank in Vietnam has recruited a foreign expert to be its Retail Banking Director, which is also Vietcombank’s first foreign senior executive.

Moody`s Investors Service on October 31 changed its outlook for Vietnam`s banking system to positive for the next 12-18 months from stable, reflecting the country`s strong economic prospects and the positive outlooks for most rated banks.

Many banks, especially small- and medium-sized ones, have recently offered high interest rates and promotion programs to compete for mobilization of deposits to meet rising capital demands in the last months of the year.

Moody`s Investors Service has changed its outlook for Vietnam`s banking system to positive for the next 12-18 months from stable, reflecting the country`s strong economic prospects and the positive outlooks for most rated banks.

The issue, supply and use of illegal means of payments including Bitcoin and other crypto currencies might face criminal charge according to Item 1, Article 26 of the Penal Code 2015, which has been amended and supplemented in 2017.

The generation, distribution and use of cryptocurrencies including the bitcoin can face criminal procedure from January 1 next year according to Vietnam’s laws.

Though there remains two months to the year-end many banks have so far met profit targets set for the whole of 2017, financial reports from banks showed.

In the sideline of the Asian Pacific Economic Cooperation (APEC) Financial Meetings, the Deputy Managing Director of the International Monetary Fund (IMF) Mitsuhiro Furusawa has highly regarded Vietnam’s current economic situation and monetary policy management of the State Bank of Vietnam (SBV).

The Vietnam Asset Management Company bought more than VND 25.53 trillion (US$1.12 billion) of non-performing loans (NPLs) from 14 credit institutions.

Adoption of appropriate policies by the State Bank of Việt Nam (SBV) has so far helped it buy a large amount of US dollars to increase the nation’s foreign reserves, industry insiders said.

A tax on an individual’s income from the interest accrued from the savings deposited in banks should be considered carefully to avoid negative impacts, experts said.

The General Department of Customs (GDC) on October 23 signed a co-operation agreement with five commercial banks to implement a 24/7 e-tax payment scheme.

Credit growth of the entire banking system in the past 10 days rose 1.14 per cent, pushing the total increase in the first nine months of this year to 12.16 per cent.

The Ministry of Defence said that only 17 military enterprises will have 100% of State-owned capital while 29 others will be equitised and 20 joint-stock military firms will be divested.

Vietnam’s commercial banks have gained positive performance this year, reporting a surge of up to 39 percent in profits in the past nine months, according to the National Financial Supervisory Commission.

Vietnam is heading toward a cashless economy by 2020 through increasing electronic payment.

Vietnam`s economic growth ahead of China-has been impression in Asia, as neighbors struggle to keep up with its 7.4% pace. However, Vietnam still has a lot of works to be done for sustainable development.

State-owned banks are finding it more difficult to increase charter capital, especially when they still have to pay dividends instead of keeping the money for this purpose.