Vietnamese banks are under the spotlight in the post-pandemic world The Asian Development Bank (ADB) has forecast Vietnam to be one of the fastest-growing economies in Southeast Asia despite the impact of COVID-19. In its Asian Development Outlook report 2020, it reiterated the country’s economy will bounce back to 6.8 per cent in 2021. Given the rapid digitalisation trends observed in recent years and the government’s policies towards financial inclusivity – combined with the State Bank of Vietnam’s policies of strengthening banks’ balance sheets – the current situation provides a unique mix where Vietnamese banks can keep growing rapidly and increase profitability by introducing innovative financial products to reach out to traditionally cash-based sectors of the economy. The pandemic has accelerated the cashless transformation in Vietnam, and banks have slashed online transaction fees to encourage this payment method, thereby boosting e-commerce and delivery services. To support post-COVID-19 economic recovery, the government has launched a $10.8 billion credit support package, lowered interest rates, and delayed the payment of taxes and land use fees for several business lines. It has further issued financial assistance for employers and employees affected by the pandemic. Therefore, these fundamentals provide the banks with a strong position… Read full this story
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