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Improving financial literacy in Vietnam

The financial literacy programs in Vietnamare relatively limited. Most people are unable to make informedfinancial decisions for their own and their family’s benefits. Therefore, the government is striving to bring financial education to all people.

 

Supervising payment systems to ensure safety

The State Bank is drafting a circular on supervision of payment systems.

VAMC proposes 6 measure groups for promoting bad debts settlement

According to Mr. Doan Van Thang, General Director of the Vietnam Asset Management Company (VAMC), in 2018 VAMC set a goal of purchasing bad debts by issuing special bonds at a value ofroughly 27 to 32 thousand billion dongs, purchasing debts of 3,500 billion dongs at market prices. VAMC would recover 24,890 billion dongs expectedly.

Credit extension is under tight control

The National Financial Supervisory Commission (NFSC) noted that due to bigger inflation pressure in 2018 than in 2017, the interest rate reduction might face more challenges. The monetary policy regulation should thus be more flexible and proactive for keeping rates stable …

Non-cash payment: Inevitable trend and impacts on deposit insurance

Non-cash paymentis supposed to bring benefits to individuals, businesses, the banking system as well as the country as a whole. The development of this means of payment has become an inevitable trend to promote a sustainable economic development, create financial transparency helping streamline the flow of money in a clearer and smoother manner.

Provision on special loans to specially-controlled credit institutions

According to the newly issued Circular No.01/2018/TT-NHNN by the State Bank of Vietnam, the provision of special loans to specially-controlled credit institutions is stipulated, including cases when special loans are provided, the amount of loans, the maturities and the lending interest rates.

Ensuringsafety of deposit and savings transactions at credit institutions

The State Bank of Vietnam has recently issued the Document No 1126/NHNN-TTGSNH to credit institutions, branches of foreign banks, requiring them to strictly ensure safety of deposit, savings transactions at these institutions.

Promulgation of the Law on amendments and supplements to some articles of the Law on Credit Institutions

The State Presidential Office held a press conference to announce the State President’s Order onthe promulgation of a number of legislations passed by the 14thNational Assembly at the 4thSession, one of which was the Law on amendments and supplements to some articles of the Law on Credit Institutions (Amended Law).The Amended Law will be officially effective on January 15th 2018, composing of 3 articles: Article 1 amending and supplementing 32 articles, and adding 28 new articles; Article 2 on implementation provisions and Article 3 on transitional provisions.

Operation of monetary policy significantly contributes to help the economy achieve objectives

The Governor of the State Bank of Vietnam, Mr. Le Minh Hung, affirmed at the Government Online Conference with localities, focusing on discussion on solutions to implement socio-economic tasks and state budget planning for 2018. The conference took place on December 29th in Hanoi.

Scientific Conference on Development of Debt Trading Market in Vietnam

On 19th December 2017, in Ho Chi Minh City (HCMC), a scientific conference titled "Conditions for the formation and development of a debt trading market in Vietnam" was organized by the Institute of Policy and Development (Ministry of Planning and Investment).

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