Tuesday, November 5, 2024 1:21:03 PM - Markets open
VN-INDEX 1,245.15 +0.44/+0.04%
HNX-INDEX 224.39 -0.06/-0.03%
UPCOM-INDEX 91.75 +0.14/+0.16%
Central bank must keep a close on the financial market: WB
Vietnam News - 3/17/2023 9:18:59 AM
 (0 ratings. You must sign in to rate.)
The State Bank of Việt Nam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank.
 
Carolyn Turk, WB country director in Việt Nam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit.
 
Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (US' 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions.
 
She said there are many similarities that can be observed between the above-mentioned US banks and the Vietnamese banking system, especially in smaller banks.
 
It highlighted the importance of a strong grip on the financial sector to ensure the central Government stays up-to-date with current developments and relevant data, and is able to respond in a timely manner, Turk added.
 
Việt Nam's economic growth is projected to ease to 6.3 per cent in 2023 from a robust 8 per cent last year, as services growth moderates and higher prices and interest rates weigh on households and investors, according to the World Bank's report released on March 13.
 
Service has become the largest sector of Việt Nam's economy, increasing from 40.7 per cent of GDP in 2010 to 44.6 per cent in 2019. The employment share of the sector also rose from 29.6 per cent in 2010 to 35.3 per cent in 2019. As the largest source of employment, it has absorbed a significant portion of the workforce from the agriculture sector.
 
However, labour productivity and efficiency in Việt Nam’s service sector remain low compared to other countries, reaching US$5,000 per worker in 2019 in comparison to $20,900 in Malaysia, $9,300 in the Philippines and $7,300 in Indonesia. — VNS
 
Read original article here
Newer News
04/11 VN’s gold demand slumped as sharp price rises deterred fresh buying in Q3: report
31/10 Fintech companies become capital providers for small and micro firms
30/10 Gov’t submits to the NA a draft law amending seven laws
30/10 Smart banking emerges as more than just a technological trend
29/10 Interest rates expected to decrease by 0.7 percentage points next year
28/10 Inspection report on gold trading activities being complied, SBV says
28/10 Detailed guidance on banning sale of bancassurance needed
24/10 Vietnam set to lead region in blockchain application by 2030
24/10 Abolishing credit rooms under consideration: central bank
23/10 SHB expands credit package to VNĐ16 trillion with interest rates starting at 4.8%
Older News
16/03 Central bank makes first rate cut since 2020 to support economic growth
16/03 Nearly VND36.6 trillion worth of government bonds raised in February
14/03 Bình Dương looks to boost investment bonds with Canadian locality
11/03 VN’s foreign exchange reserves reach US$92.43 billion
06/03 New decree on placement, trading of corporate bonds issued
06/03 Banks cautious about profit targets for 2023
06/03 Central bank grants first credit growth quota for banks in 2023
25/02 MoF proposes decree amendment to allow bond payment conversions
23/02 Deposit interest rates continue to decrease
23/02 Setbacks to overcome for green bond market
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 1:15:00 PM
VN-INDEX 1,245.15 +0.44/+0.04%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.