Vietcombank has announced the highest pre-tax profit in the banking sector for the second quarter and the first half of 2024, even as core revenue streams show a downturn.
Experts say the banking sector remains plagued by mismanagement, monetary policy shortcomings.
Banking sector, an important part of the whole financial system, plays a vital role in facilitating momentum for Vietnam’s economic growth but rising concerns are hanging over due to many incidents and scandals related to banks this year.
The National Assembly’s Resolution No. 42/2017/QH14 dated June 21, 2017 on the pilot settlement of bad debts of credit institutions is expected to remove barriers for the mergers and acquisitions (M&A) in the banking sector.
Prime Minister Nguyen Xuan Phuc (PM) has urged the State Bank to continue managing the monetary and credit policy towards a reduction of lending interest rate and increase of outstanding credit balance up to 20 per cent or more.
Shares advanced on Monday on strong support from the banking sector, following a new National Assembly resolution to resolve bad debt.
