SBV

SBV sticks to 0% rate to fight off dollarisation

Measures implemented by the State Bank of Vietnam (SBV) to fight off the dollarisation of the economy, highlighted by the zero per cent interest rate for deposits made in US dollar, have produced positive effects in stabilising the exchange market, increasing foreign reserves, remittance flows and foreign investments, said economists and exchange market experts.

Society – Economy

Biometric registration for bank customers’ benefits: Deputy Governor
Biometric registration will be of great benefit to bank customers, said Deputy Governor of the State Bank of Vietnam (SBV) Pham Tien Dung at today’s seminar on solutions to protect bank customers held by SBV in Hanoi.
Over 13 million customers carried out biometric verification
More than 13 million customers have completed facial biometric verification in online transactions over the first two days following the implementation of Decision No.2345/2023.

Banks continue biometric data collection
After July 1, transactions exceeding VND10 million per online transfer or VND20 million per day, as well as bill payments exceeding VND100 million, require facial verification, with many commercial banks reporting smooth implementation.
Many commercial banks increase charter capital
Since the beginning of June 2024, the SBV has approved numerous commercial banks to increase their charter capital through various methods such as dividend distribution, new share issuance, and employee stock ownership plans (ESOP).
SBV vows to fight Vietnam's goldization
On the afternoon of June 4, the State Bank of Vietnam (SBV) reiterated its caution to the public regarding gold trading activities amidst the current volatility in the bullion market.
SJC gold slump triggers buying frenzy
As of 1 p.m. in Ho Chi Minh City, the selling price of SJC gold at four State-owned commercial banks was listed at VND77.98 million per tael, down VND1 million per tael compared to yesterday.

SJC gold continues to decline, priced VND4.3 million higher than global gold
At approximately 10:15 a.m., the selling price of SJC gold bars at the four State-owned commercial banks was listed at VND76.98 million per tael, down by VND1 million per tael from the previous day.
SBV predicts SJC-branded gold bullion price to keep declining
The narrowing of the gap between domestic and global gold prices may further pull down the selling price of SJC-branded gold bullion of state-owned commercial banks and Saigon Jewelry Company (SJC) in the near future, Dao Xuan Tuan, Director General of the State Bank of Vietnam (SBV)'s Foreign Exchange Management Department, has said.
Measures taken to stabilise foreign exchange market: SBV Governor
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong on May 29 said that the central bank is closely following market moves and implementing measures to stabilse exchange rates and foreign exchange market as the Government has directed.

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