All electronic money transfers valued at $1,000 or more at the center must be reported for anti-money laundering purposes.

To establish a commercial bank in the IFC, a wholly domestically-owned bank must have minimum total assets of VND100 trillion ($3.8 billion); a wholly foreign-owned bank must have at least VND10 billion (over $380,000) in assets, while a foreign bank branch's parent must possess minimum total assets of VND20 billion (nearly $760,500).

Conference held by VnEconomy / VET and partners on December 7 provided an opportunity for banks, payment intermediaries, and service providers to discuss further advances in Open Banking.

Country joins Indonesia, Malaysia, Thailand, the Philippines, Singapore and Thailand in working to promote cross-border payments.

Meeting held following a request from the Prime Minister over concerns about limited access to credit by some businesses.

Some organizations found illegally trading foreign currencies.

In need of restructuring are Dong A Bank, CB Bank, Ocean Bank, and GP Bank.

Analysts believe that loan interest rates will soon cool down following management from the central bank and moves by commercial banks.

Mr. Alain Cany, President of the European Chamber of Commerce in Vietnam (EuroCham), told VnEconomy / VET that while devaluations of the VND have increased over the last two weeks, the currency remains strong, is improving, and is holding up better than many other currencies. The State Bank of Vietnam (SBV), he said, has been doing a good job.

The State Bank of Vietnam (SBV) believes that inflationary pressure is tending to increase. The 2022 figure is expected to exceed 4 per cent, posing challenges in control efforts next year. Cutting lending interest rates will also face difficulties, due to deposit rates and the USD/VND exchange rate both tending to increase.