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Vietnam sees buoyant banking demand

The State Bank of Vietnam (SBV) anticipates a strong demand for banking services for the remainder of 2023, with credit growth predicted to reach 4.4% in Q3 and 12.5% for the year, according to a recent survey. Despite a slower improvement in Q2 than anticipated, SBV expects customers' needs for loans, payment services, and deposits to increase in Q3, albeit at a slower pace than 2022. The survey also indicated that credit institutions foresee average deposit and lending interest rates dropping in the third quarter. Although customer risk rose faster in Q2 than Q1, it's expected that the bad debt ratio will decline in Q3. Finally, the labour situation in the finance and banking industry is projected to improve throughout the rest of the year.

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