Celebrating Excellence in Vietnam’s Banking Sector: A Milestone Event
This significant event marks the culmination of the 2020-2025 competitive emulative movement and recognition efforts within Vietnam’s banking industry. It honors outstanding collectives and individuals who have exemplified patriotism and dedication. The event also sets forth practical strategies to enhance the quality of emulation and reward systems from 2026 to 2030, fostering a sustainable, modern, and efficient banking sector aligned with the nation’s new era of development.
Governor of the State Bank of Vietnam (SBV), Nguyen Thi Hong, emphasized the event’s profound political significance for the entire banking sector. It serves as a platform to recognize and celebrate heroic collectives, exemplary competitors, and outstanding individuals who have contributed to the patriotic emulation movement within the industry.
During the 2020-2025 term, despite challenges posed by the COVID-19 pandemic, natural disasters, and global economic uncertainties, the SBV’s Party Committee and Leadership adhered closely to the directives of the Party and State. They guided the banking sector to unite, overcome obstacles, and achieve remarkable political and operational successes across all fronts. These achievements played a crucial role in controlling inflation, stabilizing the macroeconomy, and driving post-pandemic economic recovery, significantly contributing to the nation’s progress from 2021 to 2025.
Governor Nguyen Thi Hong highlighted that Vietnam is entering a development phase filled with both opportunities and challenges. General Secretary To Lam stated, “The future belongs to those who dare to dream big and act collectively for the common good.”
To support Vietnam’s ambition to become a prosperous and powerful nation, as envisioned by the Party and State, Governor Hong urged all banking sector entities to build on their achievements, innovate, and strive for excellence. She called for unwavering dedication to national and sectoral development, embodying the spirit of collective progress.
Prime Minister Pham Minh Chinh awarded the Second-Class Independence Order to Mr. Dao Minh Tu, former Deputy Governor of SBV, and the First-Class Labor Order to Governor Nguyen Thi Hong and Deputy Governor Pham Thanh Ha for their exceptional contributions to monetary policy and national development.
At the Congress, the Party and State honored SBV with the First-Class Labor Order for its outstanding achievements in monetary policy, contributing to socialist construction and national defense.
Additionally, President of Vietnam awarded the Second-Class Independence Order to Mr. Dao Minh Tu, former Deputy Governor of SBV, for his exceptional service. Governor Nguyen Thi Hong and Deputy Governor Pham Thanh Ha received the First-Class Labor Order for their leadership in monetary policy, supporting national development and defense.
Deputy Prime Minister Nguyen Hoa Binh awarded the National Emulation Warrior title to Deputy Governors Doan Thai Son and Pham Tien Dung, and a Prime Minister’s Certificate of Merit to Deputy Governor Pham Quang Dung.
Deputy Prime Minister Nguyen Hoa Binh presented the National Emulation Warrior title to Mr. Doan Thai Son, Standing Deputy Governor, and Mr. Pham Tien Dung, Deputy Governor of SBV. Mr. Pham Quang Dung, Deputy Governor, received a Prime Minister’s Certificate of Merit for his contributions.
Central Bank Maintains Net Injection Pace in Open Market Operations
Amidst heightened overnight interbank transaction volumes from November 10–17, the State Bank of Vietnam (SBV) sustained its fifth consecutive week of net injections into the open market operations (OMO) arena.
Mortgage Rates Continue Downward Trend
The average lending interest rate for new transactions among commercial banks currently stands at 6.55% per annum, reflecting a 0.38% decrease compared to the end of 2024.
Interest Rates on Deposits Edge Up Amid Year-End Capital Demand
Interest rates are expected to fluctuate minimally within a narrow range during the final two months of the year. More significantly, lending rates will remain stable at low levels, providing optimal conditions for businesses to sustain their production and operational recovery.
Black Market USD Exchange Rate Surges Over 8% Since Start of the Year, with October Alone Seeing a 4.7% Spike
According to MBS, the surge is attributed to the widening price gap between domestic and international gold, fueling increased demand for USD in the unofficial market.
Central Bank Injects Net Liquidity into Open Market
During the week of October 27 to November 3, the State Bank of Vietnam (SBV) maintained a net injection into the open market through repurchase agreements, though the scale significantly decreased compared to previous weeks.
