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Three banks in Vietnam have recently reduced their deposit interest rates. BVBank lowered rates by 0.1% for terms of 6 to 12 months, with a maximum of 5.55% for a 12-month term. LPBank also cut rates by 0.1%, offering 5% for 12 months and 5.3% for longer terms, while VPBank's rates decreased by 0.1% across all deposit conditions, with a peak of 5.4% for 24 and 36 months. Approximately 27 banks have followed suit in adjusting rates downwards.
Vietnam's fintech landscape is rapidly evolving, shaped by new regulations that aim to foster innovation while ensuring consumer protection. As the sector grows, stakeholders must navigate these changes to leverage opportunities and address challenges in this dynamic market.
Cake by VPBank has been awarded "Best Digital Bank in Vietnam" and is the only Vietnamese digital bank in The Asian Banker Insight's Top 100 Best Global Digital Banks 2025. With over 5 million customers and significant growth in deposits and loans, Cake aims to enhance financial inclusion through advanced technology and AI-driven services.
Vietnam has authorized SpaceX to conduct a trial of its Starlink satellite internet service until the end of 2030. This initiative will provide both fixed and mobile internet services, including connectivity for flights, with a limit of 600,000 subscribers during the trial. There are no restrictions on foreign ownership, although it remains unclear if SpaceX has applied for a formal operating license in the country.
Vietnam has approved SpaceX's Starlink services and announced tariff cuts on several U.S. products, including liquefied natural gas and automobiles, as part of efforts to reduce its significant trade surplus with the U.S. The tariff on LNG will drop to 2%, while automobile tariffs will decrease to 32%. These measures aim to strengthen trade relations and mitigate potential U.S. tariffs amid ongoing trade discussions.
WeLab Bank, based in Hong Kong, is set to expand into the Philippines, Malaysia, and Vietnam after achieving monthly breakeven in December 2024. The bank aims for profitability in Indonesia and Thailand within three to five years, targeting the larger Southeast Asian market despite its lower affluence.Meanwhile, Bank Jago, Indonesia's first fully digital bank, reported a 78% increase in net profits to US$7.8 million and a customer base of 15.3 million by the end of 2024. The bank is leveraging partnerships and AI to enhance customer experience and grow its loan portfolio, despite facing stock price challenges.
Deutsche Bank has lowered its price target for Heineken NV from EUR 82 to EUR 80 while maintaining a Hold rating. Ahead of the first-quarter sales report on April 16, 2025, analysts expect a 3.0% organic volume growth but a slight decline in organic revenue growth of -0.5%, influenced by various market challenges. Heineken is anticipated to confirm its full-year 2025 organic operating profit guidance, projecting a 4-8% increase.
SRKay Consulting Group has released a whitepaper highlighting the shift from traditional offshoring to New-Shoring, driven by geopolitical tensions, supply chain disruptions, and rising labor costs. With 76% of CEOs viewing New-Shoring as a long-term strategy, India, Vietnam, and Mexico emerge as top destinations due to their skilled workforce and regulatory stability. The report emphasizes the importance of AI in site selection and the need for sustainability in business expansion.
VPBank has launched the "Super Profit" tool, allowing customers to earn up to 3.5% annual profit on idle cash while maintaining liquidity. This innovative solution automatically generates daily profits without long-term commitments, addressing the needs of individuals like online store owner Thuy Hanh and IT specialist Minh Hoang, who seek flexible financial management. Customers can easily register through the VPBank NEO app, ensuring their funds work effectively for them.
Kevin Sneader of Goldman Sachs warns that while the US economic outlook is dimming due to trade tensions, Asia tends to overreact to market noise. He identifies three key risks for the region: significant tariffs, geopolitical uncertainty, and a domestic slowdown in China. Despite these challenges, Sneader encourages investors to remain diversified and not overlook opportunities in the US market.
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