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The race to lower deposit interest rates among banks is expected to continue until the end of 2023, according to analysts.

Vietnam, now classified as a “frontier market” by both the U.S.’s Morgan Stanley Capital International (MSCI) and the UK’s FTSE Russell, needs to meet the higher standards of these organizations to get its status elevated to an “emerging market”, writes Can Van Luc, chief economist at Hanoi-based BIDV bank.

Vietnam is swiftly revolutionising its financial sector by phasing out outdated card technologies, embracing non-cash solutions, and enacting laws to enhance security.

Real estate developers are set to launch a raft of products for the end of the year.

The State Bank of Vietnam (SBV) has said its new circular has enabled clients to better access credit loans, thus ensuring a fresh supply of capital for production and business.