Hanoi (VNA)🧸 – Domestic banks will continue striving to ensurebusiness performance and deliver on commitments to investors while supportingclients amid difficulties this year.

A survey conducted by Vietnam Report JSC pointed out six priority strategies of domestic banks at present, including accelerating digital transformation;diversifying products and expanding markets; increasing charter capital;changing operating structure; enhancing risk management; and promoting human resourcestraining to adapt to digital transformation. General Director of the Vietnam Report JSC Vu Dang Vinh said amidthe fourth wave of COVID-19 infections, banks were forced to cut lending rates,resulting in reduction in net profits. To maintain business performance, theywill increase non-credit incomes, restructure capital by cutting costs andattracting more demand deposits. This year, banks will race to cut inter-bank money transfer fees to drawdemand deposits. With an additional registered capital of nearly 82 trillion VND,there will be more room to propel credit growth and develop the securities market,he said. According to the survey, several banks began expanding marketsin rural areas and agriculture, and linking with partners and customers inecological system. Experts suggested that the Government and the State Bank of Vietnam should continueassisting credit organisations in supplying capital to clients hit by thepandemic, and make it easier for them to hike capital to meet Basel IIstandards. At the same time, it is necessary to perfect legal mechanismswith new business models, upgrade infrastructure, payment and data systems. In a survey carried out by Vietnam Report in June, 75 percent of banks saidthe national data system has yet to be completed, which needs the Government’ssupport to speed up digitalisation./.