Finance

It is expected that Vietnam will no longer offer tax incentives such as corporate income tax exemption and reduction as of 2025 in a bid to improve the capacity of public finance for infrastructure investment, said Minister of Finance

Banks lent more than VND480 trillion (USD18.88 billion) to economic entities in June, demonstrating the sector’s efforts in concretising the Government’s credit goal of 5-6% to the end of Q2.

The latest deposit interest rates at the four major banks have simultaneously decreased to the lowest level in one year.

Four State-owned banks have further cut deposit interest rates by 0.2-0.3 percentage points to reach around 7 per cent for 12-month deposits.

The State Bank of Vietnam’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year.

Minister of Trade and Industry Dang Hoang An and Italian Undersecretary for Foreign Affairs Manlio di Stefano co-chaired the seventh meeting of the Joint Commission on Economic Cooperation, following a two-year hiatus caused by the COVID-19 pandemic.

Deputy Prime Minister Le Minh Khai has approved the sovereign credit rating improvement project by 2030, part of an effort to make Vietnam a developing and upper-middle-income country with modern industry.

The State Bank of Vietnam has urged lenders to not relax credit approval conditions but set tighter control on foreign currency lending and granting loans in high-risk sectors.

Despite the negative impact of the COVID-19 pandemic, the remittance flow to the country throughout 2021 reached more than US$12 billion, an increase of 10% compared to 2020, according to data published by the State Bank of Vietnam (SBV).

Work on HCM City’s Tan Son Nhat International Airport Terminal 3 is scheduled to kick off in December.

Vietnam’s economy was adversely affected by the COVID-19 pandemic in 2020, along with natural disasters and the impact of trade conflicts.

Vietnamese banks will only be allowed to issue chip cards from March 31, 2021, according to a State Bank of Vietnam (SBV) draft circular.

As many as 706 enterprises, 85 percent of 832 listed companies on the Vietnamese stock market, generated profits during the third quarter of this year.

The Government’s foreign debts have been declining sharply and under the Government’s control, Deputy Prime Minister Vuong Dinh Hue said while chairing a meeting with leaders of some ministries, sectors and the National Financial Supervisory Commission.

Foreign financial institutions were eyeing up poorly-performing Vietnamese banks after being given the green light to acquire stakes in local institutions in a move to speed up the restructuring of the country’s banking industry, according to banking expert Nguyen

Vietnam had 12,327 people with USD3 million to below USD30 million in net assets by the end of 2018, up 23% over the past five years and the figure is projected to reach 15,776 people by 2023.