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.