GOV’T PROPOSES US$2.81 BILLION TAX REDUCTION-EXEMPTION PACKAGE FOR 2022
This is part of the Government’s fiscal and monetary measures submitted by Minister of Planning and Investment Nguyen Chi Dung to the National Assembly on Tuesday, with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and 2023.
FOREIGN OWNERSHIP REGULATION HINDERS BANKS FROM FINDING STRATEGIC SHAREHOLDERS
Many banks expect the participation of foreign strategic shareholders will help them increase capital and improve governance capacity and competitiveness, but the current regulations on foreign ownership ratio are making it difficult, according to experts.
SECURITIES FIRMS RACE IN MARGIN LENDING
To meet the market demand, securities firms have continuously raised capital, extending room for margin lending. This not only helps securities companies keep and attract investors, but also increases revenue and profit for the business. However, margin lending will cause great risks for investors when the market goes down.
TAX RESCHEDULING PROPOSED TO SUPPORT LOCAL AUTOMOBILE INDUSTRY
The Ministry of Finance (MoF) has proposed rescheduling excise tax payments for local automobile manufactures and assemblers. The draft decree recommends that payments over VNĐ4.4 trillion (US$191 million) for October and November be delayed until late December.
2021'S PROFIT OUTLOOK MOSTLY REFLECTED IN STOCK PRICES: FIINGROUP
Statistics from Fiin Trade showed that as of November 7, a total of 897 enterprises and banks, accounting for 94.5 per cent of market capitalisation, officially released or have announced business results for the third quarter.
STOCKS MAKE STRONG GAINS
At the close, the main index jumped by 13.49 points over the day earlier, at 1,452.46, with the number of gainers doubling that of losers by 302 to 151. Trading volume and value on bourse slid 11% and 14% against the previous session, at over one billion shares and VND28.8 trillion, respectively. There were over 37.3 million shares worth VND1.8 trillion traded in block deals.
VIETNAMESE CURRENCY FORECAST TO STRENGTHEN AGAINST US DOLLAR IN 2021
Fitch Solutions have revised its 2021 average forecast for the Vietnamese đồng to VNĐ22,900 per US dollar from VNĐ23,000 per US dollar previously and VNĐ22,800 per US dollar from VNĐ23,200 per US dollar in 2022 as the central bank tolerates a stronger đồng over the short term.
HCM CITY WANTS TAX REDUCTION FOR COVID-AFFECTED BUSINESSES
The HCM City People’s Committee has made several suggestions for a Ministry of Finance decree to support businesses and individuals affected by the COVID-19 pandemic, including ensuring bank lending rates are no more than 2 per cent higher than deposit interest rates.
