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BANKING / FINANCE / INSURANCE / TAX

CREDIT INSTITUTIONS URGED TO CUT LENDING RATES BY 1-2%

The State Bank of Viet Nam (SBV) asked all credit institutions including foreign bank branches to reduce lending annual interest rate by 1-2 percent in a bid to facilitate credit access and spur growth.

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BANKING / FINANCE / INSURANCE / TAX

CREDIT GROWTH QUOTA POLICY NEEDS TO ENSURE SAFETY OF BANKING SYSTEM

The State Bank of Vietnam (SBV) this year removed the credit growth quota for foreign banks, but the policy remains for Vietnamese banks, due to concerns about rising bad debts, the security of the banking system and macroeconomic instability.

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BANKING / FINANCE / INSURANCE / TAX

CREDIT INSTITUTIONS URGED TO CUT LENDING RATES BY 1-2%

The State Bank of Viet Nam (SBV) asked all credit institutions including foreign bank branches to reduce lending annual interest rate by 1-2 percent in a bid to facilitate credit access and spur growth. The central bank called on credit institutions to channel capital into traditional growth drivers, emerging industries, green transformation, circular economy, and social housing.

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BANKING / FINANCE / INSURANCE / TAX

TRANSFERS OF OVER VNĐ10 MILLION WILL REQUIRE BIOMETRIC AUTHENTICATION STARTING JULY 1ST

Biometric security, which will be matched to data stored in the national ID database, is already required to transfer more than VNĐ20 million a day, regardless of the amount of each transfer. Users who transfer money for the first time via mobile banking and e-payment platforms must also log in using biometric information.

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BANKING / FINANCE / INSURANCE / TAX

SBV SEEKS TO EXTEND DEBT RESTRUCTURING TO SUPPORT ECONOMIC RECOVERY

On May 15, the SBV announced it is seeking feedback on a draft amendment to Circular 02/2023/TT-NHNN, which is designed to help mitigate the rise in non-performing loans on banks’ balance sheets and to allow banks to continue assisting customers facing financial difficulties.

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BANKING / FINANCE / INSURANCE / TAX

MULTINATIONALS KEEN TO THRASH OUT GLOBAL TAX ARRANGEMENTS

“Samsung has been aware of the GMT since its early days, and is eager to gain insights into the Vietnamese government’s support for businesses in line with its implementation,” she said at the event, hosted by the Vietnam Association of Foreign Invested Enterprises and the Washington-based International Tax and Investment Centre (ITIC).

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BANKING / FINANCE / INSURANCE / TAX

TAX AND FEE SUPPORT HINGES ON MPI PROPOSAL APPROVAL

“Business and production activities of enterprises remain in big difficulties. Domestic purchasing power has reduced and people are tightening their belts,” the MPI stated. “Demands in the domestic market are still standing at a low level, while manufacturing and processing enterprises have low competition. These are among the biggest difficulties.”

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BANKING / FINANCE / INSURANCE / TAX

DEPOSIT INTEREST RATES FORECAST TO HIT BOTTOM IN Q1 2024

In a macro report released last week, analysts of the MB Securities Company (MBS) believe that in the context of more positive growth of export and investment and consumption against last year, capital demand will return to balance instead of surplus as currently. They forecast that credit growth in 2024 will reach about 13-14 per cent.


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