Business News

The COVID-19 pandemic has sparked a boom in e-commerce in Việt Nam since consumers shift their spending habits towards online platforms. However, as online sales continue to grow, so does tax evasion.

Ahead of the 2022 Lunar New Year, the stock market saw a strong correction, with hundreds of stocks closing at lower levels. However, this is expected to be a short-term trend.

According to the latest data from the State Bank of Vietnam (SBV), deposits of individual customers at banks by the end of November last year increased by just 2.63 per cent, the lowest growth rate in many years.

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.

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.

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.

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.

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.