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BANKING / FINANCE / INSURANCE / TAX

HCM CITY BANKING SECTOR TO CONTINUE SUPPORTING BUSINESSES HIT BY PANDEMIC WOES

Nguyễn Hoàng Minh, deputy director of the SBV’s HCM City branch, said the central bank is working with local authorities, the HCM City Union of Business Associations and other agencies to ease funding difficulties faced by businesses.

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BANKING / FINANCE / INSURANCE / TAX

BANK STOCKS HELP VN-INDEX MAINTAIN GROWTH MOMENTUM

There were 444.3 million shares worth VND9.19 trillion changing hands, rising by 14% in volume and 17% in value against the session earlier. The southern market saw nearly 59 million shares traded in block deals worth VND1.45 trillion.

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BANKING / FINANCE / INSURANCE / TAX

CREDIT GROWTH UP 6.09 PERCENT: CENTRAL BANK

Credit has given a boost to a number of industries that are serving as the driving force of the national economy like the production and distribution of electricity, gas, hot water and air conditioners; water supply, waste and waste water management and treatment; construction; wholesale and retail; and the maintenance of cars, motorbikes and other motor vehicles.

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BANKING / FINANCE / INSURANCE / TAX

PRIME MINISTER OFFICIALLY APPROVES 30 PER CENT CIT CUT

This was stipulated in the newly-issued Decree No.114/2020/ND-CP approved by Prime Minister Nguyen Xuan Phuc. The decree also offers specific guidelines on the implementation of Decree No.116/2020/QH14 regarding the corporate income tax (CIT) reduction.

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BANKING / FINANCE / INSURANCE / TAX

CAN STOCKS KEEP MOMENTUMS?

The Vietnamese stock market strongly advanced and become one of the best performers in the world in August when the VN-Index added 10.4%. According to Viet Dragon Securities Corporation (VDSC), August momentum and expected fresh foreign cash flows can help the gauge surpass the 900-point threshold achieved in June and possibly reach 920 points in September 2020.

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BANKING / FINANCE / INSURANCE / TAX

FINANCIAL INCLUSION STEERING COMMITTEE SET UP

According to the World Bank, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs - transactions, payments, savings, credit and insurance - delivered in a responsible and sustainable way.

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BANKING / FINANCE / INSURANCE / TAX

INTERNATIONAL CARD ORGANISATIONS CONTINUALLY URGED TO CUT FEES

The Viet Nam Banks Association is urging international credit and debit card companies to reduce a number of fees, as the country continues to battle the COVID-19 pandemic.

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BANKING / FINANCE / INSURANCE / TAX

BANKS CONTINUE DEPOSIT RATE CUTS

A report from SSI Securities Corporation showed that last week, four major commercial banks with State holdings lowered their deposit rates by 30-40 basis points for tenors from six to less than 12 months, and kept the rates of long-term savings unchanged. Some other commercial banks reduced the rates of all tenors by some 20 basis points.