MODES OF NON-CASH PAYMENT IN VIETNAM
Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.
VIETNAM TO REDUCE MANY TAXES AND FEES IN 2021
Many taxes and fees will be further reduced in 2021 and the Ministry of Finance has proposed extending the deadline for paying VND115 trillion of taxes and land rents.
FUNDRAISING ON THE UP IN CONSUMER FINANCE
SSI Research has cited information from VPBank’s Board of Management that the due diligence process for FE Credit sale has been conducted. FE Credit, Vietnam’s largest consumer finance firm, is in negotiation with its potential partners, though the discussion progress is somewhat interrupted due to the pandemic.
GLOBAL BANKING LEADERS TARGETING GROWTH IN SE ASIA
According to Bloomberg, HSBC is seeking to gain a bigger slice in Southeast Asia where it has been struggling to compete with dominant players such as DBS Group Holdings and Standard Chartered. “HSBC wants to further raise its capability and presence in South Asia, and Singapore is central to this drive and ambition,” said Peter Wong, HSBC’s top executive in Asia.
DEADLINE FOR CORPORATE TAX PAYMENT MAY BE FURTHER EXTENDED
The Ministry of Finance has suggested extension of the deadline for tax payment and land rent to assist businesses affected by the COVID-19 pandemic.
BANKS STEP UP TO LURE DEMAND DEPOSITS
Before 2018, Vietcombank and MBBank were the two banks with the largest proportion of CASA in the banking system. While Vietcombank had an advantage in luring demand deposits through transactions of State-owned agencies and enterprises, MBBank benefited from defence agencies and enterprises.
CORPORATE BOND MARKET FORECAST TO BE ROBUST THIS YEAR
The corporate bond market in Vietnam is expected to be robust this year as the Government has issued regulations to untie the market but still aimed to ensure transparency and healthy market development.
CENTRAL BANK CONTINUES GROWTH DRIVE AMID GLOBAL UNCERTAINTIES
The State Bank of Vietnam is predicted to continue maintaining a loose monetary policy with low interest rates, even as the global economy is showing positive signs.
