BANK CREDIT GROWTH HITS TWO-YEAR HIGH IN FIRST HALF OF YEAR
Credit growth by the end of June 2025 surged by 9.9 per cent compared to the same period last year to more than VNĐ17.2 quadrillion (US$656.4 billion), the highest rate since 2023, helping to boost the country’s GDP growth, Deputy Governor of the State Bank of Vietnam (SBV) Phạm Thanh Hà said at an event on Tuesday.
MARKET BEGINS JULY WITH OPTIMISM, STRONG FOREIGN INVESTMENT
The Vietnamese stock market began the first week of July with a vibrant upward trend, buoyed by significant improvements in liquidity and a pronounced surge in foreign investment. On the Ho Chi Minh Stock Exchange, the VN-Index closed the week at 1,386.97 points, while the HNX-Index on the Hanoi Stock Exchange (HNX) was last traded at 232.51 points.
AGRICULTURAL LAND USE TAX EXEMPTION EXTENDED THROUGH 2030
Vietnam has extended agricultural land use tax exemption until December 31, 2030 under a resolution recently signed by National Assembly Chairman Tran Thanh Man. According to Resolution No. 216/2025/QH15, the NA agreed to prolong the tax exemption originally stipulated in Resolution No. 55/2010/QH12 dated November 24, 2010, which had previously been amended and supplemented by two resolutions in 2016 and 2020.
PERSONAL ID NUMBERS TO REPLACE TAX CODES FROM JULY 1
Personal identification numbers (PINs) will be used in place of tax codes for individual taxpayers, including business households and individuals, starting July 1, according to guidance from the General Department of Taxation. Business households without a tax code before July 1 must register both business and tax information with the business registration authority.
OUTSTANDING LOANS AT HCMC BANKS TOP VND4.1 QUADRILLION
Total outstanding loans in HCMC’s banking system amounted to VND4.1 trillion as of the end of May, up 3.89% compared to the end of 2024 and 13.64% year-on-year. Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Region 2 Branch, credit growth in HCMC during the first five months of 2025 was positive, outpacing the same period in the past two years.
INSURANCE COMPANIES ANTICIPATE GROWTH IN 2025
More than half of insurance companies expect the market to grow by 5-10 per cent this year, driven by the resonance of internal recovery and policy momentum, according to a survey by Vietnam Report. The information was updated by Vietnam Report JSC at the event announcing the Top 10 prestigious insurance companies this year.
AGRICULTURAL LAND TAX EXEMPTION MOTIVATES BUSINESS
Extending exemptions for agricultural land use tax is expected to create motivation for businesses to expand and renovate their investments in Vietnam. The government has proposed that agricultural land use continue to be exempted from taxation through to 2030, according to a draft resolution on the issue submitted in mid-May to the National Assembly (NA).
BANKING INDUSTRY PROMOTES DIGITAL TRANSFORMATION FOR SMART DIGITAL ECOSYSTEM
Many credit institutions in Việt Nam have achieved a digital transaction rate of more than 95 per cent. Nearly 87 per cent of Vietnamese adults have bank accounts. The digital transformation of the banking industry must be further promoted to better the connection between commercial banks with people, enterprises and the State, Prime Minister Phạm Minh Chính said at a banking event on Thursday.
