ELECTRONIC FUND TRANSFER FEES TO BE CUT BY AT LEAST 50 PER CENT
The State Bank of Việt Nam on Tuesday issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 per cent for local banks.
MINISTRY MAKES INT’L ACCOUNTING RULES COMPULSORY AFTER 2025
The Ministry of Finance on Monday issued a decision regulating the roadmap for the application of International Financial Reporting Standards (IFRS), replacing the current Vietnamese accounting standards (VAS).
ENTERPRISES HURT BY COVID-19 PROPOSED FIVE MONTHS TAX PAYMENT LENIENCY
In the draft decree extending the deadline for tax and land rent payment, the Ministry of Finance (MoF) assessed that most industries and sectors, especially micro- and small-sized enterprises, individuals, groups of individuals, production households, and businesses are affected by the COVID-19.
CYBER THREATS SLOW DOWN RISE OF CASHLESS PAYMENTS
Vietnamese lenders and fintech groups are catching up with international peers on kick-starting the economy and promoting cashless transactions in the face of the coronavirus outbreak, but greater advancement always comes with new risks.
PM APPROVES NATIONAL FINANCIAL INCLUSION STRATEGY UNTIL 2025
The strategy is aimed to ensure individuals and enterprises, particularly low-income and vulnerable people, medium-, small- and micro-sized enterprises, to have access to basic financial products and services, such as payment, money transfer, saving, credit and insurance, in a convenient way and at affordable prices.
FOREIGN BANKS MAY RETURN SOON
The completion of the sale of Vietcombank stake to foreign buyers in early 2019 and of BIDV at the end of last year may bode well for a comeback of foreign banks to Vietnam in 2020
HCM CITY TO IMPLEMENT E-TAX SYSTEM FROM FEBRUARY 10
According to the State Bank of Việt Nam, promoting online payment for public services is one of the goals of the Government. Previously enterprises had to pay tax at the Treasury or a bank, take the payment receipt to customs authorities and wait.
BANKING SECTOR URGED TO PROVIDE SERVICES IN SHORTEST TIME WITH LOWEST COSTS
Credit growth in 2019 was estimated at 13% against last year, almost doubling the growth rate of the gross domestic product, according to the State Bank of Viet Nam.
