In 2019, bank loans for real estate activities, such as buying, repairing and building houses, exceeded VND300 trillion, up 15 per cent year on year. Meanwhile, capital from other sources, including bonds, remittance and foreign direct investment (FDI), reached about VND240 trillion, he said.
The Ministry of Finance recently coordinated with the Vietnam Chamber of Commerce and Industry (VCCI) to hold a dialogue conference on tax and customs policies and administrative procedures in 2019. This is the 14th year VCCI and the Ministry of Finance jointly hosted this event.
The State Bank of Vietnam (SBV) has announced plans to reduce the ceiling levels of deposit rates for short-term tenors and lending rates for priority sectors from today, November 19. Local commercial banks have also raced to lower their interest rates in recent days.
JP Morgan rated shares of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Technological and Commercial Joint Stock bank (Techcombank) and the Asia Commercial Joint Stock Bank (ACB) at over weight and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) at neutral.
Digital technologies have had a strong impact on the country's economy and nowhere that impact has been more strongly felt like in the banking and finance sector. Technologies helped improve business models and processes as well as created new products and services to serve the need of customers.
The Vietnamese stock market entered the second half of the year with many positive developments. The chance of being upgraded by FTSE Russell is stimulating investor confidence more than ever and this also attracts great interests from foreign securities companies.
The Ministry said once the proposal is approved, State budget revenues will be reduced by VND 9,200 billion/year but in the long run, the proposal will help SMEs to increase funding for business expansion.
In other markets such as South Korea, Japan, Singapore and Thailand, a number of FDI firms are listed on the stock markets and there is no difference or discrimination between foreign-invested firms and domestic firms.