TAX AUTHORITIES TO CUT AT LEAST 20 PER CENT OF COMPLIANCE COSTS RELATED TO BUSINESS ACTIVITIES
The General Department of Taxation (GDT) has said that it guaranteed to reduce and simplify at least 20 per cent of regulations and cut at least 20 per cent of compliance costs related to business activities and eliminate unnecessary regulations by 2025.
MORE ROOM FOR IT STOCKS TO GROW FURTHER
In the first half of the year, the revenue of digital technology enterprises was more than VNĐ1.44 quadrillion (US$59.6 billion), down 10.35 per cent year-on-year and reached 38.87 per cent of the 2023 plan, according to a report by the Ministry of Information and Communications.
COMMERCIAL BANKS CONTINUE TO CUT DEPOSIT INTEREST RATES
In line with this trend, Military Bank (MB) has revised its rates downward by 0.1-0.2 percentage points per year as of 15 August 2023. Significantly, the 12-month term interest rate at MB has fallen to a mere 6.1 per cent per annum. This represents the lowest deposit rate within the banking system, and is even lower than the interest rate for the equivalent term at the four largest State-owned commercial banks: Vietcombank, VietinBank, BIDV, and Agribank.
LENDING RATE FORECAST TO DROP SHARPLY IN H2 2023
Lending interest rates will drop sharply in the second half of 2023 as capital costs of commercial banks are falling, analysts forecast. In a recent report, VnDirect’s analysts said they believe lower lending rates will be the factor that promotes the recovery of consumption and private investment in the coming quarters.
CUTTING RATES TOO QUICKLY COULD LEAD TO CREDIT RISK
As firms are facing many difficulties and the capital absorption of the economy in the first half of 2023 hit the lowest level in the past 13 years, the Government has urgently required the banking industry to further reduce interest rates and pump capital into the economy.
BANKING ORGANISATIONS SEEK VAT REDUCTION ADDITION
The Vietnam Banks Association has proposed a 2 per cent VAT reduction for the entire banking sector, which is currently excluded from the list of sectors entitled to the tax cut. Nguyen Quoc Hung, vice president and secretary general of the association (VNBA), emphasised the prevailing challenges encountered by enterprises, especially with resource depletion.
HCM CITY RANKS HIGH IN DIGITAL TRANSFORMATION INDEX
HCM City ranked second out of 63 provinces and cities in the country in terms of the 2022 digital transformation index (DTI), the Information and Communications Ministry has announced. According to a report of the Ministry of Information and Communications, the digital economy contributed about 18.7 per cent of the city's gross regional domestic product (GRDP) last year.
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