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BANKING / FINANCE / INSURANCE / TAX

MINISTRY PROPOSES LOWERING CIT FOR SMES

The ministry said that SMEs played a significant role in the country’s socio-economic development and were recognised to be the driver for economic growth, citing statistics that Việt Nam had more than 600,000 firms, nearly 500,000 of them were private firms with 96 per cent of being small and micro scales.

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BANKING / FINANCE / INSURANCE / TAX

PUBLIC DEBT A BIG RISK FOR VN'S ECONOMY, SAY EXPERTS

According to Professor Dat, Vietnam’s economic performance has showed positive signs with last year’s GDP growth rate at 7.08 per cent, the highest rate in the last ten years. The primary contributions to growth come from Foreign Direct Investment, the processing and manufacturing industry, domestic consumption and a trade surplus.

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BANKING / FINANCE / INSURANCE / TAX

CIRCULAR ON RATING CREDIT INSTITUTIONS, FOREIGN BANK BRANCHES ISSUED

The State Bank of Viet Nam issued Circular No. 52/2018/TT-NHNN on rating credit institutions and foreign bank branches from 2019 onward.Credit institutions and foreign bank branches are divided into six groups including (1) large-scale commercial banks with a quarterly average asset value exceeding VND100 trillion; (2) small sized commercial banks with a quarterly average asset value equal to or lower than VND100 trillion.

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BANKING / FINANCE / INSURANCE / TAX

FINANCE GOES HIGH-TECH

The 2019 Asian Financial Forum focuses on innovation, launching the new FinTech Showcase. Finance has been a pillar of Hong Kong’s economy for many years – visitors are always impressed by the glass towers of the Bank of China, HSBC and Bank of East Asia buildings which dominate the Central skyline.

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BANKING / FINANCE / INSURANCE / TAX

LARGE BANKS CONCERNED ABOUT RAISING CAPITAL

According to the National Financial Supervisory Commission (NFSC), the average capital adequacy ratio (CAR) of the credit institution system in 2018 has reached 11.1 per cent thanks to the 12.2 per cent surge in owner’s equity capital and a 10.8 per cent rise in total risk weighted assets. Regulatory Tier 1 capital to risk weighted assets has thus been calculated at 8.8 per cent for 2018, a higher ratio than 2017’s 7.8 per cent.

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BANKING / FINANCE / INSURANCE / TAX

CASH WITHDRAWAL LIMIT IN FOREIGN COUNTRIES SET AT VNĐ30 MILLION

Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of VNĐ30 million (US$1,280) per day for international credit and debit cards from early this year to meet a central bank regulation.

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BANKING / FINANCE / INSURANCE / TAX

MORE BANKS PERMITTED TO EXPAND CREDIT GROWTH

The State Bank of Việt Nam (SBV) recently decided to allow more commercial banks to expand their credit growth limits in 2018. The credit quota for Military Bank (MB) has been lifted from 15 per cent allocated at the beginning of the year to its new level of 17 per cent, the Bản Việt Securities Company reported.

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BANKING / FINANCE / INSURANCE / TAX

MINISTRY OF FINANCE TO REDUCE, SIMPLIFY 176 ADMINISTRATIVE PROCEDURES

The Ministry of Finance recently issued Decision 2141/QD-BTC approving the plan for reduction and simplification of administrative procedures within its jurisdiction. Accordingly, the ministry will cut and streamline 176 administrative procedures in 13 fields, of which 148 administrative procedures will be reviewed for elimination and 28 administrative procedures will be simplified.