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BANKING / FINANCE / INSURANCE / TAX

WORLD BANK PROMISES $200 BN IN 2021-25 CLIMATE CASH

The World Bank on Monday unveiled US$200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same."

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BANKING / FINANCE / INSURANCE / TAX

REFERENCE EXCHANGE RATE TURNS AROUND TO DROP ON NOVEMBER 14

The daily reference exchange rate was adjusted down 2 VND to 22,725 VND per USD on November 14 after two consecutive days rising since November 12.

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BANKING / FINANCE / INSURANCE / TAX

POSITIVE SIGNS FROM VIETNAM’S BANKS AS CREDIT RANKING RISES

The world’s leading credit rating firms have ranked Vietnamese commercial banks at higher positions this year, reflecting the success of monetary policy and efforts made by commercial banks.

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BANKING / FINANCE / INSURANCE / TAX

MORE TAX AND CUSTOMS REFORMS URGED

The Ministry of Finance was urged to make greater efforts in tax and customs reforms which would help enhance competitiveness for enterprises in the context of rapid integration, attendees heard at a workshop on Tuesday.

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BANKING / FINANCE / INSURANCE / TAX

NFSC PROPOSES LOWERING CORPORATE INCOME TAX ON SMES

Corporate income tax levied on small and medium – sized enterprises (SMEs) should be reduced to promote the business development, a solution together with broadening tax base to increase budget revenue from business and production.

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BANKING / FINANCE / INSURANCE / TAX

TIGHTENED MONETARY POLICY FORECAST FOR Q4 2018

The State Bank of Việt Nam (SBV) will likely continue its tightened monetary policy in the remaining months of the year after its decision to strictly control lending to high risk sectors in the third quarter didn’t adversely affect the country’s economic growth, according to experts.

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BANKING / FINANCE / INSURANCE / TAX

95% OF TAX REVENUE COLLECTED THROUGH E-TAX PAYMENT

From January 1, 2018 to September 5, 2018, the total import-export tax revenue through e-tax payment of the customs sector reached VND191,145 billion, accounting for 95% of the total revenue to the State budget.

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BANKING / FINANCE / INSURANCE / TAX

VIET NAM’S STOCK MARKET CAPITALISATION REACHES 79.2% OF GDP

Việt Nam’s stock market capitalisation increased 13 per cent against the end of last year, reaching nearly VNĐ3.97 quadrillion (US$169.5 billion) by the end of August. This value was equivalent to 79.2 per cent of the country’s gross domestic product (GDP), according to the Ministry of Finance.