BANKS UNDER PRESSURE TO INCREASE CHEAP CAPITAL SOURCES
The cheap capital sources have become more important for banks when they have to reduce lending interest rates to boost credit growth, while still having to increase savings interest rates to lure depositors for the past three months. In this context, the cheap capital helps banks reduce lending rates to increase competitiveness while still maintaining high net interest margins (NIM).
DEPOSITS FLOWING BACK INTO BANKS
Deposits in the banking system are increasing in tandem with rising interest rates, amid a crisis in risky asset investment channels. According to the financial reports of banks for the first half of 2024 released in the past week, Vietnam's four largest state-owned commercial banks hold the highest customer deposit amounts, totalling approximately $267 billion.
BINH DUONG REALTY MARKET ENTICES INVESTING INFLUX
In the year to date, the southern province of Binh Duong has enticed a string of foreign-led projects into its realty market, focusing on the mid-income customer segment. In early August, TT Capital Investment Corporation and two Japanese partners - Cosmos Initia and Koterasu Group - agreed to develop affordable housing line in Binh Duong province and surrounding localities.
HONG KONG TO FACILITATE LISTINGS FOR VIETNAMESE COMPANIES
Hong Kong is exploring opportunities to strengthen bilateral ties across various industries, particularly focusing on the financial market. Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing (HKEX), talked to VIR's Luu Huong about how Hong Kong can share its expertise in developing financial centres and facilitate overseas listings of Vietnamese and other Southeast Asian companies.
VIETNAMPRINTPACK
With the impressive figures from Vietnam PrintPack 2023, Vietnam PrintPack 2024 is coming! The 22nd international printing and packaging exhibition will be held at the Saigon Exhibition and Convention Center (SECC) from September 18-21, 2024. With over 411 exhibitors from 17 countries and regions, this time promises to showcase the latest technology products in the industry as well as modern trends in the packaging and printing industry. Register now not to miss the opportunity to connect with leading companies.
SOILBUILD LAUNCHES READY-BUILT FACILITY IN NGHE AN
With a total investment of $45 million, the project will span 15.6 hectares within WHA Industrial Zone 1 (the second phase) in Nghi Dong commune, Nghi Loc district, Nghe An province. It was awarded an investment certificate by Nghe An People's Committee last September and is expected to be completed by the second quarter of 2025.
MEKONG DELTA URGED TO STRENGTHEN CONNECTIVITY TO ATTRACT FDI FIRMS
Over the past time, to attract businesses, regional localities have continuously improved their investment and business environment, resulting in a gradual increase in the annual Provincial Competitiveness Index (PCI). However, these have not yet been sufficient to attract significant FDI flows.
FINANCE MINISTRY PROPOSES LOWER TAX RATE FOR MICRO AND SMALL ENTERPRISES
To support micro and small enterprises to accumulate capital and develop business, the Ministry of Finance (MoF) has proposed lowering the corporate income tax rate to 15-17 per cent for those with a total revenue of no more than 50 billion VND (1.99 million USD), instead of the current flat rate of 20 per cent.
