Business News

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.

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.

Total retail revenue from consumer goods and services in July picked up by 9.4% against the same period last year, with tourism being a primary contributor, according to the Ministry of Industry and Trade’s portal. From January to July, the country’s total retail sales of consumer goods and services were estimated at VND3,635.7 trillion, an 8.7% year-on-year increase.

The more streamlined process was designed to help boost national spending by making personal loans more accessible to the public, said industry experts. Commercial banks have implemented reforms to speed up the development of additional consumer digital products.

Since the system's inception until June 30, bonds from credit institutions dominated the market, constituting 45.7 per cent of total transactions, equivalent to a value of VNĐ324.2 trillion. Meanwhile, bonds from real estate companies accounted for approximately 30 per cent of the market's trading value, reaching nearly VNĐ212.6 trillion.

The Government’s regular monthly meeting reviewed the socio-economic performance of the country in July and the first seven months of 2024. The meeting focused on public investment allocations and disbursements, government management, and upcoming key tasks.

In the morning, Mr Lee met Deputy Secretary of the Ho Chi Minh City Party Committee Nguyen Ho Hai to discuss issues of mutual interest. Noting the rapid economic development of Ho Chi Minh City and its aspiration to develop into an international financial centre, Mr Lee said that Hong Kong is willing to share its experience as a leading international financial centre and explore collaboration opportunities with it.

Insiders have praised the new laws' effects, which include the 2024 Land Law, the 2023 Real Estate Business Law and the 2023 Housing Law, in directing the market's structure and its business scale as new regulations aimed at creating a more favourable environment for property developers and their projects alike.