CASHLESS DAY 2023: DIGITAL PAYMENTS DRIVE FINANCIAL TRANSFORMATION
With non-cash transactions surging by 53 per cent in volume and internet-based transactions skyrocketing by 88 per cent in volume, Vietnam's drive towards a cashless society is gaining momentous growth, empowering 75 per cent of its population with active bank accounts and registering over 3.71 million mobile money accounts.
LOCAL AUTO FIRMS EXPECT EXTENSION FOR EXCISE TAX PAYMENT
The total amount of special consumption tax (SCT) or excise tax on domestically manufactured and assembled automobiles, proposed for payment extension from June, July, August and September of 2023, is estimated at VND10,400 - 11,200 billion.
VIET NAM REMAINS A MAGNET FOR FDI: THE BANKER
Viet Nam is expected to remain a magnet for foreign direct investment (FDI) from sources seeking to diversify their production.In a recent article released by The Banker, an international financial affairs publication owned by The Financial Times, Viet Nam weathered the COVID-19 pandemic better than most south-east Asian economies.
DEADLINE EXTENSION PROPOSED FOR TAX PAYMENT FROM MARCH 2023
The Ministry of Finance officially submitted Report 43/TTr-BTC to the Government on a draft decree on the extended deadline for payment of VAT, CIT, PIT and land rent in 2023. Notably, the report had some changes compared to the original draft, including the deadline extension for VAT payment in 2023, starting from March instead of January 2023.
CREDIT INSTITUTIONS ALLOWED TO RESCHEDULE REPAYMENT TERMS
Credit institutions and foreign bank branches are now allowed to restructure the repayment terms to support clients struggling with production and business expenses. The State Bank of Vietnam (SBV) on Sunday issued Circular No. 02/2023/TT-NHNN stipulating the restructuring of repayment terms and keeping the debt group of credit institutions and foreign bank branches unchanged.
GOV’T EXTENDS DEADLINES FOR TAX AND LAND RENT PAYMENTS
The Government issued Decree No. 12/2023/ND-CP dated April 14, 2023 on time extension for payment of value-added tax (VAT), corporate income tax (CIT), personal income tax (PIT) and land rent in 2023.
MOF PROPOSES VAT REDUCTION TO 8% TO BOOST ECONOMY
The Ministry of Finance has recently put forward a proposal to the government to bring down value-added tax (VAT) from 10 per cent to 8 per cent for a number of goods and services to boost the economy.
INTEREST RATES REDUCE IN ALL MARKETS IN WAKE OF CENTRAL BANK’S POLICY RATE CUT
Interest rates on the interbank market, the open market operation (OMO) channel and commercial banks have all decreased after the State Bank of Vietnam (SBV) cut several policy interest rates last week.
