BANKS INCREASE CAPITAL THROUGH PAYING DIVIDENDS IN SHARES
Many large banks are implementing plans to issue shares to pay dividends in the last months of this year. The move is aimed to increase charter capital, improve financial strength, meet the State Bank of Vietnam (SBV)’s capital safety regulations and expand operating scale.
STOCK MARKET REBOUNDS AS BANKING, MINING, AND SECURITIES STOCKS FUEL RECOVERY
Banking stocks gained ground with most of the stocks in the basket rising, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).
ENTERPRISES CONTINUE TO FIGHT FINANCIAL DIFFICULTIES
The General Statistics Office (GSO) reported that in the first 10 months of this year, Vietnam’s total state budget revenue sat at $59 billion, down 9.2 per cent on-year. Domestic revenues are estimated to stand at nearly $48.84 billion, down 5.9 per cent on-year. The nine-month reduction rate was only 3.2 per cent on-year – meaning enterprises are facing mounting problems.
VIETNAM SET TO IMPLEMENT GLOBAL MINIMUM TAX
Vietnam is poised to adopt global minimum tax (GMT) regulations, a move set to impact 122 foreign investment conglomerates and strengthen the country's fiscal framework in line with international standards. Le Quang Manh, chairman of the National Assembly's Finance and Budget Committee, underscored the necessity of Vietnam adopting the GMT guidelines at a meeting on November 10, 2023.
MORE INCENTIVES NEEDED TO SUPPORT GREEN CREDIT: EXPERTS
Experts have shared a view that green credit and green growth play an important role in implementing the National Green Growth Strategy in the 2021-2030 period with a vision until 2050 as they create resources for environmentally-friendly projects and programmes.
INTEREST RATE CUTS SEEN EATING INTO BANKS’ PROFITS
The chief economist of the Bank for Investment and Development of Vietnam (BIDV), Can Van Luc, has predicted the banking system may earn lower profits in 2023 than in previous years due to falling interest rates, the Vietnam News Agency reported.
MOF PROPOSES 2 PER CENT VAT REDUCTION UNTIL MID-2024
The Ministry of Finance (MoF) has recommended reducing VAT by 2 per cent for the first six months of 2024 on some groups of goods and services that are currently subject to the 10 per cent rate.
VIET NAM EYES EMERGING STOCK MARKET STATUS BY 2025
According to Phương, in terms of the legal framework, the 2019 Securities Law, the 2020 Investment Law, the 2020 Law on Enterprises, and the documents guiding their enforcement have created optimal conditions for investment flows, facilitated access to information in English as well as registration and opening accounts of investors, and enhanced market transparency, thus gradually meeting the criteria for market upgrade.
