POSITIVE OUTLOOK FOR BANKING INDUSTRY
According to a survey recently released by Vietnam Report Joint Stock Company, 63.6% of respondents anticipated higher growth in the banking industry than last year, slightly higher than last year's respondents (58.8%). About 9.1% of respondents are cautious about the banking outlook.
TAX REVENUE SURGES 17.6%
Budget revenue was estimated at VND775,262 billion in the first six months of 2022, equaling 66% of the full-year estimate and 117.6 % of the value a year earlier, said the report at a recent Tax Review Conference for the first half of 2022. Up to 60 out of 63 localities completed more than half of their full-year targets.
POSITIVE SIGNALS SUPPORT INVESTORS' MOOD THIS WEEK
The stock market fell for a third week in the row, but the benchmark remained at the previous bottom of 1,150-1,160 points. Experts said that this is a positive signal helping strengthen investors’ sentiment this week.
PAYMENT VIA BANK TRANSFER: COMPULSORY FOR REAL ESTATE TRANSACTION, MINISTRY PROPOSES
The Ministry of Finance has proposed a regulation be brought in to ensure payments for all real estate transactions are carried out via bank transfers. The suggestion was made to prevent tax avoidance in the transactions of real estate assets through the declaration of selling prices much lower than the actual cost.
STATE BANK ASKS FOR EXTENSION TO BAD DEBT PROGRAMME
The Government has asked for an extension to a pilot programme designed to handle bad debt from domestic financial institutions during a meeting with the National Assembly on Tuesday in Hà Nội.
BANKS UNDER PRESSURE DESPITE POSITIVE CREDIT RECOVERY
According to Lê Xuân Nghĩa, former deputy chairman of the National Financial Supervisory Commission, the US Federal Reserve (Fed) will continually increase interest rates this year, which will force Vietnamese banks to raise deposit rates.
IMPROVING HUMAN RESOURCES FOR DIGITAL BANKING TRANSFORMATION
Digital transformation in banking requires banks to quickly and strongly shift to digital services in the online environment in order to effectively interact with customers in the front-end, as well as requiring changes in back-end processes to support front-line transitions and improve operational efficiency through increasing digitization and automation.
LOANS CENTRAL TO PUBLIC DEBT RESTRUCTURING
Deputy Prime Minister Le Minh Khai has signed and released Decision No.448/QD-TTg approving Vietnam’s programme on public debt management for 2022-2024 as well as a strategy on public debt borrowing and payments for the remainder of this year.
