BANKS RAISE FOREIGN OWNERSHIP RATIO TO IMPROVE FINANCIAL STRENGTH
Việt Nam’s finance and banking is still attracting foreign investors, but experts said the low ownership ratio of 30 per cent capped for foreign investors was a barrier.
VIETNAM TO ALLOW BANKS TO USE FOREIGN E-WALLETS FOR INT’L PAYMENTS
The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.
HCM CITY BANKING SECTOR TO CONTINUE SUPPORTING BUSINESSES HIT BY PANDEMIC WOES
Nguyễn Hoàng Minh, deputy director of the SBV’s HCM City branch, said the central bank is working with local authorities, the HCM City Union of Business Associations and other agencies to ease funding difficulties faced by businesses.
BANK STOCKS HELP VN-INDEX MAINTAIN GROWTH MOMENTUM
There were 444.3 million shares worth VND9.19 trillion changing hands, rising by 14% in volume and 17% in value against the session earlier. The southern market saw nearly 59 million shares traded in block deals worth VND1.45 trillion.
CREDIT GROWTH UP 6.09 PERCENT: CENTRAL BANK
Credit has given a boost to a number of industries that are serving as the driving force of the national economy like the production and distribution of electricity, gas, hot water and air conditioners; water supply, waste and waste water management and treatment; construction; wholesale and retail; and the maintenance of cars, motorbikes and other motor vehicles.
PRIME MINISTER OFFICIALLY APPROVES 30 PER CENT CIT CUT
This was stipulated in the newly-issued Decree No.114/2020/ND-CP approved by Prime Minister Nguyen Xuan Phuc. The decree also offers specific guidelines on the implementation of Decree No.116/2020/QH14 regarding the corporate income tax (CIT) reduction.
CAN STOCKS KEEP MOMENTUMS?
The Vietnamese stock market strongly advanced and become one of the best performers in the world in August when the VN-Index added 10.4%. According to Viet Dragon Securities Corporation (VDSC), August momentum and expected fresh foreign cash flows can help the gauge surpass the 900-point threshold achieved in June and possibly reach 920 points in September 2020.
FINANCIAL INCLUSION STEERING COMMITTEE SET UP
According to the World Bank, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs - transactions, payments, savings, credit and insurance - delivered in a responsible and sustainable way.
