INTERNATIONAL CARD ORGANISATIONS CONTINUALLY URGED TO CUT FEES
The Viet Nam Banks Association is urging international credit and debit card companies to reduce a number of fees, as the country continues to battle the COVID-19 pandemic.
BANKS CONTINUE DEPOSIT RATE CUTS
A report from SSI Securities Corporation showed that last week, four major commercial banks with State holdings lowered their deposit rates by 30-40 basis points for tenors from six to less than 12 months, and kept the rates of long-term savings unchanged. Some other commercial banks reduced the rates of all tenors by some 20 basis points.
MINISTRY TO HALT MARKET TRADING IN EMERGENCY CASES
In a written response to the Viet Nam Financial Advisory Association, the Ministry of Finance said amid the prolonged COVID-19 pandemic and rising tensions between the world’s largest economies, global stock markets were becoming more vulnerable and sensitive to bad news.
CENTRAL BANK TO ADJUST MONETARY POLICIES TO WEATHER PANDEMIC
Under a recent directive, SBV Governor Lê Minh Hưng said the COVID-19 outbreak would continue to be unpredictable, which could push the global economy into a deeper recession and have a heavy impact on the Vietnamese economy due to its deep economic integration.
BANKS CUT HOME LOAN INTEREST RATES
Interest rates of home loans at commercial banks have tended to reduce significantly since the second half of July due to low capital demand from business and production.
ENTERPRISES ENTITLED TO 30% CORPORATE INCOME TAX CUT
The 30% CIT reduction is applied to all incomes that meet tax cut conditions specified in the resolution, not excluding incomes ineligible for incentives under the Law on Corporate Income Tax such as income from real estate transfer, capital transfer, mining income and income from services subject to special consumption tax.
CENTRAL BANK CUTS RESERVE INTEREST RATE TO AID THE ECONOMY
The State Bank of Việt Nam (SBV) on Thursday announced its decision to cut the interest rate it pays on commercial banks' reserves by 0.2-0.5 percentage points as part of its efforts to help the economy weather the impact of the COVID-19 pandemic.
BANKS ARE RACING TO CATCH DIGITISATION TREND: EXPERT
With many people looking for new options to deal with their financial affairs, digitisation of services and e-payments are becoming crucial, and banks, seizing the trend, have been embarking on the use of technology 4.0 and modernising their business models.
