Business News

Despite the profit taking pressure, the VN-Index of the Hochiminh Stock Exchange continued its upward spiral and gained 12.08 points at the close on January 5, buoyed by active cash flow.

ASEAN is the world’s third most populous economy and is projected to become the fourth largest economy by 2030. By then, domestic consumption, which powers roughly around 60 percent of ASEAN’s gross domestic product (GDP) today, is expected to double to 4 trillion USD.

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.

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.

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.

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 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.

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.