CYBER THREATS SLOW DOWN RISE OF CASHLESS PAYMENTS
Vietnamese lenders and fintech groups are catching up with international peers on kick-starting the economy and promoting cashless transactions in the face of the coronavirus outbreak, but greater advancement always comes with new risks.
PM APPROVES NATIONAL FINANCIAL INCLUSION STRATEGY UNTIL 2025
The strategy is aimed to ensure individuals and enterprises, particularly low-income and vulnerable people, medium-, small- and micro-sized enterprises, to have access to basic financial products and services, such as payment, money transfer, saving, credit and insurance, in a convenient way and at affordable prices.
FOREIGN BANKS MAY RETURN SOON
The completion of the sale of Vietcombank stake to foreign buyers in early 2019 and of BIDV at the end of last year may bode well for a comeback of foreign banks to Vietnam in 2020
HCM CITY TO IMPLEMENT E-TAX SYSTEM FROM FEBRUARY 10
According to the State Bank of Việt Nam, promoting online payment for public services is one of the goals of the Government. Previously enterprises had to pay tax at the Treasury or a bank, take the payment receipt to customs authorities and wait.
BANKING SECTOR URGED TO PROVIDE SERVICES IN SHORTEST TIME WITH LOWEST COSTS
Credit growth in 2019 was estimated at 13% against last year, almost doubling the growth rate of the gross domestic product, according to the State Bank of Viet Nam.
DOMESTIC PROPERTY MARKET TO HAVE ENOUGH CAPITAL NEXT YEAR
In 2019, bank loans for real estate activities, such as buying, repairing and building houses, exceeded VND300 trillion, up 15 per cent year on year. Meanwhile, capital from other sources, including bonds, remittance and foreign direct investment (FDI), reached about VND240 trillion, he said.
TAX AND CUSTOMS POLICY TROUBLESHOOTING FOR BUSINESSES
The Ministry of Finance recently coordinated with the Vietnam Chamber of Commerce and Industry (VCCI) to hold a dialogue conference on tax and customs policies and administrative procedures in 2019. This is the 14th year VCCI and the Ministry of Finance jointly hosted this event.
BANKS LOWER INTEREST RATES
The State Bank of Vietnam (SBV) has announced plans to reduce the ceiling levels of deposit rates for short-term tenors and lending rates for priority sectors from today, November 19. Local commercial banks have also raced to lower their interest rates in recent days.
