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.
PM DEMANDS CONTINUED RESTRUCTURING OF CREDIT ORGANISATIONS
In particular, total asset value and equity has increased by 5 percent while the rate of non-performing loans (NPLs) has been brought down to 1.63 percent, or 4.43 percent if the NPLs sold to the Vietnam Asset Management Company and possible NPLs are included.
LOCAL BANKS TO FACE COMPETITION FROM FOREIGN RIVALS
Domestic banks are expected to face increasing competition, especially as European banks will be able to access the Vietnamese market when the European Union-Việt Nam Free Trade Agreement (EVFTA) takes effect.
BANK ACCOUNTS OF LOCAL ADVERTISERS TO BE DRAINED FOR FACEBOOK AND GOOGLE TAX ARREARS
Under the new tax law, banks are allowed to deduct taxes for cross-border service suppliers on their earnings from Vietnam following Clause 27 of the Law on Tax Administration. That means banks are allowed to take taxes out of the bank accounts of companies which have been making transactions with overseas services suppliers, especially Facebook and Google.
DEPUTIES DEBATE TAX EXEMPTION FOR SMES
A policy that may grant up to 30 per cent tax exemption for small-to-medium-sized business (SMEs) to mitigate the adverse effects of COVID-19 was discussed yesterday by National Assembly deputies during a meeting in Hà Nội.
MORE BANKS INCREASINGLY VULNERABLE IF PANDEMIC LASTS LONG
The current turmoil was not caused by a surplus of capital in the financial sector like the global crisis in 2009. The Covid-19 pandemic has hurt the whole economy, from both supply and demand sides. Fiscal policies are considered part of the solution rather and they cannot entirely handle the root of the problem.
SMALLER FIRMS TO LAND ON TAX CUSHION
Over 700,000 micro- and small-sized enterprises in Vietnam could receive a hefty reduction in corporate income tax payable this year, while more than one million individual taxpayers could be beneficiaries of personal income tax deductions.
