POSITIVE SIGNS FROM VIETNAM’S BANKS AS CREDIT RANKING RISES
The world’s leading credit rating firms have ranked Vietnamese commercial banks at higher positions this year, reflecting the success of monetary policy and efforts made by commercial banks.
MORE TAX AND CUSTOMS REFORMS URGED
The Ministry of Finance was urged to make greater efforts in tax and customs reforms which would help enhance competitiveness for enterprises in the context of rapid integration, attendees heard at a workshop on Tuesday.
NFSC PROPOSES LOWERING CORPORATE INCOME TAX ON SMES
Corporate income tax levied on small and medium – sized enterprises (SMEs) should be reduced to promote the business development, a solution together with broadening tax base to increase budget revenue from business and production.
TIGHTENED MONETARY POLICY FORECAST FOR Q4 2018
The State Bank of Việt Nam (SBV) will likely continue its tightened monetary policy in the remaining months of the year after its decision to strictly control lending to high risk sectors in the third quarter didn’t adversely affect the country’s economic growth, according to experts.
95% OF TAX REVENUE COLLECTED THROUGH E-TAX PAYMENT
From January 1, 2018 to September 5, 2018, the total import-export tax revenue through e-tax payment of the customs sector reached VND191,145 billion, accounting for 95% of the total revenue to the State budget.
VIET NAM’S STOCK MARKET CAPITALISATION REACHES 79.2% OF GDP
Việt Nam’s stock market capitalisation increased 13 per cent against the end of last year, reaching nearly VNĐ3.97 quadrillion (US$169.5 billion) by the end of August. This value was equivalent to 79.2 per cent of the country’s gross domestic product (GDP), according to the Ministry of Finance.
TAX ADMINISTRATION LAW REVISION TO FURTHER FACILITATE TAXPAYERS
The draft Law on Tax Administration (amended) adds a lot of new regulations to meet tax reform requirements to further help taxpayers. Mr Cao Anh Tuan, Deputy General Director of the General Department of Taxation, said, the draft law increases rights and facilitations for taxpayers. Specifically, taxpayers will know the time limit for tax refund, the value of unrefunded tax and legal reasons for unrefunded tax.
FINANCIAL EMPOWERMENT FOR SMES
“The lack of transparency hardly creates confidence while credit is built on trust. Insufficient trust plus the lack of collaterals and an unfeasible business projects causes credit institutions to say 'No' to small and medium-sized enterprises (SMEs),” said Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), at the Forum on Solutions to Boost Fund Sources for SMEs recently held by the Business Forum Newspaper in Hanoi.
