Business News

The State Bank of Vietnam is drafting a new circular that will allow non-residents with presence in the country to make deposits in both the Vietnamese dong and foreign currency at local banks without residency requirement.

The State Bank of Viet Nam (SBV) has cut several interest rates for the first time since 2014, in order to support businesses and boost economic growth.

In a bid to support start-up businesses, the Hanoi Taxation Department has deployed a tax agent coordination plan to provide tax procedure-related incentives. As of June 23, more than 10 tax agents registered to support newly established enterprises and those upgraded from business households.

From mid-March, Sacombank has been offering certificates of deposit (CDs) denominated in dong to individuals and companies. A sum of at least VND10 million (US$441) for five years plus one day carries a coupon of 8.48 per cent per annum while a seven-year CDs get 8.88 per cent for the first year.

As of May 25, credit growth expanded 6.53%, higher than the rate of 5% in the same period in 2016 and 4% in 2015. The figure showed positive signs amidst unfavorable economic context and slow public investment disbursement, said a senior official.

The Ministry of Finance has recently updated the list of registration fees for automobiles and mortobikes, which has increased the price of many luxury models.

The Việt Nam Bank for Social Policies (VBSP) interest rate for social housing loans in 2017 will be 4.8 per cent per annum, or 0.4 per cent a month, according to a decision just signed by Prime Minister Nguyễn Xuân Phúc.

It is the bank shareholders meeting season, and topping the agenda, besides the dividend payout ratio, is increasing their regulatory capital. On April 15 Techcombank announced it would hike its charter capital by VND5 trillion (US$220 million) to nearly VND14 trillion ($616 million) this year by selling more shares.