A PROSPEROUS YEAR FOR VIỆT NAM’S BANKING INDUSTRY
Profits of many commercial banks this year will hit the highest levels since 2012 thanks to rising capital demand, experts have forecast. Financial reports from banks showed that although two months still remain until the end of the year, many banks have already met profit targets set for the whole of 2017.
REALTY M&A PICKS UP FOREIGN INTEREST
Vietnam’s economic growth in the first nine months of this year accelerated from a year earlier, supported by robust foreign direct investment inflows and a strong growth in exports.
NEW REGULATIONS ON BANKING GUARANTEES FOR HOME PURCHASES
The State Bank of Viet Nam has issued a circular to amend Circular No 07/2015 on bank guarantees. Under the Circular No 13/2017, which will take effect on November 15, commercial banks must issue guarantees for buyers of future property within 10 days from the date the real estate purchase contract is signed.
CAPITAL ASSIGNMENT TAX WON’T AFFECT FDI AND M&A: EXPERTS
The Ministry of Finance (MOF) has proposed adjusting the rate of the capital assignment profit tax imposed on foreign enterprises in Vietnam in an effort to simplify the process of collection and treatment of corporate income taxes.
HIGH CREDIT GROWTH POSES RISKS
If credit growth reaches 21 - 22 per cent as expected, this will be the first year of such high growth since the 2009 - 2010 bubble period. Overheating credit growth is posing latent risks as money is being poured into real estate and underperforming industries.
NO HIKES IN TAXES, FEES AND CHARGES IN 2017
This is the attention-grabbing content of Resolution 84/NQ-CP of the Government, dated September 6, 2017. Accordingly, the Government requested the Ministry of Finance to coordinate with relevant ministries, branches and localities to carry out following requirements:
FIVE COMMERCIAL BANKS TO PILOT E-TAX PAYMENT
The General Department of Viet Nam Customs has choses five commercial banks namely Vietcombank, Vietinbank, VIDB, MB and Teckcombank to launch e-tax payment from November, 2017.
PM URGES LOWER INTEREST RATES, TAXES STABLE
The Government has instructed corresponding administrative authorities to aim for a 0.5 per cent decrease in lending interest rates from now until the end of 2017, while keeping taxes, fees and other charges unchanged, in order to propel the current disbursement rate in public spending and boost businesses’ productivity.
