Business News

The General Department of Taxation (GDT) held an online review conference to assess tax activities for the first half of the year and outline tax objectives and solutions for the last six months. The conference was attended by Finance Deputy Minister Cao Anh Tuan, GDT General Director Mai Xuan Thanh, GDT Deputy General Directors, and leaders of GDT departments.

The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.

The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.

According to the State Bank of Vietnam (SBV)’s Banking Supervision Agency, the Department of Consumer Protection under the Ministry of Industry and Trade can currently handle general content, but it is difficult for the department to promote its role in consumer finance.

Under the new decree, business facilities opting for the VAT discount method will enjoy a reduced VAT rate of 8% on eligible goods and services. Business entities, including business households and individual businesses, utilizing the revenue-based VAT calculation method will benefit from a 20% reduction in their VAT calculation percentage rate.

Chairman of Techcombank, one of Việt Nam's largest commercial joint stocj banks, said the bank's current foreign room is 22 per cent, allowing it to sell as much as 10 per cent to potential strategic shareholders. The bank has also been considering issuing additional shares to strategic shareholders, which typically results in a positive move in terms of stock prices.

The State Bank of Viet Nam (SBV) asked all credit institutions including foreign bank branches to reduce lending annual interest rate by 1-2 percent in a bid to facilitate credit access and spur growth.

The State Bank of Vietnam (SBV) this year removed the credit growth quota for foreign banks, but the policy remains for Vietnamese banks, due to concerns about rising bad debts, the security of the banking system and macroeconomic instability.