NEW REGULATIONS ON CUSTOMS VALUATION TO BE ISSUED
[10-06-2016] To guide the customs valuation of exports and imports, the General Department of Vietnam Customs is drafting a decree to direct the implementation of a number of articles of the amended Law on Export and Import Tax concerning customs valuation of exports and imports.
BAD DEBTS RISE TO 2.62% BY Q1 END
[01-06-2016] Non-performing loans (NPLs) at credit institutions by the end of the first quarter this year increased to 2.62 per cent from 2.55 per cent late last year. This news was released in a new report from the State Bank of Viet Nam.
BANKING SECTOR MUST SUPPORT BUSINESS: SBV
[31-05-2016] Monetary policies from now until the year end must give top priority to ensuring the safety of the banking system and controlling inflation while still trying to support businesses. This new directive was issued by the State Bank of Viet Nam (SBV).
DOLLAR DEPOSIT RATE OF ABOVE 0% PROPOSED
[26-05-2016] The central bank should evaluate the possibility of raising the interest rate on US dollar deposits instead of keeping it at zero per cent as it currently is to avoid side effects. This advice was suggested by industry experts according to Phap luat thanh pho HCM (HCM City Law) newspaper.
AMENDMENTS TO EXPORT AND IMPORT TAX LAW: MORE ADVANTAGES FOR BUSINESSES
[25-05-2016] The Law on the Export and Import Tax (as amended) has been passed by the National Assembly and shall take effect from September 1, 2016. This amendment includes new tax regulations. Preferential tax rates are separated into preferential tax rates, special tax rates and ordinary tax rates.
DEPOSIT INTEREST RATES UNDER PRESSURE TO INCREASE
[23-05-2016] Pressure from ensuring liquidity, meeting rising credit demands and purchasing Government bonds has caused commercial banks to hike their savings interest rates to attract depositors.
CONSUMER FINANCE MARKET SOARS
[20-05-2016] Viet Nam’s consumer loans hit a five-year record high of US$15.12 billion last year, according to a new report from local market research company StoxPlus. The amount, which was up 44 per cent against 2014, accounted for 10.4 per cent of the country’s GDP and 6.8 per cent of the economy’s total outstanding loans, the report said.
BANKS CUT LENDING INTEREST RATES ON GOV€™T ADVICE
[17-05-2016] Last week several banks cut their lending interest rates on the recommendation of the State Bank of Viet Nam. State giant Vietcombank set its rates for medium- and long-term loans at 10 per cent a year, down from 10.5 per cent.
