Business News

[04-04-2016] As budgetary overspending is on the rise, to ensure income sources and increase the share of corporate income tax in the total budgetary revenue, the General Department of Taxation issued Decision 225/QD-TCT dated February 4, 2016 on the formation of a research team to measure lending rate impacts on corporate income tax value and propose solutions to enhance tax administration.

[05-04-2016] More bank loans over the past few years have gone to the manufacturing sector, according to a State Bank of Vietnam (SBV) report. The report said bank credit was increased by 5.3% per year to gain an extra 1% in economic growth per annum in the 2006-2010 period.

[30-03-2016] Some commercial banks have recently taken international loans to meet their long-term capital demands. Sài Gòn ThÆ°Æ¡ng Tín Commercial Bank (Sacombank) has inked a contract to borrow US$50 million from Cathay United Bank to secure capital for the provision of medium and long-term loans.

[28-03-2016] As the season of annual shareholders’ meetings is coming, banks’ shareholders are looking forward to more mergers and acquisitions in the sector.  It is likely that many mergers and acquisitions (M&As) will be announced in April. The most likely targets are banks with overlapping ownerships , small or financially weak financial institutions, and those that have seen their bad debts ratio rising in the past years.

[21-03-2016] As the process of restructuring the banking sector is coming to an end, with the number of banks expected to decrease to 15, according to the State Bank of Vietnam (SBV)’s plans, monetary institutions with bad business results and increasing bad debts to restructure are going to see a lot of changes in high personnel.

[18-03-2016] The Central Committee of the Vietnam Fatherland Front (VFF), the Ministry of Finance (MoF) and the Vietnam Chamber of Commerce and Industry (VCCI) recently held a meeting to review the programme of monitoring the business environment and national competitiveness improvement in tax and customs sectors in 2015 and reveal monitoring plans for 2016.

[17-03-2016] The Ministry of Finance has asked local tax authorities to refund value-added tax (VAT) to enterprises if the amount of tax they default on is less than the amount of tax refund that they will receive. The ministry’s decision is in response to complaints about tax refund delays caused by tax agencies, which causes shortage in businesses capital sources.

[08-03-2016] To assess the impact of economic integration on the state budget in 2016 and promptly adjust the balance of income and expenditure, the Minister of Finance recently issued Directive 02/CT-BTC on integration in the financial sector in 2016.