VIETNAM'S STOCK MARKET FACES CHALLENGES, BUT POSITIVE LIQUIDITY OUTLOOK REVEALED
Firstly, the SSC and its parent ministry, the Ministry of Finance (MoF), will continue to improve the legal and institutional framework. This includes reviewing existing regulations under the Securities Law and providing clear guidelines to address any shortcomings.
BANKS TO PROMOTE ONLINE LENDING THROUGH NATIONAL POPULATION DATABASE ACCESS
Through a series of newly-issued regulations and access to the national population database, banks are planning to expand their online money-lending services. Deputy Governor of the State Bank of Việt Nam (SBV) Phạm Tiến Dũng said accessing the national population database will help banks to check and authenticate new customer information more easily.
CASHLESS DAY 2023: DIGITAL PAYMENTS DRIVE FINANCIAL TRANSFORMATION
With non-cash transactions surging by 53 per cent in volume and internet-based transactions skyrocketing by 88 per cent in volume, Vietnam's drive towards a cashless society is gaining momentous growth, empowering 75 per cent of its population with active bank accounts and registering over 3.71 million mobile money accounts.
LOCAL AUTO FIRMS EXPECT EXTENSION FOR EXCISE TAX PAYMENT
The total amount of special consumption tax (SCT) or excise tax on domestically manufactured and assembled automobiles, proposed for payment extension from June, July, August and September of 2023, is estimated at VND10,400 - 11,200 billion.
VIET NAM REMAINS A MAGNET FOR FDI: THE BANKER
Viet Nam is expected to remain a magnet for foreign direct investment (FDI) from sources seeking to diversify their production.In a recent article released by The Banker, an international financial affairs publication owned by The Financial Times, Viet Nam weathered the COVID-19 pandemic better than most south-east Asian economies.
DEADLINE EXTENSION PROPOSED FOR TAX PAYMENT FROM MARCH 2023
The Ministry of Finance officially submitted Report 43/TTr-BTC to the Government on a draft decree on the extended deadline for payment of VAT, CIT, PIT and land rent in 2023. Notably, the report had some changes compared to the original draft, including the deadline extension for VAT payment in 2023, starting from March instead of January 2023.
CREDIT INSTITUTIONS ALLOWED TO RESCHEDULE REPAYMENT TERMS
Credit institutions and foreign bank branches are now allowed to restructure the repayment terms to support clients struggling with production and business expenses. The State Bank of Vietnam (SBV) on Sunday issued Circular No. 02/2023/TT-NHNN stipulating the restructuring of repayment terms and keeping the debt group of credit institutions and foreign bank branches unchanged.
GOV’T EXTENDS DEADLINES FOR TAX AND LAND RENT PAYMENTS
The Government issued Decree No. 12/2023/ND-CP dated April 14, 2023 on time extension for payment of value-added tax (VAT), corporate income tax (CIT), personal income tax (PIT) and land rent in 2023.