NEW POLICY DRAFTED TO HELP NON-BANK CREDIT INSTITUTIONS DEVELOP FURTHER
The draft circular regulates filings, procedures and steps for granting establishment and operation licences to credit institutions in cases that commercial banks contribute capital or purchase shares of credit institutions, which causes a change in the legal form of credit institutions. The SBV will grant the establishment and operation licences to credit institutions in the cases.
MONETARY POLICY FLEXIBLE AND STABLE
Following four consecutive sessions of treasury bill issuance, interbank interest rates have rebounded. By October 23, overnight VND rates were at 3.83 per cent, while the one-week rate reached 3.99 per cent, an increase of 1.1 per cent and 1.03 per cent from the previous week.
NON-BANK CORPORATE BONDS FORECAST TO RECOVER IN YEAR-END MONTHS
Under an October 2024 corporate bond market report released recently, analysts of the rating agency FiinRatings said that the US Federal Reserve (Fed)'s first interest rate cut in four years was a positive sign for the Vietnamese exchange rate, after the State Bank of Vietnam (SBV) continuously sold the US dollar due to high capital withdrawal demand.
CENTRAL BANK CONFIDENT ABOUT CREDIT GROWTH THIS YEAR
The State Bank of Việt Nam is confident about reaching this year's credit growth target, as lending is expected to accelerate in the remaining months of the year on the recovery of production and business, Deputy Governor of the State Bank of Việt Nam (SBV) Đào Minh Tú has said.
CHANGES DRIVING FOREIGN INVESTOR ACTIVITY IN THE STOCK MARKET
The list of prospective investors for the offering includes 66 individuals and organisations. Notably, Pyn Elite Fund, a foreign fund from Finland, is the largest institutional investor with a registered purchase of 21.5 million shares, representing 15 per cent of the total offering, 2.99 per cent of post-issue capital.
GOVERNMENT CONSIDERING TAX ON MULTIPLE PROPERTIES
The MoC had earlier called on the financial sector to collaborate on drafting tax policies for second homes or unused properties, as property and housing prices have skyrocketed since the start of the year. In some suburban land auctions, winning bids have soared to as high as hundreds of millions of VND per square metre, significantly above starting prices, distorting the healthy development of the market.
NEW PROPOSAL REQUIRES E-COMMERCE PLATFORMS TO PAY TAXES OF SELLERS
At a press briefing on September 27, Dang Ngoc Minh, deputy director general of the General Department of Taxation (GDT) announced that the revised draft of the Law on Tax Administration includes a proposal requiring e-commerce platforms to declare and pay taxes on behalf of sellers. This measure aims to strengthen the effectiveness of tax management in the growing digital economy.
MANY BANKS STOP TRANSACTIONS OF ATM MAGNETIC CARDS
According to Sacombank, it stopped issuing new magnetic cards in 2017 and encouraged customers to switch to chip cards. At the same time, the bank has gradually removed magnetic cards that were unused or had very few transactions since 2019, when the State Bank of Vietnam issued a set of basic standards for domestic chip cards.
