Business News

Banking stocks gained ground with most of the stocks in the basket rising, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).

The General Statistics Office (GSO) reported that in the first 10 months of this year, Vietnam’s total state budget revenue sat at $59 billion, down 9.2 per cent on-year. Domestic revenues are estimated to stand at nearly $48.84 billion, down 5.9 per cent on-year. The nine-month reduction rate was only 3.2 per cent on-year – meaning enterprises are facing mounting problems.

Vietnam is poised to adopt global minimum tax (GMT) regulations, a move set to impact 122 foreign investment conglomerates and strengthen the country's fiscal framework in line with international standards. Le Quang Manh, chairman of the National Assembly's Finance and Budget Committee, underscored the necessity of Vietnam adopting the GMT guidelines at a meeting on November 10, 2023.

Experts have shared a view that green credit and green growth play an important role in implementing the National Green Growth Strategy in the 2021-2030 period with a vision until 2050 as they create resources for environmentally-friendly projects and programmes.

The chief economist of the Bank for Investment and Development of Vietnam (BIDV), Can Van Luc, has predicted the banking system may earn lower profits in 2023 than in previous years due to falling interest rates, the Vietnam News Agency reported.

The Ministry of Finance (MoF) has recommended reducing VAT by 2 per cent for the first six months of 2024 on some groups of goods and services that are currently subject to the 10 per cent rate.

According to Phương, in terms of the legal framework, the 2019 Securities Law, the 2020 Investment Law, the 2020 Law on Enterprises, and the documents guiding their enforcement have created optimal conditions for investment flows, facilitated access to information in English as well as registration and opening accounts of investors, and enhanced market transparency, thus gradually meeting the criteria for market upgrade.

During a bank-business connectivity meeting in Thái Nguyên Province on Wednesday, Deputy Governor Phạm Thanh Hà revealed that as of September 29, the total credit for the entire economy reached nearly VNĐ12.7 quadrillion (US$531.2 billion), marking a 6.92 per cent increase since early this year.