Business News

Lending interest rates will drop sharply in the second half of 2023 as capital costs of commercial banks are falling, analysts forecast. In a recent report, VnDirect’s analysts said they believe lower lending rates will be the factor that promotes the recovery of consumption and private investment in the coming quarters.

As firms are facing many difficulties and the capital absorption of the economy in the first half of 2023 hit the lowest level in the past 13 years, the Government has urgently required the banking industry to further reduce interest rates and pump capital into the economy.

The Vietnam Banks Association has proposed a 2 per cent VAT reduction for the entire banking sector, which is currently excluded from the list of sectors entitled to the tax cut. Nguyen Quoc Hung, vice president and secretary general of the association (VNBA), emphasised the prevailing challenges encountered by enterprises, especially with resource depletion.

HCM City ranked second out of 63 provinces and cities in the country in terms of the 2022 digital transformation index (DTI), the Information and Communications Ministry has announced. According to a report of the Ministry of Information and Communications, the digital economy contributed about 18.7 per cent of the city's gross regional domestic product (GRDP) last year.

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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.

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.

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.