Vietnam relies heavily on imported machinery and equipment from China, and experts are worried the country might become a landfill of outdated technologies, urging measures to tighten the import of second-hand machinery and equipment.
VOV.VN - Socio-economic results over the past 9 months have provided momentum for Vietnam to achieve targets for this year and next year. The government’s flexible economic policy is on the right track.
Foreign investors have poured into Vietnam’s e-wallet sector as they see huge growth potential in the market in the wake of the Government’s plan to reduce cash payments to below 10% of the total payment transaction by 2020.
Although Vietnamese bank stocks appear to have a bright future, foreign investors may find it difficult to join the parade due to a lack of progress on foreign ownership and corporate governance.
Many banks have reported impressive profit growth in the first half of 2018, compared to the same period last year, thanks to the high credit growth and the improvement from the retail banking segment.
While some experts warn that a real estate bubble could occur in 2019, others believe there is no need to worry.
The State Bank of Vietnam (SBV) has decided to push ahead with restructuring the banking system, applying stricter measures to effectively prevent cross-ownership at commercial banks.
Cross-ownership in banks has decreased sharply after the banks recently changed their top leaders at the 2018 annual general meetings of shareholders (AGMs) to meet the central bank’s new regulation.
The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax.
VOV.VN - The recent emergence of foreign banks with capital flows pouring into Vietnamese banks has proved the attractive prospects of Vietnam’s banking system.
In the latest draft of Law on Corporate Income Tax (CIT), the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes.
Vietnam’s commercial banks reported solid results for 2017 with the total after-tax profit estimated to grow 44.5% from the previous year, according to an independent report of the National Financial Supervisory Commission.
To obtain a 20% credit growth rate this year, total outstanding loans will have to increase by VND1,200 trillion. In the last five last months of the year, VND700 trillion is expected to be pumped into circulation.
The Ho Chi Minh City People’s Committee has asked relevant departments to tackle problems in granting house ownership certificates to overseas Vietnamese to encourage their investment into the real estate market.
Many overseas Vietnamese, or Viet Kieu, have given up the plan to buy houses and settle down here because they cannot meet required procedures.
Real estate ranked fourth among the most attractive business fields for foreign investors, with registered FDI capital of US$1.15 billion in the first half of the year.
The Vietnam dong is expected to depreciate by two percentage points at the end of 2017, ending a period of stability that lasted throughout the year.
According to experts, the estimated US$3 billion spent by Vietnamese people to purchase US residential property could have been transferred largely through illegitimate ways.
Some large foreign banks operating in Vietnam have recently scaled down their business or withdrawn capital from Vietnamese banks. What is happening with the banking sector?
In the last 10 years, Vietnam has seen the establishment of private joint stock companies operating in many different business fields.