VOV.VN - The COVID-19 pandemic is expected to take its continued toll on the global economy in the second half of the year, but thanks to the disease brought under control in Vietnam, the national economy is projected to grow by 3.8% in 2020.
A looser monetary policy should be instituted to support economic growth in the wake of global volatilities, especially the outbreak of the novel coronavirus (nCoV), experts suggested.
After a long period of stability, pressure from global markets has caused the Vietnamese dong to depreciate significantly against the US dollar in the past few days.
After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.
The recently signed US-China trade deal, an effort to calm trade tensions between the world’s two largest economies, will force Vietnamese businesses to grow in order to meet the challenges as well as the opportunities it brings, said economic experts.
Vietnam needs a “revolution in its policy-making mind-set” before it can take advantage of the fourth industrial revolution, said Pham Xuan Hoe from the Banking Strategy Institute, at a forum in Hanoi on January 7.
Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.
Foreign-invested enterprises will no longer be allowed to ignore their tax obligations as Vietnamese tax departments step up action on duty-dodging businesses.
With the Lunar New Year Festival (Tet) drawing near and demand of cash increasing, Vietnam's central bank has sounded the alarm over counterfeit money.
Vietnam is expected to remain one of the top ten remittance receivers in 2019, according to the latest edition of the World Bank’s Migration and Development Brief released recently.
The State Bank of Viet Nam (SBV) has warned local commercial banks to improve control of loans that use savings books as collateral to ensure the safety of the banking system.
Vietnam's private consumption growth will remain strong, supported by improvements in the labour market as youth unemployment falls, minimum wages grow and lower inﬂation levels prevail, experts forecast.
The State Bank of Vietnam (SBV) said it will closely monitor interest rates offered by credit institutions and take measures to strictly handle violations of the law, including cutting credit growth targets.
Experts suggest the foreign ownership limit should be 49% to make the country’s finance and banking sector more attractive to foreign investors.
The US Federal Reserve (Fed)’s latest rate cut will benefit commodity and equity markets in the short term, according to specialist Nguyen Tri Hieu.
As the domestic capital market is underdeveloped, Vietnamese banks are in dire need of foreign capital to meet Basel II standards by 2020 as required by the central bank.
The Vietnam Chamber of Commerce and Industry (VCCI) this week suggested the State Bank of Vietnam (SBV) reconsider a proposal on limiting unsecured personal loans in cash by consumer finance companies.
Foreign financial institutions were eyeing up poorly-performing Vietnamese banks after being given the green light to acquire stakes in local institutions in a move to speed up the restructuring of the country’s banking industry, according to banking expert Nguyen Tri Hieu.
The improved business performance of Vietnamese banks and a Government regulation to require local banks to meet stricter capital regulations as part of Basel II standards is spelling the start of a wave of foreign investment into the country’s finance and banking sector in 2019, experts said.
Experts believe that following a stable year, the real estate market will continue to develop well, with no bubbles, in 2019.