Starting November 2, foreign investors will no longer be required to pre-fund 100% of their transactions, promising the removal of a major roadblock for Vietnam's market upgrade process.
The new commitments aim to bolster Vietnam's shift towards a low-carbon economy while enhancing private-sector resilience and competitiveness.
In Hanoi's smart city development strategy, smart payment and open banking ecosystems are critically important.
Hanoi’s leaders believe that all that's left to do is act with the ultimate goal of serving people from smart transportation, armed with the mindset and solutions of a new global vision and thinking.
The increase in bank bond issuance is largely driven by the need to comply with the State Bank of Vietnam’s capital adequacy requirements.
Key challenges for the remainder of the year include lowering interest rates, providing low-cost credit, and adopting cost-cutting technologies.
Vietnam’s Q2 GDP growth surged to 6.9%, the highest in two years and well above market expectations of 6%.
The Hanoi Department of Taxation will continue to review and standardize personal tax identification data, and to develop solutions for digitizing and electronic processing of various stages to support taxpayers.
The surge in credit following a period of stagnation is partly attributed to increased borrowing and corporate bond issuance in the latter half of the year.
Institutions purchasing corporate bonds in the primary market accounted for 94.8% of the issuance volume, with credit institutions (53.5%) and securities companies (21.9%) being the main buyers.
These results highlight Vietnam's commitment to improving budget transparency through accessible documents and timely and accurate budget information disclosure.
The policy is expected to result in a VND700 billion ($27.5 million) decline in state budget revenue.
State Bank of Vietnam's credit growth target of 14-15% for the full year remains on track.
The US gave a positive assessment of Vietnam's monetary and exchange rate policies.
On average, about 4,265 new retail and institutional accounts were added to the market each day.
Given the unique economic conditions of Vietnam, if banks increase credit growth without control measures, the system could return to the hot credit growth period seen before 2011.
Many of the banking industry's digital transformation goals for 2025 are on track to be met or exceeded.
