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 country remains a manufacturing hub and a key link in the global supply chain despite geopolitical and pandemic-related challenges.
As of the end of the first quarter, the number of service providers accepting payments through Mobile Money was 11,254, which settled around 7.5 million transactions for a total of VND280 billion (US$12.23 million).
The directive called for law revision on the management of the corporate bond activities to enhance efficiency in the process of law enforcement for greater transparency and safety of the market.
Vietnam has achieved the milestone three years earlier than the Government’s target for 2025.
The event targets to attract young consumers to access and experience modern payment services.
In the medium term, Vietnam’s vision to become an upper-middle-income economy will depend on its ability to evolve from its current growth model to productivity and innovation-led growth model.
Tan Hoang Minh said it would refund the capital to investors, in case the bond issuance sessions are canceled upon request from the authorities.
The focus is to ensure a healthy fiscal foundation and sustainable budget policy in line with Vietnam’s international commitments and good practices.
It is imperative for the stock market authorities to timely provide information to the public and protect the lawful rights of investors.
Vietnam aims to keep all key debt indicators under the threshold set by the National Assembly during the 2021-25 period.
The proposal is set to take effect immediately once receiving approval from the Government.
As of November 30, 2021, total bad debts according to criteria set out in resolution No.42 were estimated at VND420 trillion ($18.4 billion), down 15.74% against August 14, 2017, the date the resolution No.42 became effective.
At the end of 2021, outstanding Government bonds and corporate bonds comprised 71.3% and 28.7% of the local bond market, respectively.
The support, estimated at a maximum of VND40 trillion (US$1.76 billion), is part of the overall socio-economic recovery program worth VND350 trillion ($15.4 billion).
The public debt threshold should not exceed 60% of the GDP for the 2021-2025 period, Government debt less than 50% of the GDP, and foreign debts below 50%.
The launch of the portal is designed to help foreign entities without representative offices in Vietnam fulfill their tax obligations without difficulties.
Large foreign reserves, prospects of trade surplus, and positive remittance inflows could be factors to ensure the stable USD/VND exchange rate in 2022.
Rising oil prices may lead to Vietnam’s inflation in 2022 rising beyond the 4% target set by the National Assembly.
Resolution No.42, scheduled to end in August, has been seen as an effective instrument to curb bad debts in the banking sector since it was launched five years ago.
Vietnamese businesses in Russia are urged to stay calm and monitor the situation to act accordingly.
