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.
Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.
Brokerage firms are expected to prepare data for the transition to the new system.
The auction was postponed due to a lack of bidders and escrow deposits.
The move is aimed at alleviating market concerns, increasing foreign exchange supply, and ensuring smooth liquidity.
Domestic gold prices have surged in recent weeks amid rising geopolitical tensions.
With more than $100 billion in foreign exchange reserves, the State Bank of Vietnam (SBV) is ready to intervene to stabilize the exchange rate as needed.
One of the key measures is to allow securities companies with sufficient capacity to provide services without requiring foreign investors to have 100% of the funds before placing purchase orders for securities.
Vietnam also leads Southeast Asia in terms of new e-wallet users.
The number of Vietnamese gamblers is falling.
IATA Pay in Vietnam is powered by Standard Chartered’s Straight2Bank Pay.
The government is planning to set up a capital trading platform for innovative start-ups.
The Government leader has called for the publication of average lending rates to allow individuals and businesses to choose their banks.
The local stock market's upgrade from the frontier to emerging status by 2025 remains critical to the country’s transformation into a high-middle-income country by 2035 and a high-income country by 2045.
Virtual asset transactions in Vietnam are currently conducted through international trading platforms or direct arrangements, which poses risks of money laundering for the individuals involved.
With a population of 100 million, a young workforce, a stable political system and attractive policies, Vietnam has attracted the interest of many global companies.
International trade is an important driver of productivity, jobs, and development – but to be effective, adequate trade finance is essential.
The Ministry of Finance is expected to establish a separate bond market, strengthen inspection and auditing, and create conditions for businesses to raise capital.
The fact that the Vietnamese dong depreciated by a modest 2.9% year on year in 2023 indicated high stability and improved foreign exchange reserves compared to the end of the previous year.
The Ministry of Finance is expected to ease pre-transaction deposit requirements for foreign investors this year.
The central bank achieved some success in managing the foreign exchange market as the USD/VND exchange rate maintained a sliding rate of about 3.1% in 2023, despite some periods approaching the VND24,800 threshold.
