Banking & Finance

Vietnam has 3.1 million business households and individuals, many of whom sell goods and services online without registering, declaring, or paying taxes.

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.

Local lenders are encouraged to provide incentives and attract individuals to take out consumer loans.

If the VAT reduction policy is continued for the last six months of the year, the total revenue loss for 2024 is projected to be approximately VND47.5 trillion (US$1.87 billion).

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.