Banking & Finance

Banks in Vietnam are responding to the government’s call in forgoing parts of their profits to support customers affected by the pandemic.

The government raised the subsidy for E5 and RON92 from the petrol price stabilization fund by VND2,000 per liter, as well as other petroleum and gasoline products.

The problem if further persists in long-term will make investors become disillusioned on the fairness and transparency of Vietnam’s stock market.

A low-interest rate environment in long term could make capital available for other investment channels, so banks are under pressure to readjust their savings mobilization rates to better attract idle capital.

Vietnam’s economy with high level of openness could be susceptible to rising inflation as a result of growing global commodity prices.

Increasing online shopping has resulted in higher tax revenue.

Such extension in delay of taxes and land rental fees payment is essential for the business community to continue its economic recovery process and ensure the realization of the 6.5% economic growth target in 2021.

Investors are more well-prepared in terms of financial capabilities, knowledge and understanding of risks in the stock market.

In the first working day after a long holiday, customers often have high demand to open or withdraw money from saving accounts.

Strong attention from investors helped boost banks stocks’ value, but those of petroleum companies were the highlight of this morning trading session with many reached the ceiling, namely PVB, PVC, PVD, PVS, PVT, or PXS.

Banking sector is set to post a strong growth of 21-28% year-on-year in pre-tax profit in 2021, subsequently leading to higher value of banks stocks.

It seems a call from the central bank for credit institutions to forego their profits in 2020 to aid customers and businesses affected by the pandemic have not been effectively implemented.

Given a large gap between domestic and international gold prices, it would be high risks for investors to bet their money on gold at the moment, said an expert.

Cement, petroleum and retail stocks are those that could see strong rises in 2021.

Customers are urged to stay cautious against rampant scam and fraud activities ahead of Tet holidays.

Compared to the same period of last year, liquidity surged a whooping of 291.04% in transaction volume and 334% in value.

A low budget revenue in January is due to the fact that the economy is currently struggling with the ongoing Covid-19 outbreak.

Relevant agencies are required to strengthen inspection, detect and strictly handle violations in foreign/cash exchange trading, according to the State Bank of Vietnam.

Market capitalization on the HoSE, home to majorly large-caps, dropped around US$11.78 billion.

Local authorities should enhance supervision activities of market situation for timely intervention, which is in line with market-based principles and the goal of stabilizing macro-economic conditions.