Banking & Finance

Nearly 75% of Vietnamese consumers expect cashless payment to grow further in the next 12 months.

Profits of 347 non-financial firms expanded by 7.4% year-on-year in the first nine months of 2020, equivalent to the rate recorded in the pre-Covid-19 period.

The economy is likely to stage a stronger recovery in Q4 this year, versus 2.6% y-o-y real GDP growth in Q3.

A devaluation of the VND would have serious consequences on macro-economic stability, the trust of investors and the people, resulting in a big loss to the economy, Prime Minister Nguyen Xuan Phuc has said.

Vietnam could see a weight increase of 13% in the Frontier Markets Index to become the most important market in this Index.

While in the Indo-Pacific, the delegation will meet with business leaders and high-level government officials to explore investment opportunities

It takes time for foreign investors to study the new regulations and change their perception to the Vietnam’s stock market, stated a senior official at the stock market watchdog.

Such a high fiscal deficit is due to low state budget revenue and increase in regular spending under the severe Covid-19 impacts.

A credible domestic rating agency is a critical missing jigsaw piece in the orderly development of a healthy sustainable bond market in Vietnam, stated the ADB.

Only seven state firms have completed their respective privatization process in the first nine months of 2020.

The government has set aside VND12.57 trillion (US$542.2 million) to support 12.65 million people directly hit by the Covid-19 pandemic.

The country would remain the only one with positive growth among five major economies in ASEAN, and its economic growth would rebound to 6.7% in 2021.

While Vietnam is at risk of being listed as currency manipulator by the US, such a risk appears low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners.

Fitch Solutions expected credit growth to weaken to 7% in 2020 from 13.7% in 2019, but the growth is predicted to pick up to 12% one year later.

Incentives timely issued by the government and the central bank to support customers affected by Covid-19 has prevented the type of contagion that occurred during the global financial crisis in 2008.

The price to earnings (P/E) of the benchmark VN-Index is not quite cheap to attract new inflows as it is 15.1x (as of 30 September) versus 14.5x – 15x in the pre-Covid time.

Half of the surveyed people in Hanoi use single e-wallet like those in Ho Chi Minh City do.

The average tax contribution from 30 enterprises in the list is estimated at VND3 – 6 trillion (US$130 – 260 million) per year in the 2015 – 2019 period.

Vietnam’s inflation is set to remain below the government’s 4% threshold for most of the year with its average forecast at 3.5%. This should see the central bank keep lending conditions accommodative into 2021.

By the end of August, the credit growth was estimated at only 4.75%, but rose to 6.1% one month later, indicating improvements in enterprises’ access to credit.