Banking & Finance

In addition to a weakening US dollar, the ample supply of dollars thanks to Vietnam’s record trade surplus is a major factor that could keep a stable USD/VND exchange rate.

From January 1 to August 19, enterprises have carried out over 2.23 million transactions related to online tax payment with a combined amount of US$17.75 billion.

The average mobilizing interest rates as of the end of July declined by 0.6 percentage points per annum against late 2019, creating conditions for lower lending rates.

Fitch Solutions forecast Vietnam to record real GDP growth of 3.0% in 2020, and the global economy to contract by 4.0%.

The VN-Index ranked above Russell 3000, Nasdaq, or S&P 500, among others, in terms of growth in August.

The importance of macro stability for the country to foster healthy economic growth.

Transaction values via smartphones increased by 177% in the first half of 2020.

As of August 15, budget revenue collection reached VND812.2 trillion (US$35.04 billion), equivalent to 53.7% of the year's estimate.

Getting SOEs in Vietnam to be financially independent for the future.

The portal would put more pressure on government agencies in ensuring efficiency of public services, said a senior World Bank official.

Being allowed to short sell and trade at T+0 will help Vietnam improve evaluation criteria under global providers of financial services such as FTSE Russell and MSCI.

The central bank suggested the move is necessary to ensure efficiency of existing preferential rates policy for customers amid the Covid-19 pandemic.

An expansionary and flexible fiscal policy would help stimulate aggregate demand, create jobs and boost economic growth, stated Prime Minister Nguyen Xuan Phuc.

Vietnam trading activities would benefit from a stable exchange market, which is the central bank's target to buy in foreign currency, said banking expert Nguyen Tri Hieu.

This resulted in more than VND46 trillion (US$2 billion) being pumped into the economy.

Foreign investors are returning to the market with its net outflow narrowing from VND12 trillion (US$520 million) since its March bottom to VND1.8 trillion (US$78 million) as of mid-August.

Some large SOEs are facing difficulties in valuation, mainly due to complicated financial situations, which causes delays in the privatization process.

HSBC’s bonds issuance underscores the bank’s long term commitment to Vietnam.

By the end of 2019, Vietnam’s public debt had significantly dropped to 55% of GDP from 63.7% in 2016.

Cutting deposit interest rates on required reserve of commercial banks is not a further monetary easing.