Banking & Finance

With the VAT cut to 8% in the second half of this year, the government estimates a revenue loss of VND24 trillion (US$1 billion).

The central bank will continue instructing banks to reduce interest rates, share profits with businesses, and undertake debt restructuring with a greater sense of urgency.

The aim is to steer the market towards a downward trend in interest rates in the future by lowering the ceiling on deposit and operating rates.

With a charter capital of over US$285 million, KBank is the second largest foreign bank branch in Vietnam by charter capital.

This funding, along with a $2 million contribution from the Japan Fund for Prosperous and Resilient Asia and the Pacific financed by the Government of Japan, will support technical assistance to expand inclusive and climate finance in the country.

The merger is expected to close in the third quarter of 2023.

After the last two interest rate cuts, lending rates on the market have fallen to below 8% per annum.

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This would reduce budget revenues by VND5.8 trillion (US$246.7 million) per month and by VND35 trillion (US$1.48 billion) over the last six months of the year.

With a P/E ratio of 11x, lower than most other markets in the world, the Vietnamese stock market is a very attractive choice for long-term investment.

Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.

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Some banks used to be very popular, with hundreds of thousands of customers, but they gradually disappeared from the market because of many reasons.

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry.

The country's central bank said the cut in the benchmark interest rate was a crucial step toward reducing market interest rates in the near future.

Gender-diverse leadership teams offer significant benefits to banks, from the strength of leadership teams, and cultural diversity, to viable financial performance metrics.

The new regulation allows bond issuers to extend the term of their bonds by up to two years, which was previously not permitted.

The application of modern and highly automated information technology is expected to create the best conditions for taxpayers to fulfill their tax obligations.

Debuted on February 1, VNG Corporation has seen its market price gain as much as 200%.

The local stock market will not go smoothly in 2023 as risks still persist and hamper its prospects.