Banking & Finance

Tax revenue has shown signs of deceleration in recent months. To exceed estimates by 15.5 per cent, the tax sector will drastically increase revenue from e-commerce activities and build big data from e-invoices to readily track fraud.

A negative deposit-credit gap and the State Bank of Vietnam’s withdrawal of money have tightened liquidity in the banking system. Interbank VND rates have skyrocketed. The overnight interest rate on October 4 was up to 7.74 per cent per annum, or 2.58 percentage points higher than in the middle of last week. Deposit interest rates are expected to continue to increase in the near future.

A survey conducted recently by Vietnam Holdings found that retail investors have a gloomy attitude towards securities, with just 7 per cent of respondents intending to invest in the stock market. The figure in August 2021 was 47 per cent. The average amount being invested is also down, by $2,000 to under the $9,900 average posted over the past ten months and 30 per cent below the figure at the beginning of the year.

The ACBS securities company has prepared three scenarios for Vietnam’s stock market. In the base scenario, growth will be some 19 per cent by the end of 2022, thanks to banking, transportation, real estate, and utility stocks, and the VN-Index will be around 1,400 points. In the optimistic scenario, the VN-Index will hit 1,500-1,600 points, and in the pessimistic scenario it will be 1,200 points.

Prime Minister Pham Minh Chinh has signed an Official Letter on improving the efficiency of tax collection management for e-commerce and digital business activities. He asked that the Ministry of Finance build a tax management database for e-commerce and that banks supervise payment transactions by foreign subjects with income from cross-border platforms.

Total State budget revenue in the first nine months of 2022 in north-central Thanh Hoa province increased 56.5 per cent year-on-year and exceeded the estimate by 39.7 per cent, of which revenue from accommodation and catering services more than doubled. The industrial production index, meanwhile, increased 16.03 per cent. However, the province’s FDI attraction fell sharply, by 39.1 per cent year-on-year.