Banking & Finance

The Ministry of Information and Communications is collecting opinions on a draft Law on Electronic Transactions (amended). A unified law is to be developed, creating a complete legal corridor to transform activities from the physical to the digital environment in all industries and fields, ensuring that electronic transactions are as transparent as traditional transactions.

Individual investors opened more than 232,000 new accounts on Vietnam’s stock market during April, bringing the total to more than 5.2 million. With such growth, it is entirely feasible that 10 per cent of Vietnam’s population will be participating in the stock market by 2030.

State budget revenue in the first four months of this year has been estimated at more than VND645 trillion ($28.02 billion), a 13.3 per cent increase compared to the same period last year. There are issues that may affect budget revenue into the future, however, such as rising fuel prices affecting production costs, and loss of revenue from support policies such as tax exemptions and reductions, among others.

The performance of Vietnam’s banking industry will improve as Covid-19 gradually passes, according to the latest report from credit ratings agency Moody’s Investors Service. Almost all indicators, such as NIM (net interest margin), CASA (current account savings account), ROA (return on assets), and LDR (loan to deposit rate) of banks will significantly improve this year, it believes.

Real estate contributes greatly to Vietnam’s economy, accounting for 8-9 per cent of GDP, according to the Vietnam Association of Construction Contractors (VACC). However, real estate businesses are having major difficulties finding projects due to problems with mechanisms and policies. They therefore look forward to the completion of the legal framework, including additions and amendments to the Land Law and the Law on Real Estate Business.

Since introducing the nationwide electronic invoice (e-invoice) system on April 21, their use in many cities and provinces has reached over 50 per cent and in some cases 90 per cent. The amount of taxes paid by individuals through the eTax Mobile system since its implementation on March 21 stands at nearly VND160 billion ($6.29 million). Meanwhile, five foreign suppliers not permanently established in Vietnam voluntarily declared and paid taxes through the website of the General Department of Taxation.