Banking & Finance

The State Bank of Vietnam (SBV) believes that inflationary pressure is tending to increase. The 2022 figure is expected to exceed 4 per cent, posing challenges in control efforts next year. Cutting lending interest rates will also face difficulties, due to deposit rates and the USD/VND exchange rate both tending to increase.

Data from FiinRatings shows that outstanding corporate bonds as of the end of September totaled more than VND1.3 quadrillion ($53 billion), or more than 13 per cent of 2021 GDP. Non-banking enterprises have VND908.8 trillion ($37 billion) and real estate enterprises VND455 trillion ($18 billion). This accounts for only 4 per cent of total credit in the banking system.

The National Payment Corporation of Vietnam (Napas) and South Korea’s BC Card Company (BC Card) signed a cooperation agreement on October 17 in South Korea regarding non-cash payments in Vietnam and South Korea. The agreement will contribute to promoting the development of digital payments in trade as well as trade promotion and tourism between the two countries.

Deputy General Director of the General Department of Taxation Phi Van Tuan has signed and promulgated Official Letter No. 3786/TCT-KK publicizing the V1000 list of enterprises paying the largest corporate income taxes in 2021. Viettel and Vietcombank continued to maintain their top positions, which they have occupied for many years. The banking sector dominated, with five enterprises in the top 10.

Agriseco believes that about 70 per cent of stocks in the VN30 group are now at attractive prices. With macro-economic stability and growth, now is the time to gradually accumulate long-term investments. However, it also believes that the market still faces many risks, such as pressure from inflation and exchange rates, continuing tightening of monetary policies, and rising interest rates.

A report from the VNDirect Securities Company shows that tight liquidity has been a concern for the banking system in recent times, but the risk to system liquidity is not significant. The efforts of authorities to combat “dollarization” in the economy and increase cashless transactions have brought significant results, while the macroeconomic situation remains stable and the health of the banking system has improved.