Banking & Finance

International Financial Reporting Standards 17 (IFRS 17) will become effective from January 1, 2023 and have a comprehensive impact on the business activities of insurance companies. Vietnamese insurers must begin preparations now to keep pace with market changes and compliance requirements.

Many people have withdrawn money from banks over the past year after deposit rates hit a record low. According to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu, if rates remain too low then people will switch to real estate investments or gold purchases. This can lead to some degree of economic instability. A number of banks have slightly increased their interest rates.

The State Securities Commission of Vietnam (SSC), in collaboration with the Luxembourg Aid & Development, has launched the website http://nhadautu.srtc.org.vn, which helps investors improve their understanding of securities and the stock market and recognize cheating and fraud as Vietnam’s stock market grows steadily.

The new electronic invoice system introduced on November 21 will be a turning point for the tax sector, creating an important database for implementing tax management on a digital basis, effectively serving the sector’s digital transformation. Under the plan, by July 2022, the application of e-invoices will be completed in all 63 cities and provinces nationwide.

Vietnam’s non-cash payment ecosystem has witnessed the first cooperative deal between the National Payment Corporation of Vietnam (NAPAS), under the State Bank of Vietnam (SBV), and 13 Vietnamese banks to introduce domestic credit cards. This confirms the increasing popularity of non-cash payments in the country.

The State Bank of Vietnam (SBV) has specified cases where credit institutions are not allowed to purchase corporate bonds. Credit institutions are also not allowed to sell corporate bonds to subsidiaries of these credit institutions.