Banking & Finance

Mr. Michael Kokalari, Chief Economist at VinaCapital, has said that Vietnam’s resilience and growth in GDP and incomes will boost the VN-Index significantly if and when the US Fed eases interest rates.

Leaders from the State Securities Commission worked with representatives from the World Bank and FTSE Russell on June 24 on upgrading Vietnam’s stock market. The World Bank and FTSE Russell representatives proposed a number of solutions for the stock market to be upgraded soon and affirmed their continued support to Vietnam in building a sustainable bourse.

Ho Chi Minh City’s credit balance rose 9.3 per cent in the first half of 2022 compared to the end of 2021, which was key in helping the city’s gross regional domestic product (GRDP) increase 3.82 per cent in the period, after recording negative growth at the end of 2021. The trade and service sector posted the highest figure, of 4.83 per cent.

According to PetroVietnam Securities Inc. (PSI), Vietnam’s stock market is likely to continue to experience adjustments in line with global markets but will recover soon after. PSI offered three scenarios for the VN-Index, with it reaching 1,550 points before the end of the year in the most optimistic and only 1,080-1,150 points in the most pessimistic.

Vietnam has again not been upgraded from frontier market to emerging market status by MSCI, which has announced regular market gradings for 84 stock markets worldwide. The decision is perhaps not overly surprising given MSCI’s assessment that Vietnam’s market is moving in a more negative direction.

According to the General Department of Taxation, six banks now provide accounts for users to make online tax payments via the eTax Mobile application. The Department is continuing to carry out authentication with a number of other banks to accelerate the deployment of eTax Mobile, contributing to the implementation of the “Project for developing non-cash payments in Vietnam”.