Banking & Finance

The Viet Dragon Securities Corporation (VDSC) has forecast that from now until the end of the year, the State Bank of Vietnam (SBV)’s monetary policy management will face major challenges from the US Fed raising interest rates and the global economic outlook being less optimistic. Vietnam’s economy is also likely to face more difficulties in 2023.

Data from FiinGroup shows that bond issuances fell sharply in July, to VND22 trillion ($945.1 million), down 48.2 per cent compared to June and 65 per cent year-on-year. Notably, 19 of the 24 bonds issued were unsecured and/or have shares as collateral.

The VND lost 0.38 per cent against the USD in July and 2.21 per cent in the first seven months of the year. The Bao Viet Securities Company (BVSC), however, believes the currency will not depreciate by more than 3 per cent for the year as a whole given the flexible management of the State Bank of Vietnam.

Total tax revenue in the first seven months of the year stood at VND911.03 trillion ($39.1 billion), representing 77.5 per cent of the annual estimate and up a healthy 17.2 per cent year-on-year. Domestic revenue reached VND868 trillion ($37.26 billion), 75.7 per cent of the annual estimate and up 15 per cent.

On August 4, addressing a gathering for “Banking Industry Digital Transformation Day”, Prime Minister Pham Minh Chinh set six tasks for the industry in digital transformation, including building, testing, and applying a new legal framework for financial technology development; stepping up investment in and the development of shared infrastructure; promoting international cooperation; and receiving new technologies.

The custom sector’s contribution to State budget revenue in the first seven months of this year totaled more than VND260 trillion ($11.16 billion), a 12.7 per cent increase year-on-year and representing 74.2 per cent of the annual estimate.