Banking & Finance

The government issued Decree No. 36/2022/ND-CP on May 30 on interest rate support totaling VND3 trillion ($128.6 million) for loans from the Vietnam Bank for Social Policies (VBSP).

Data from KIS Securities shows that, in May, ETF (exchange-traded fund) capital in Vietnam’s stock market reached $147.4 million through 12 funds. With S&P Global Ratings having upgraded Vietnam’s long-term national credit rating to “BB+” with a stable outlook, it is expected that ETF capital into its stock market will grow further in the future.

According to the Law on Tax Administration, all businesses are required to use e-invoices from July 1. Businesses have been facing obstacles during the pilot process since December 31. The tax sector has taken many careful steps and provided maximum support to people and businesses, especially in the application of IT, and believes it can achieve the goals set.

In order to implement a 2 per cent interest rate support program on loans to corporates, cooperatives, and business households, banks have proposed the State Bank of Vietnam (SBV) consider increasing credit space. The SBV remains cautious, however, out of concern that this may affect inflation and macro-economic stability.

Data from the Lumen Vietnam Fund shows that as of mid-May there were 16 exchange-traded funds (ETFs) losing money in Vietnam's stock market, mostly foreign funds. The market, the Fund said, is waiting for a positive signal to recover, and any recovery will be slower but healthier than after previous declines.

According to the Vietnam Chamber of Commerce and Industry (VCCI), many elements of a draft Decree from the Ministry of Finance on e-commerce platforms are not appropriate. Requiring platforms to declare and pay taxes on behalf of vendors, for example, will create an additional cost burden and countless difficulties in determining revenue in the tax period and present a risk of underpayment or overpayment of taxes. Provisions in the draft also conflict with provisions in other laws.