Banking & Finance

Since introducing the nationwide electronic invoice (e-invoice) system on April 21, their use in many cities and provinces has reached over 50 per cent and in some cases 90 per cent. The amount of taxes paid by individuals through the eTax Mobile system since its implementation on March 21 stands at nearly VND160 billion ($6.29 million). Meanwhile, five foreign suppliers not permanently established in Vietnam voluntarily declared and paid taxes through the website of the General Department of Taxation.

Vietnam’s capital market is developing quite quickly, according to Professor Hoang Van Cuong, a Member of the National Assembly’s Committee for Financial and Budgetary Affairs. The market reached 134.5 per cent of GDP last year, or 3.5 times higher than in 2015. It still has limitations and shortcomings, however, and needs to be transformed from quantity to quality to ensure sustainable development.

According to SSI Research, while Vietnam’s stock market saw a net withdrawal in April, capital to ETFs (exchange-traded funds) were strong, with a total value of VND1.69 trillion ($73.29 million); the highest in nine months. The market therefore recorded a net capital inflow in the first four months of the year.

Believing that stock selection at this time is more important than forecasting market trends, the Viet Dragon Securities Company (VDSC) has suggested that investors focus on buying into industries with positive expected second-quarter business results, such as seafood, gas thermal power, technology, and banking.

To address issues in valuation activities causing adverse consequences and budget losses, the Ministry of Finance (MoF) has requested that leaders of valuation companies immediately rectify their operations to ensure independence, objectivity, and neutrality and to comply with the law. MoF has suspended the operations of a number of valuation companies since the beginning of the year and revoked dozens of certificates of eligibility for businesses offering valuation services.

The Ministry of Finance (MoF) has issued a new Circular stipulating the rate, collection, payment, management, and use of fees and charges in the securities sector, effective from July 1, 2022. The Circular also supplements the collection of securities supervision fees for payment banks, which will start on July 1.