Banking & Finance

According to the General Statistics Office, total State budget revenue year-to-date as of July 15 stood at VND819.4 trillion ($35.87 billion), while total State budget expenditure during the period was VND757.5 trillion ($33.16 billion).

Commercial banks have agreed with a State Bank of Vietnam policy on reducing lending interest rates by 0.5 to 2.5 per cent per annum, with the average reduction being about 1 per cent.

According to the SSI Securities Company (SSI Research), Vietnam’s stock market has a positive outlook in the long term and in 2022 will remain among the most attractive.

Petroleum and steel were the two sectors with the strongest growth in the second quarter of 2021, with 4243 per cent and 592 per cent, respectively, compared to the same period last year, thanks to higher oil and gas and steel prices.

Many banks have recently introduced preferential policies on foreign currencies for import-export enterprises, such as preferential loans, financial support through import financing services, foreign exchange support, reasonable fees, and free international money transfer for new corporate customers.

Since April 29, credit institutions, including 78 banks, 22 finance companies, finance leasing companies, and microcredit companies, and 294 credit funds have implemented three rounds of interest rate cuts to support businesses.