Banking & Finance

While Covid-19 still caused difficulties for business activities and the economy, many banks posted solid profits last year. Total pre-tax profits of 24 banks in Vietnam stood at more than VND175 trillion ($7.65 billion), up 35.8 per cent compared to 2020.

According to SSI Research, when Vietnam fully opens its doors to international tourists on March 15 there will be three groups of stocks that will benefit: travel stocks, tourist accommodation stocks, and travel transport stocks. The tourism industry aims to welcome 65 million tourists this year, including 5 million international visitors.

While the majority of economists support the need to tax houses and landed property as soon as possible, the Ministry of Finance (MoF) has said there is currently no policy to develop a draft law on taxing property. In 2018, the ministry proposed developing a Law on Property Tax, but encountered many conflicting opinions.

“Billion-dollar” investments were of huge interest to foreign investment funds in Vietnam’s stock market in 2021, but 2022 is a more difficult situation, with many funds facing losses, some heavy.

Vietnam’s foreign exchange reserves have now increased to over $109.9 billion, so in order to renovate management, the State Bank of Vietnam (SBV) plans to establish the State Foreign Exchange Reserve Management Department, based on reorganizing and adjusting the functions and tasks of its Foreign Exchange Management Department and Central Banking Department.

The State Treasury mobilized more than VND23 trillion ($1 billion) worth of government bonds in January and VND9.38 trillion ($410 million) in February. By the end of February, it had therefore completed only 22 per cent of the plan to issue VND105 trillion ($4.6 billion) worth of government bonds in the first quarter of 2022.