Banking & Finance

The Party Central Committee’s Economic Commission touched on a range of measures at a recent meeting to support production, business, and economic growth in the time to come, including raising taxes on the rich to support the poor. The poor mainly buy domestic goods and rarely buy imports, so supporting them would stimulate consumption demand and boost production.

According to the Party Central Committee’s Economic Commission, while the heated development of the stock market is providing significant support to budget revenue, it is still necessary to consider increasing the transaction tax rate to limit speculation.

Aside from risks such as a sharp decline in deposits and a sharp increase in bad debts, together with greater competition from fintech companies, banks also face risks relating to real estate corporate bonds. The State Bank of Vietnam has therefore issued regulations restricting banks from pouring money into the corporate bond market.

The VN-Index stood at 1478.44 points on the last day of November, up 2.37 per cent compared to the end of October. Forty-five enterprises had market capitalization of over $1 billion on the Ho Chi Minh Stock Exchange (HoSE) and three had $10 billion; a fall of two against October. Trading value and volume was VND714.5 trillion ($31 billion) and 23.18 billion shares in the month, up a record 53.69 per cent and 51.39 per cent compared to October.

Telecommunications service providers VNPT, MobiFone, and Viettel have been licensed by the State Bank of Vietnam to pilot the use of Mobile Money - making payments for services of small value using credit in telecommunications accounts.

The number of securities investment funds in Vietnam has tripled over the past decade, from 23 in 2011 to 62 now. The scale and type of funds will continue to expand in the years to come. By 2030, the asset value of these funds is targeted to reach 10 per cent of GDP.