Banking & Finance

The new electronic invoice system introduced on November 21 will be a turning point for the tax sector, creating an important database for implementing tax management on a digital basis, effectively serving the sector’s digital transformation. Under the plan, by July 2022, the application of e-invoices will be completed in all 63 cities and provinces nationwide.

Vietnam’s non-cash payment ecosystem has witnessed the first cooperative deal between the National Payment Corporation of Vietnam (NAPAS), under the State Bank of Vietnam (SBV), and 13 Vietnamese banks to introduce domestic credit cards. This confirms the increasing popularity of non-cash payments in the country.

The State Bank of Vietnam (SBV) has specified cases where credit institutions are not allowed to purchase corporate bonds. Credit institutions are also not allowed to sell corporate bonds to subsidiaries of these credit institutions.

The Ministry of Finance (MoF) has proposed extending the excise tax on domestically-produced and assembled cars for another two months from the October to November tax period. The total excise tax to be extended is about VND4.4 trillion ($194.16 million).

It is necessary to adopt consistent and comprehensive financial orientations and solutions to help Vietnam’s economy overcome the shocks from the pandemic, restore production, and develop sustainably, according to Deputy Minister of Finance Vo Thanh Hung. The aim of the financial strategy for the 2021-2030 period will be to reform and improve the quality of financial institutions towards consistency, transparency, and integration.

Covid-19 has increased the risk of default for businesses mobilizing capital at high interest rates but without a clear or viable business plan. Many types of bonds issued in Vietnam lack a credit rating, and some are not backed by collateral or have a pay guarantee.