Banking & Finance

The Ministry of Finance (MoF) is collecting comments on the Public Report on the State Budget Estimate in 2022, which is to be submitted to the National Assembly. Collections in 2022 are estimated at VND1.4 quadrillion ($61.54 billion), while there are various changes in allocations.

The Ministry of Finance (MoF) announced five Vietnamese public accounting standards on October 29, creating the basis for the country to increase its credit rating. It will issue 16 more between now and 2024.

The Ministry of Finance is finalizing a draft Circular on the private issuance of corporate bonds. Any private issuance must meet six standards to be traded on the stock exchange.

Capital for build-operate-transfer (BOT) traffic projects is much sought after while access to bank credit continues to be difficult. Transport companies therefore need to find other sources of capital, especially corporate bonds. Bonds issued by BOT enterprises with a term of over ten years may be considered by foreign investment funds.

Real estate has taken the lead in the value of corporate bond issuances. As of October 15, the value of corporate bonds issued this year by the real estate group stood at more than VND148 trillion ($6.48 billion), accounting for 37 per cent of such issuances.

Remittances to Ho Chi Minh City in 2021 are expected to be 10 to 12 per cent higher than in 2020. This is an impressive figure given the pandemic and a major source of support for Vietnam’s balance of payments.