Banking & Finance

According to a report from the Vietcombank Securities Limited Company (VCBS), the VN-Index is forecast to continue to set new highs in the closing months of 2021, aiming for the threshold of 1,500 points. Trade will also be active in the group of highly speculative small-cap stocks, which are forecast to continue to attract cash flow.

The Hanoi Tax Department’s contribution to State budget revenue totaled VND159.957 trillion ($7.03 billion) in the first nine months of 2021, a 3.8 per cent increase year-on-year. Tax collections have been down in the city over recent months due to Covid-19.

The professional reserve fund of Deposit Insurance of Vietnam currently stands at VND73.6 trillion ($3.23 billion). It contributes to the safety of the country’s banking and finance sector and is an important financial resource helping the agency better perform its functions and tasks.

There are currently about 50 securities companies licensed to take part in the corporate bond market. Those with strong support from commercial banks hold a market share of more than 50 per cent.

In line with a move that began last month, some banks have shaved their deposit interest rates. ACB is currently offering the highest rate, followed by MSB and LienVietPostBank.

While many banking sector business segments such as credit and foreign exchange are forecast to decline to the end of the year, bancassurance promises to be a growth engine. In the first half of 2021, the proportion of premiums collected from bancassurance out of total insurance premiums stood at 28.8 per cent.