Tag: finance

Government Pushes for Amendment to Value Added Tax Law, Adding 12 Taxable Goods

All of ministry’s information system will be secured by 2025 under new plan.

Sector subject to 87,500 inspections this year.

Prime Minister also asks financial sector to strengthen supervision over securities and corporate bond markets and speed up digital transformation in the new year.

Mekong Delta holds great potential in agricultural development and is the country’s largest agriculture and seafood production hub.

Ministry issues plan to review and simplify administrative procedures under its management in 2022-2025.

The Ministry of Finance (MoF) has said that collecting information on businesses using trading apps on mobile phones to support investment in financial products is quite difficult. Investors need to carefully research information about mobilizing organizations and ask partners to provide legal documents before making an investment, such as establishment and operational licenses, business lines, and so on. MoF suggested that investors research information on securities companies, fund management companies, and securities investment funds on the website of the State Securities Commission (SSC).

The Vietnam Banks Association (VNBA) held a seminar on October 26 entitled “Opportunities and challenges to apply blockchain to operations in the banking and financial sector”. A representative from Vietcombank pointed out the many obstacles for banks in applying blockchain, including the high cost of research and infrastructure investment and the long period needed to synchronize transition with other systems. A TPBank representative said it is necessary for banks to pilot a sandbox to successfully apply blockchain.

The Ministry of Finance has sent an official dispatch to ministries, branches, and localities on accelerating the disbursement of foreign capital in 2022. The Ministry said disbursement of ODA and foreign concessional loan capital averaged only 15.48 per cent of the plan in the first eight months of this year, which is rather low. Average disbursement among localities was 11.5 per cent of the plan and among ministries and branches 22.94 per cent. Remarkably, six ministries and eight localities posted distribution rates of 0 per cent of the plan.

The Ministry of Finance has issued Circular No. 59/2022/TT-BTC stipulating a number of fees and charges. Many types of transportation business fees will be cut by 20-50 per cent. The Ministry of Finance said the reduction of fees and charges aims to help transportation businesses overcome difficulties in the context of rising fuel prices and contribute to cutting business costs. Circular No. 59 takes effect from October to the end of the year.

Amendments to the Law on Medical Examination and Treatment have become necessary. Financial mechanisms are now an issue in the health sector that requires a legal corridor for medical examination and treatment facilities to feel secure.

The government has issued a decree amending and supplementing a number of specific mechanisms on investment, finance, budget, and the decentralization of management in central Da Nang city. The city’s People’s Committee is permitted to decide on the urban development area, and its People’s Council may consider and decide on investing in industrial clusters.

Banks have cut interest rates in recent times as part of supporting businesses and individuals to overcome the effects of Covid-19 on their financial position. In addition to restructuring repayment terms on VND550 trillion ($22.27 billion) worth of loans, banks have also exempted or lowered interest rates totaling VND31.4 trillion ($1.4 billion).

Covid-19 has exhausted the financial resources of many businesses and with no way out they require immediate credit support to avoid closure.

The tax sector will strengthen the solutions available to prevent tax losses, such as applying information technology and artificial intelligence to limit tax evasion and transfer pricing. Starting from this month, collections are being conducted via e-commerce platforms, which are responsible for providing and sharing information with tax authorities.