Banking finance

Illustrative image. (Photo: SGGP) From December 1, some commercial banks have continued to raise deposit interest rates sharply by more than 1 percent per annum compared to before. Specifically, VietCapital Bank continues to adjust deposit interest rates in some terms by 0.8-1.1 percent to the highest level of 9.5 percent per annum. This is the bank's third adjustment since September 2022. VietCapital Bank increased the deposit interest rates for six and 12-month terms from 7.6 percent and 8.2 percent per annum to 8.4 percent and 9.2 percent per annum. Meanwhile, long-term deposits of 18, 24, 36, 48, and 60 months have risen to 9.4 percent per annum. Especially, if depositing money online, customers will receive an interest rate of 8.8 percent per annum for a six-month term, 9.4 percent per annum for a 12-month term, and 9.5 percent per annum for a 24-month term. It is also the highest interest rate at VietCapital Bank applied to personal deposits. Not only increases interest … [Read more...] about Bank deposit interest rates still climb continuously

This year Vietnam has exposed and corrected violations in these markets to "protect the rights of citizens and businesses," he said at a government meeting Thursday morning. Arrests of real estate and property company leaders allegedly involved in bond fraud have disrupted the bond market in recent months, with many companies buying back their issued bonds in fear of legal entanglement. Businesses have been complaining that they lack access to the credit needed for expansions because bond issuance is no longer a viable fundraising option. Depositors have been withdrawing their money from banks to protect their assets, which makes it difficult for companies to acquire loans. But PM Chinh said that the current crackdown would change these "short-term" problems. He added that three state task forces were now tackling capital issues in the property and bond markets. Minister of Finance Ho Duc Phoc, charged with solving the bond market problem, said earlier that bond issuers … [Read more...] about Vietnam needs to ‘protect’ citizens with market ‘rectifications:’ PM

The Vietnam Rubber Association (VRA) last month proposed to the Ministry of Finance (MoF) to consider applying a VAT policy on preliminarily processed rubber and latex, similar to other agricultural products. The VRA also urges for the application of preferential corporate tax for income from the harvest of liquidated rubber trees, like other crop products, and a land rent exemption policy for replanted rubber areas during the construction period. The goal is to remove difficulties for the entire value chain, from rubber growers to exporters. Rubber producers continue to brood over tough prices and tax complexities, photo Le Toan In Ho Chi Minh City, Hoa Thuan Trading Co., Ltd. is still waiting for a tax refund of $2 million for rubber exports. Representative Tran Le Thu said, “When completing tax refund procedures in Ho Chi Minh City, the company have to wait for the agency to verify invoices for purchasing raw materials in the provinces.” Thu also pointed towards “a … [Read more...] about Rubber producers continue to brood over tough prices and tax complexities

The Law on Land (LoL) and the Law on Residential Housing (LoRH) issued in 2013 and 2014, respectively, are among the main laws applicable to the property market. However, due to certain restrictions in the legal framework, foreign investment in Vietnam’s property market has not reached the level expected by authorities. The authorities are in the process of amending both laws, and the draft amendments have been published for public consultation. Thang Nguyen-Special counsel, ACSV Legal Foreign investors can put money into Vietnam’s property market through directly buying and reselling residential houses, developing real property projects for sale or for lease, or acquiring existing projects. For non-nationals looking to buy residential properties in Vietnam, the draft amended laws contain no notable change compared to prevailing laws. Currently, the total number of units owned by foreigners must not exceed 30 per cent of the total number of units in one condominium … [Read more...] about Law tweaks can allure real estate investors