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Customers at a bank in Ha Noi. The small gap between deposit and lending rates will cause the banks’ net interest margin (NIM) and net profit to reduce. — Photo baochinhphu.vn Though credit demand is recovering quickly, banks still have to face big challenges related to rising bad debts, provisions and deposit interest rates. According to Le Xuan Nghia, former deputy chairman of the National Financial Supervisory Commission, the US Federal Reserve (Fed) will continually increase interest rates this year, which will force Vietnamese banks to raise deposit rates. Despite the high increase in saving rates, domestic banks will not be able to raise lending rates accordingly to support the economy as directed by the Government. The small gap between deposit and lending rates will cause the banks’ net interest margin (NIM) and net profit to reduce, Nghia explained. Besides, for a long time, many banks have gained good profits from real estate credit, and investment in and issuance … [Read more...] about Banks under pressure despite positive credit recovery

Sampan riding on the Hoài River is one of the most popular tourist activities in Hội An City. Sampan riders in the ancient city are eager to get back to work after more than two years of suspension due to COVID-19. — VNS Photo Bảo Hoa QUẢNG NAM — Entering a new normal phase after more than two years of being hit hard by the COVID-19 pandemic, sampan riders in Hội An City are eager to get back to work, expecting prosperous, stable tourism development for the town. The main riverside walk in Hội An in the central province of Quảng Nam – one of the most beautiful cities in Việt Nam – is usually packed with sampans, which tourists can hire for about VNĐ50,000 per hour for a small one and VNĐ100,000 for a bigger one. Sampans are long and low boats with a wooden hull that two to four people can sit on comfortably. They are used as taxis, fishing boats and for tourism. Nguyễn Thị Nhánh, a sampan rider, said that over months, Hội An had become more and more crowded with visitors … [Read more...] about Hội An sampan riders: the hardships and the smiles

Mr. Phan Van Mai speaks at the meeting (PHoto: SGGP) At the first meeting of the Council of Rectors of Universities in the southern metropolis in 2022 at the University of Education yesterday, the council announced the decision to consolidate its personnel and proposed several new activities. The Council of Rectors in universities in HCMC was approved including Chairman of the Ho Chi Minh City People's Committee Phan Van Mai who was voted to be Chairman while Vice Chairman of the municipal People's Committee Duong Anh Duc was voted to be permanent Vice Chairman of the Council. Other vice chairmen of the Council include Director of Ho Chi Minh City Department of Education and Training Nguyen Van Hieu and Secretary of the Party Committee of HCMC Universities and Colleges Nguyen Thi Minh Hong. Members of the Council of Rectors of Universities in Ho Chi Minh City include 51 higher education institutions. The Rector's Council consists of six councils according to pedagogical … [Read more...] about HCMC Chairman Mai voted Chairman of Universities Council of Rectors

This preliminary assessment was made by the ASEAN+3 Macroeconomic Research Office (AMRO) after its Annual Consultation Visit to Vietnam from May 3 - 18. “The Vietnamese economy is expected to grow at 6.3 percent in 2022 and 6.5 percent in 2023. Inflation is projected to remain contained,” said AMRO Group Head and Lead Economist Kalra. “This positive outlook rides on strong external demand, a recovery in domestic consumption and healthy investments inflows, bolstered by an appropriate macroeconomic policy stance.” The domestic outbreak of the Omicron variant receded sharply in April 2022, and border restrictions and domestic containment measures were eased. The aggregate output gap is expected to narrow significantly by the end of this year. The recovery is, nevertheless, uneven across sectors. While both the manufacturing and service sector outputs have surpassed their 2019 levels, the service sector still has pockets of distress, especially in the tourism, hospitality and … [Read more...] about AMRO forecasts Vietnam’s strong recovery amid external headwinds

An employee passes electronic boards showing share prices inside Hồ Chí Minh Stock Exchange in HCM City. — VNA/VNS Photo Hữu Khoa HÀ NỘI — An upgrade to emerging status will not only help the stock market develop quickly, transparently and sustainably, but also attract huge foreign capital inflows, said experts. Recently, the Government has directed to purge the market and improve the trading system’s capacity, showing its determination to enhance the quality of the stock market. The refinement is to protect investors and open a door for the Vietnamese stock market to be upgraded from a frontier to an emerging market. Prime Minister Phạm Minh Chính has taken an interest in the development of the capital market and the stock market, including the matter of upgrading the market. During a trip to attend the ASEAN-US Special Summit, on May 16, the PM visited the New York Stock Exchange (NYSE) – the largest stock exchange in the world – hoping it supports and shares experience to … [Read more...] about Upgrading the market for the sake of all participants

This has been the third extension of excise tax compliance due date for local cars since 2020, with an expected amount subject to a tax break of VND20 trillion ($US$863 million). The Government has further extended the excise tax payment deadline for domestically-produced cars until November 20. Car manufacturing at Vinfast's plant. Photo: Pham Hung The move was part of the Government’s decree No.32, according to which tax payment for domestic cars bought during the June-September period would be extended until November 20. This would be the third extension of the excise tax payment deadline for local cars since 2020, with the Ministry of Finance (MoF) expecting the amount subject to a tax break of VND20 trillion ($US$863 million). Once the extended deadline is expired, payment for an excise tax on domestic cars would be reverted to normal. The MoF previously put in place a 50% cut in the registration fee for local vehicles. Such support, along with this … [Read more...] about Gov’t extends excise tax payment deadline for domestic cars