BVB shares closed the June 22 session at VND22,100 (96 US cents) As planned, Saigonbank will publicly auction more than 8.26 million BVB shares, equivalent to 2.25 per cent of the outstanding shares, with the starting price of VND22,800 (99 US cents) per share. Saigonbank can earn nearly VND190 billion ($8.26 million) from this divestment. Purchase registration is set from June 25 to July 14. The minimum number of subscriptions is 100 shares. Previously, Saigonbank was proposed to sell BVB shares with the starting price of VND15,610 (68 US cents) per share. However, BVB shares have nearly doubled since April, so the bank has to adjust the starting price. BVB's share price has grown significantly in the past month from more than VND20,000 (87 US cents) a share to the highest level of VND26,000 ($1.13) a share on June 1. According to financial statements for the first quarter of Saigonbank, its pre- and post-tax profits were up 21 and 22 per cent over the same period last … [Read more...] about Saigonbank divests Viet Capital Bank
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Vietcombank's headquarters in Ha Noi. The problem of bad debt with small- and medium-sized enterprises becomes more serious when their cash flows are interrupted and unstable, leading to insolvency. — VNA/VNS Photo Tran Viet Bad debts may climb by the end of the year as the pandemic has interrupted the production of many enterprises and they had no revenue to repay debts. Experts proposed the Government and the State Bank of Viet Nam (SBV) extend policies to continue to support businesses. Hoang Van Vinh, chairman of the Nha Trang – Khanh Hoa Tourism Association, said tourism businesses in the province are on the verge of bankruptcy with 95 per cent of hotels closed and less than 5 per cent registering to operate as quarantine facilities. “We want banks to support the businesses directly affected by the pandemic to access interest-free loans,” Vinh told the seminar “Bad debts amid the COVID-19 pandemic – Solutions to support the banking industry and the business community” on … [Read more...] about Solutions proposed to handle bad debts amid COVID-19 pandemic
Tax authorities said they would review the roadmap of taxation collection and pilot tax withholding at some e-commerce sites. A new circular released by the Vietnamese Ministry of Finance has been criticized for affecting the operation of e-commerce platforms and their hundreds of thousands of sellers. Under Circular No. 40, which will take effect on August 1, e-commerce platforms are required to declare and pay tax on behalf of third-party sellers on the platforms. Sendo said the application of the Circular will require a team of tax professionals to classify taxable revenue and tax rates applied. Photo: Grab The circular on value-added tax, personal income tax, and tax administration for business households and individuals are expected to collect tax from some people who obtain income on electronic commerce platforms but for years have not paid taxes. The tax authorities have asked e-commerce and delivery companies to take responsibility for the tax … [Read more...] about Would withholding tax on e-commerce be possible?
Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23
Additional 88 domestically-transmitted COVID-19 cases reported Vietnam logged 97 new COVID-19 cases, including 88 domestic and nine imported, in the past six hours to 6pm on June 22, the Ministry of Health (MoH) said. Most of the new cases were detected in Ho Chi Minh City, with 63 infections, and the remainders were discovered in Bac Giang (12), Bac Ninh (6), Hung Yen (2), Nghe An (1) and Hanoi (1). By 6pm on June 22, the country had recorded a total of 12,010 domestically-transmitted infections and 1,717 imported cases. The number of locally-transmitted cases since the fourth COVID-19 wave hit Vietnam on April 27 amounted to 10,875, including 2,772 recoveries. According to the MoH’s Medical Service Administration, 5,546 patients have given the all-clear from coronavirus SARS-CoV-2 to date, while the death toll related to the disease was 69. Among active patients undergoing treatment, 377 have tested negative to the virus once, 132 twice and 141 thrice./. 12-hour … [Read more...] about VIETNAM NEWS HEADLINES JUNE 22
Vietnam said it has relaxed quarantine rules for foreign businessmen. Roughly 570 businesspeople from South Korea will arrive in Vietnam today [July 22] as the two countries make efforts to facilitate economic activities in the face of economic slowdown in the Southeast Asian country. South Korean experts arrive in Vietnam. Photo: Bsr.com.vn The businessmen will come to Vietnam on chartered airplanes, Yonhap News Agency cited the South Korean Ministry of Trade, Industry and Energy (MOTIE). MOTIE said a group of more than 1,500 people will also be sent to Vietnam throughout August. According to MOTIE, Vietnam was South Korea’s third largest export destination in 2019. Meanwhile, statistics by Vietnam’s Ministry of Planning and Investment showed that South Korea was Vietnam's biggest investor in the same year with US$7.92 billion worth of foreign direct investment (FDI), accounting for 20.8% of the Southeast Asian country’s FDI in 2019. Big South Korean … [Read more...] about 570 South Korean businesspeople to arrive Vietnam today