Other Briefings
State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar
Feb. 15 – The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11. Dr. Tran Hoang Ngan, member of the national advisory council for monetary and financial policies, said the decision will help reduce the psychological need to […]
Vietnam Amends VAT Regulations for SMEs
Jan. 25 – Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs. Under Resolution 68/NQ-CP, which takes effect this month, SMEs will only need to declare VAT every […]
Vietnam Lowers Import Duties on Petroleum Products
Jan. 19 – Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site. The import tax for gasoline was cut to 0 percent from 6 percent, and the tax on diesel was decreased to 0 percent from 2 percent. The tax on kerosene was reduced […]
New Rules and Regulations Effective Jan. 1 in Vietnam
Jan. 10 – Beginning January 1, 2011, several new rules have come into effect. Minimum wage increase Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively. Depending on region, with urban areas having a higher minimum wage, local companies are required to pay a monthly […]
Banks Accept 15 Percent Ceiling on Deposit Interest Rates
Dec. 22 — Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent. The agreement, which takes effect immediately, was struck after news broke that Techcombank and SeABank were offering interest rates as high as […]
Vietnam Decreases Import Tax on Liquefied Petroleum Gas
Dec. 21 – Vietnam decreased its import tariff on liquefied petroleum gas (LPG) on Friday from 5 percent to 2 percent. A circular from the Finance Ministry said the move was aimed at stabilizing gas prices after a period of sharp fluctuations.
Vietnam Central Bank Slashes Reserve Ratios for Some Banks that Lend to Agriculture
Dec. 15 – Vietnam’s Central Bank said Thursday that it was cutting the reserve ratios of five lenders that all have a large amount of capital loaned to the country’s agricultural sector. The central bank said the reserve ratios of the country’s top lenders Agribank, Vietnam International Bank, Kien Long Bank and Mekong Housing Bank […]
State Bank of Vietnam, HSBC Vietnam Hold Talks on Bringing Derivatives to Vietnamese Capital Markets
Dec. 14 – The State Bank of Vietnam and HSBC Bank held a joint meeting on derivative products, the adoption of which the central bank considers important in integrating Vietnamese capital markets more closely with the rest of the world. The aim of the workshop was to share experiences in using and managing derivatives, and […]
Vietnamese Banks Encouraged to Use High-Technology Products
Dec. 10 – Presenting an opportunity for investors, Vietnam’s banking industry seeks to apply more advanced information technology and security infrastructure in the near future, the government said on Thursday. “Developing more useful banking services, widening the use of the new Point of Sale (POS) for plastic money, and seeking more idle capital in rural […]
Vietnam Calls for Increased Investment in Agriculture and Rural Development
Dec. 8 – The Ministry of Agriculture and Rural Development held a conference in Quang Binh Province on December 6 to call for further investment into the agricultural and rural development sectors in six north-central provinces, from Thanh Hoa to Thua Thien-Hue. From 2011 to 2020, provincial governments will request businesses to step up investment […]
