The Ministry of Finance has proposed deferring VND80 trillion ($3.4 billion) worth of taxes by five months for businesses affected by the novel coronavirus.
The Military Commercial Joint Stock Bank (MB Bank) has decided to postpone its annual shareholders’ meeting.
Thirty-seven commercial banks have confirmed the reduction of fees for fast interbank fund transfers following the move of the National Payment Corporation of Viet Nam (NAPAS) to halve the switching fees for local banks from Wednesday.
Though the unofficial value of the Vietnamese dong has now fallen about 3 per cent against the US dollar, the rate is still a smaller depreciation than that seen by most of Viet Nam’s regional peers and is expected to stabilise around that level, management fund Vinacapital reported.
The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders.
With nearly US$83 billion of foreign exchange reserves, the State Bank of Vietnam has more than enough reserves to comfortably meet redemptions.
Hanoi Tax Department is launching the March Companion Month to better facilitate tax payers in their tax settlement with a number of new solutions amidst the COVID-19 outbreak.
The US dollar on Wednesday depreciated against the Vietnamese dong after the State Bank of Viet Nam (SBV) sold the greenback on the cheap to stabilise the local foreign exchange market.
The Asian Development Bank (ADB) is ready to provide Vietnam with timely and flexible support for the Government’s response to the COVID-19 pandemic.
The world is currently teetering on the brink of the global health crisis. This pandemic was the trigger of the downturn, but certainly not the cause, which lies much deeper. After the longest economic boom of modern times after 2008, many seemed to have forgotten that economic crises have always been and still are quite normal. As in the past, there will be winners and losers. It will depend on how countries will deal with the crisis and what economic policy measures will be taken. Vietnam is presenting an interesting package of measures. Can it serve as a model?