In Hanoi, many hotels are temporarily closed, waiting to be liquidated or converted to other models due to business losses, including 4-5 star hotels. According to an owner of a 2-star hotel on Hanoi’s Ma May Street, many places were forced to shrink their scale of operation. “Many hotels had to be transferred or liquidated. The current prices depend on the location, facilities, negotiation, and are generally rather low. However, the number of people asking to buy can be counted on a few fingers,” said the hotel owner. … [Read more...] about Exhausted finances put hotels on sale
Finance
IFC loans to VPBank and OCB to boost finance for local businesses
As part of its COVID-19 fast-track financing support package, the IFC is providing VPBank with $100 million and OCB with $40 million in one-year renewable senior loans. The funding will provide the two banks with additional liquidity to continue lending to businesses as these banks are offering payment relief to their borrowers at the same time. … [Read more...] about IFC loans to VPBank and OCB to boost finance for local businesses
SBV tells banking industry to develop an inclusive finance system
According to the central bank, inclusive finance has become a common vision around the world. Up to now, more than 60 countries have developed and implemented a comprehensive national financial strategy. Many countries have come up with innovative solutions in financial technology, focusing on reducing costs and improving the safety and convenience of financial services. … [Read more...] about SBV tells banking industry to develop an inclusive finance system
Vietnam finance ministry proposes raising VAT from 10 to 12 percent
According to the finance ministry’s announcement on Tuesday, the amended VAT law would impose a six-percent VAT on services and goods currently enjoying a VAT of five percent, and raise the across-the-board ten-percent VAT to 12 percent. … [Read more...] about Vietnam finance ministry proposes raising VAT from 10 to 12 percent
HDBank first-half business results showing growth exceeding expectations
Accompanying the economy in the new normal, HDBank has been offering many credit packages with preferential interest rates to support customers. The bank set aside VND24 trillion ($1 billion) for SMEs, as well as VND10 trillion ($434.8 million) for micro enterprises, household businesses, and individual customers. HDBank also exempted or reduced most transaction fees to support customers facing difficulties due to the COVID-19 pandemic. … [Read more...] about HDBank first-half business results showing growth exceeding expectations
