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Finance minister Ho Duc Phoc speaking at a conference discussing Viet Nam’s SoEs equitisation and management of State capital in Ha Noi on May 17. — VNA/VNS Photo Reforming and modernising State-owned-Enterprises (SoEs) remains a key objective and high priority of the Government, as it continues to roll out policies to address their shortcomings and limitations, said finance minister Ho Duc Phoc at a conference discussing Viet Nam’s SoEs equitisation and management of State capital on Tuesday. Phoc said governmental agencies have been working around the clock with SoE’s leaders and managers to seek out optimal solutions in restructuring and improving the enterprises for the long run. The minister, however, said many SoEs-related projects have fallen behind schedule. For example, the amount of State capital recovered from equitisation in 2021 was a measly VND2 trillion, or just 5 per cent of the VND40 trillion target set by the National Assembly (NA). A key issue, according to … [Read more...] about Reforming, modernising SoEs a key objective: minister

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

The challenge would be huge for localities and Government agencies to fully disburse the public investment funds for this year. The government’s task force groups are now working with provinces/cities and ministries to accelerate public investment, seen as an urgent task to ensure economic recovery. The construction of the Eastern North-South expressway, section Phan Thiet - Giau Day. Photo: Phuoc Tuan Data from the Ministry of Finance (MoF) revealed the disbursement of public investment funds in the first five months of 2022 stood at a modest rate of 22.37%, of which the disbursement of domestic funds accounted for 23.53%, and that of foreign capital at 6.26%. The MoF added 41 out of 51 Government ministries and 21 from 63 provinces/cities posted disbursement rates below 20%, including five ministries with no disbursement at all. Meanwhile, localities pointed to unfavorable weather conditions, difficulties in site clearance or rising construction … [Read more...] about Public investment identified as urgent task for economic recovery: Gov’t

Real estate bonds shackled by rules - illustration photo At last week’s conference on corporate bonds held by the Vietnam Chamber of Commerce and Industry, experts discussed ways to develop an efficient and sustainable corporate bond market. One of the common recommendations regarded appropriate approaches to credit ratings. According to Can Van Luc, BIDV’s chief economist, there should be clear regulations on credit ratings to help investors easily determine business quality and the risk level of the issued bonds. “It is necessary to identify where a credit rating is mandatory and where a credit rating is encouraged. High-risk businesses should go through compulsory credit rating before bond issuance,” Luc said. “On the other hand, for businesses that have been audited and internationally rated with a long-standing history, a credit rating might not be necessary.” In recent years, the State Bank of Vietnam (SBV) has steadily redirected loan flows towards industry, services … [Read more...] about Real estate bonds shackled by rules