State bank of vietnam

With loan transactions, most lenders raise concerns as to the legal requirements for them to implement the loans and collections, specifically when foreign currencies are applied with foreign lenders. Borrowers, on the other hand, are concerned about tax deductibility. To address these concerns, the experts from Grant Thornton Vietnam will discuss the general principles and highlight key tax issues related to foreign loans in Vietnam based on the current regulations and their practical experience. Regulations for loans in Vietnam If domestic loans can be rather challenging to put into practice, foreign loans are much more difficult as they must comply with the laws on foreign currency management. A short-term foreign loan (for 12 months or less) is not required to be registered with the State Bank of Vietnam (SBV), while a medium or long-term foreign loan of more than 12 months must initially be registered with the SBV. Periodically, and no later than the fifth … [Read more...] about Loans in Vietnam – Regulatory and tax-related issues

The construction ministry has raised two reasons for the non-disbursement of the credit package of VND120 trillion (US$5.14 billion) launched by the government about two months ago for developing projects to build social houses and houses for workers, and upgrade deteriorated apartment buildings. In a recent report to the Prime Minister in relation to the credit package, the ministry said around 100 projects for building social houses and houses for workers have been licensed for construction but local authorities have yet to publicly announce lists of specific projects. Therefore, banks related to this package have not been able to provide loans sourced from this package to investors and buyers in such projects, the ministry said. The second reason that blocked the disbursement of the package is that most of these projects have yet to be ready for implementation as they remain in the completion stage for investment procedures. Earlier, at a recent conference on building one … [Read more...] about Construction ministry explains why $5.14bn credit package yet to be disbursed

Ngo Quang Phuc, CEO of Ho Chi Minh City-based developer Phu Dong Group, said, "Along with overly complex legal procedures, the high cost of lending remains a major concern to both real estate firms and house buyers, and it's having an effect on those with a pressing demand for accommodation." Lending rates currently stand at between 13-14 per cent. The State Bank of Vietnam (SBV) reduced the regulatory interest rate for the third time in three months on May 25 to boost the economy with the expectation of enticing money back into the real estate market. Some encouraging results were reported following the SBV’s rate reduction, but despite some improvements, the current level of liquidity is a fraction of what was available several years ago. "However, we will need to wait a little bit longer to see any real effect from this rate reduction decision," Phuc said. Similarly, Nguyen Ba Sang, chairman of An Gia Real Estate Investment and Development Corporation, … [Read more...] about High interest rates cast shadow over real estate

The EMV Open-Loop payment system allows passengers to conveniently use their existing bank cards or e-wallets to pay for bus fares, eliminating the need for cash or specialised cards or tickets designed solely for the bus system. This flexible and modern payment method meets the demands of both the residents and tourists who use public bus services in Ho Chi Minh City. It has already been successfully implemented in numerous countries worldwide, including the United Kingdom, Singapore, Australia, and the United States. Since 2019, Vietbank has been conducting a pilot project for automated payment on public buses with the authorisation of the Ho Chi Minh City People's Committee. In collaboration with Vidiva Technology JSC and Mastercard, Vietbank is aiming to revolutionise the commuting experience for the cities' residents. The project will be implemented without utilising state funds, and the participating parties anticipate that it will incentivise passengers to use public … [Read more...] about Vietbank to revolutionise Ho Chi Minh City bus payments