Revenue collected from taxes of E-commerce activities in Vietnam as well as cross-border digital platforms has been gradually and steadily increasing in the last few years. Nonetheless, despite the development speed of E-commerce within the country and increase in cross-border digital services, the revenue increase has been rather insignificant.
Since the beginning of March 2023, commercial banks have reduced deposit interest rates which has been contrary to forecasts made by many domestic and foreign investment organizations who believed that the interest rates may increase when the Federal Reserve (FED) raises the interest rate yet again.
Banks are maintaining a cautious approach in dealing with the current crisis in the real estate market.
The Cua Lo deep-water port construction and business services project is expected to start in 2023.
Vietnam was unable to meet its goal of welcoming five million international tourists in 2022.
Ministries and businesses have put in a great deal of effort in luring international visitors to Vietnam, but the number of foreign tourists has always been lower than to other countries in the region.
There are conflicting opinions among the people on whether the real estate market should be given support and bailed out from its current crisis.
When some representatives of real estate enterprises began to complain of difficulties that they were facing in receiving capital, the head of the State Bank of Vietnam categorically stated that the State Bank of Vietnam has not yet issued a statement on the tightening of credit for real estate businesses, as lending solely depends on appraisal by credit institutions for businesses that can still ensure safe operations.
Con Cuong district is coordinating with departments to complete necessary documents to submit to the National Office of Intellectual Property and relevant ministries to grant geographical indication certificate for Khau Cam Xang rice - a traditional purple rice variety.
Investors are turning away from retail stocks after businesses are showing a decline in their financial results.
The current global economic slowdown will greatly affect the economy of Vietnam in days to come due to increased interest rates and tightening of the monetary policy by central banks. However, we believe that the Government will find a solution to support the economy by increasing the disbursement of public investment.
According to historical documents the 70 km long Saigon-My Tho railway line was the first railway line in Vietnam in the once Indochina region which began operations on 20 July 1885.
The first trading month of 2023 saw only 16 sessions due to the Lunar New Year holiday break, but nonetheless, Foreign Exchange Traded Funds (ETF) poured in more than VND 2,247 bln into the stock market. In January 2023, the amount of foreign capital that poured into HoSE amounted to VND 3,797 bln.
The National Assembly is currently working on developing a new law on applying tax on real estate, to replace the Law on Agricultural Land Use and Law on Non-Agricultural Land Use. The new Law on Real Estate Tax is expected to be passed by 2025. Under this new law, houses and land will be taxed separately, with higher tax rate applicable on vacant houses.
The Ho Chi Minh City Real Estate Association (HoREA) recently submitted a written proposal to the Ministry of Finance for submitting to the Government for further consideration and amendment of Decree 65/2022/ND-CP for implementing strict regulations for bonds issuers, credit rating consultants, and bonds consultants. This is being seen as imperative in clearing the path for cash to flow again in the current market.
Foreign investors have maintained a net buying position on the stock market since November 2022, partly contributing to maintaining confidence in the recovery of the VN Index.
Currently there is a strong call to amend Decree 65/2022/ND-CP so as to help open up capital flow for enterprises in the present market situation .
Vietnam lured 1.69 billion USD worth of foreign investment in the first month of 2023, down 19.8% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
As per Decree 31/2022/ND-CP of the Government and Circular 03/2022/TT-NHNN of the State Bank of Vietnam, the VND 40,000 bln interest rate support package from the state budget is expected to help businesses access cheap capital to recover in the post-pandemic phase.
On January 28, Prime Minister Pham Minh Chinh and the Government's delegation examined and urged speeding up the implementation of the North-South expressway project which run through Nghe An province.
The Ministry of Finance has sent a report to the Prime Minister on the latest financial statement for 2021 of Foreign Direct Investment (FDI) enterprises in Vietnam. Profits and losses of FDI enterprises have drawn the attention of the public at large.