ATM transactions decrease sharply
The State Bank's leaders said that in the first 3 months of 2023, non-cash payment transactions (TTKDTM) increased by 53.51% in quantity; via the Internet channel increased by 88.11% in quantity and 7.43% in value; via mobile phone channels increased by 65.55% and 13.31% respectively; via QR code method increased by 160.71% and 43.84% respectively; via POS increased by 37.57% and 32.09% respectively.
Meanwhile, ATM transactions decreased by 2.37% in quantity and 4.02% in value, reflecting the trend of shifting to electronic payments and e-commerce.
Adding many regulations on money exchange agents of countries sharing borders
The Government has just issued Decree No. 23/2023/ND-CP amending and supplementing a number of articles of Decree No. 89/2016/ND-CP dated July 1, 2016 of the Government stipulating conditions for foreign exchange agency activities, activities of providing foreign currency receiving and payment services of economic organizations and Decree No. 88/2019/ND-CP dated November 14, 2019 of the Government stipulating sanctions for administrative violations in the monetary and banking sector.
Accordingly, economic organizations are only allowed to conduct currency exchange agent activities of bordering countries after being granted a Certificate of registration as a currency exchange agent of bordering countries (Certificate) by the State Bank branch in the bordering province.
Submit to the National Assembly to reduce VAT from 10% to 8% at the 5th session
On the morning of May 13, at the 23rd session of the National Assembly Standing Committee, Minister of Finance Ho Duc Phoc presented a report on the National Assembly's draft Resolution on reducing value added tax (VAT).
According to the draft Resolution, in 2023, the Government proposes to reduce the VAT rate by 2% for all goods and services subject to the 10% tax rate (to 8%); reduce the % rate for calculating VAT by 20% for business establishments (including business households and individual businesses) when issuing invoices for all goods and services subject to the 10% VAT rate.
More banks simultaneously reduce savings interest rates
Deposit interest rates have decreased across the board at many banks, including major banks that have kept interest rates low for many months.
Vietcombank has just announced the latest deposit interest rate table with a reduction of 0.2-0.3%/year for many terms. Previously, Agribank also reduced the interest rate for terms over 12 months to 7%/year instead of 7.2%/year as before. Deposit interest rates at some other banks also decreased by 0.1-0.3%/year.
Up to now, nearly half of banks have adjusted their 12-month deposit interest rates to below 8%/year, instead of approaching 10%/year as at the beginning of this year.
Preferential loan interest rate for social housing purchase is 4.8%/year
Prime Minister Pham Minh Chinh has just signed Decision 486/QD-TTg dated May 10, 2023 on preferential lending interest rates at the Vietnam Bank for Social Policies applicable to loans with outstanding balances for purchasing, leasing, and building new or renovating houses for residence.
Specifically, the preferential loan interest rate at the Social Policy Bank applied to loans with outstanding balance to buy, hire-purchase social housing, build new or renovate and repair houses for residence is 4.8%/year.
Rice exports increased dramatically in the first 4 months of the year
According to statistics from the General Department of Customs, in April alone, rice exports reached more than 1 million tons with a value of 546 million USD. Accumulated from the beginning of the year, Vietnam's rice exports have increased by nearly 41% in volume and 52% in value compared to the same period last year.
Vietnam's rice export markets all recorded positive signals, notably China with export turnover reaching more than 506,000 tons, reaching 292.5 million USD.
Extension of payment of special consumption tax on domestically produced cars until November 20, 2023
On May 12, the Ministry of Finance prepared a dossier on the Government's Decree on extending the deadline for paying special consumption tax (SCT) on domestically manufactured and assembled automobiles according to a simplified procedure and sent it to the Ministry of Justice for appraisal. The Ministry of Finance believes that continuing to support domestic automobile manufacturing and assembling enterprises by extending the SCT payment deadline is necessary.
The Ministry of Finance submits to the Government a plan to: Extend the tax payment deadline for the amount of special consumption tax payable arising from the tax calculation period of June, July, August and September 2023 for domestically manufactured or assembled automobiles to November 20.
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