Gold export taxes increase
19:00 | 06/04/2015 Finance - Banking
(VEN) - The Ministry of Finance recently issued Circular 36/2015/TT-BTC raising the export tax rate applied to golden jewelries, industrial products and other products made of gold in groups 71.13, 71.14, 71.15 of the export tariff from zero percent to two percent. These include golden jewelries and parts of golden jewelries, industrial products and parts of industrial products, and other products, with 95 percent or higher content of gold.
BIDV authorized to relend WB loans for power project
14:48 | 04/04/2015 Finance - Banking
(VEN) - The Ministry of Finance has authorized the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to relend loans totaling US$500 million provided by the World Bank (WB) for the Transmission Efficiency Project (TEP) to be implemented from 2015 until 2020. This project is designed to increase the capacity, efficiency and reliability of the electricity transmission network in major economic areas such as expanded Hanoi, expanded Ho Chi Minh City, the Mekong Delta, and the central region.
SOEs withdraw capital from joint stock credit institutions
14:40 | 04/04/2015 Finance - Banking
(VEN) - On March 25, the State Bank of Vietnam (SBV) released document 1821/NHNN-TTGSNH regarding the withdrawal of capital of state-owned enterprises (SOEs) from joint stock credit institutions. Under the document, if the transferee becomes a large shareholder directly or indirectly owning five percent or a higher percentage of the voting stocks of the credit institution, or if the transferee is already a large shareholder of the credit institution, the transference of stocks must be implemented in accordance with stipulations in the Law on Credit Institutions and Circular 06/2010/TT-NHNN dated February 26, 2010 of the SBV, which provides guidelines for commercial bank chartered capital management and transfer of their stocks.
Japanese banks finance Vietnamese power plant
10:35 | 03/04/2015 Finance - Banking
Eleven Japanese banks, including Mitsui Sumitomo Banking Corp and Japan Bank for International Cooperation (JBIC), will provide a 81 billion JPY (680 million USD) loan for the Electricity of Vietnam (EVN) to build a thermal power plant.
M&A activity tipped for another strong year
16:36 | 01/04/2015 Finance - Banking
In an interview late last year with a Wall Street Journal reporter, the State Bank of Vietnam’s Deputy Governor Nguyen Thi Hong said it was encouraging weak banks to voluntarily restructure themselves in 2015 through mergers and acquisitions.