Prime Minister also asks financial sector to strengthen supervision over securities and corporate bond markets and speed up digital transformation in the new year.
The Ministry of Finance (MoF) has said that collecting information on businesses using trading apps on mobile phones to support investment in financial products is quite difficult. Investors need to carefully research information about mobilizing organizations and ask partners to provide legal documents before making an investment, such as establishment and operational licenses, business lines, and so on. MoF suggested that investors research information on securities companies, fund management companies, and securities investment funds on the website of the State Securities Commission (SSC).
The Vietnam Banks Association (VNBA) held a seminar on October 26 entitled “Opportunities and challenges to apply blockchain to operations in the banking and financial sector”. A representative from Vietcombank pointed out the many obstacles for banks in applying blockchain, including the high cost of research and infrastructure investment and the long period needed to synchronize transition with other systems. A TPBank representative said it is necessary for banks to pilot a sandbox to successfully apply blockchain.
The Ministry of Finance has sent an official dispatch to ministries, branches, and localities on accelerating the disbursement of foreign capital in 2022. The Ministry said disbursement of ODA and foreign concessional loan capital averaged only 15.48 per cent of the plan in the first eight months of this year, which is rather low. Average disbursement among localities was 11.5 per cent of the plan and among ministries and branches 22.94 per cent. Remarkably, six ministries and eight localities posted distribution rates of 0 per cent of the plan.
The Ministry of Finance has issued Circular No. 59/2022/TT-BTC stipulating a number of fees and charges. Many types of transportation business fees will be cut by 20-50 per cent. The Ministry of Finance said the reduction of fees and charges aims to help transportation businesses overcome difficulties in the context of rising fuel prices and contribute to cutting business costs. Circular No. 59 takes effect from October to the end of the year.
