Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total.
Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total. (Photo: VNA)
HCM City (VNA) - Ho Chi Minh City’s creditgrowth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of2020, making up nearly 27 percent of the country’s total.
The figure represented a year-on-year increase of just9 percent, lower than the national average of 12.13 percent. The city posted growth of 1.39 percent in grossregional domestic product (GRDP) from 2019, equal to half of Vietnam’s GDPgrowth of 2.91 percent. Deputy Director of the State Bank of Vietnam (SBV)’sHCM City Branch, Nguyen Hoang Minh, explained that capital attraction by localbusinesses was down compared to the previous years due to the COVID-19 pandemic. The pandemic being brought under control contributedto the country’s economic recovery and improvement in credit growth by the year-end,he noted, adding that the banking sector provided sufficient capital for localbusinesses to operate. When COVID-19 broke out, the SBV and commercialbanks in HCM City cut interest rates and promptly implemented Circular No. 01 onsupporting affected businesses through debt restructuring and exemptions on interestpayments and service charges, among others. To enhance businesses’ access to capital, the HCMCity branch of the central bank has joined hands with the Departmentof Industry and Trade and the HCM City Union of Business Associations (HUBA) topromote a programme connecting banks with enterprises and businesses, enablingthe latter to obtain loans at low interest rates. At a recent press conference on the tasks for thebanking sector this year, SBV Deputy Governor Dao Minh Tu affirmed that supportfor enterprises to surmount the difficulties posed by COVID-19 is among themost important tasks this year, given the pandemic is still wreaking havoc on manycountries worldwide./.
Foreign and domestic investment in HCM City has significantly increased and industrial production remains robust, a meeting to review the city’s socio-economic development in the first 10 months of this year on October 30 heard.
Ho Chi Minh City’s economic growth in the first quarter was only 0.4 percentage points higher than in the same period last year, Nguyen Thanh Phong, Chairman of the municipal People’s Committee, told a recent online meeting.
HCM City will continue to speed up the disbursement of public funds and seek to increase budget revenue for the remaining months of the year, the chairman of the municipal People’s Committee has said.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total. (Photo: VNA) 
