HCM CITY - The trend toward retail banking will only get stronger in Viet Nam as banks realise the vast potential of the market, experts said at the Asean Banker Forum held on November 19 in HCM City. "The experience of the monetary crisis in 1998-1999 and 2007-2008 showed mistakes. Commercial banks had invested a great deal in sectors that easily brought high profits such as real estate and security. They forgot retail, a potential, stable sector," Ha Huy Tuan, deputy chairman of the National Financial Supervisory Commission, told the forum. Bankers, financials experts and technology consultants attending the forum agreed that the fast pace of urbanisation, the country's rising population and higher incomes, and an increasing number of small- and medium-sized enterprises (SMEs) had pushed the development of retail banking in the country. Viet Nam Outstanding Banking Awards 2013 Six banks in Viet Nam on November 19 were awarded the Viet Nam Outstanding Banking Awards 2013 organised … [Read more...] about Retail banking the wave of the future, experts say
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Commercial Joint stock Banks before Acquisition Wave
Commercial Joint stock Banks before Acquisition Wave The fact that some famous banks, including Standard Chartered and HSBC, have bought stocks in Vietnamese banks to enter the local market is posing a question about the impacts on the development of Vietnamese commercial joint stock banks. Under international integration commitments, right in 2006, Vietnam has to gradually remove constraints on the stake held by foreign financial institutions. In 2008, Vietnam will have to remove all the regulations on constraining capital contribution and transaction value of foreign banks under the ASEAN Frame Agreement on Services (AFAS). Benefits for selling, buying banks and State Bank of Vietnam According to statistics, 80 per cent of the local market’s share is held by State-owned commercial banks, 17 per cent is held by 30 commercial joint stock banks, and only three per cent is held by foreign banks. However, foreign banks have up to 30 branches, let alone 45 representative … [Read more...] about Commercial Joint stock Banks before Acquisition Wave
More Banks Join to Serve Electronic Tax Payment
More Banks Join to Serve Electronic Tax Payment The General Department of Taxation has adopted many IT applications in support of taxpayers in an effort to accelerate its administrative reform policy and tax administration modernisation. The General Department has built an electronic portal enabling taxpayers to declare their tax documents on an electronic medium since 2009. After five years of implementation, the programme has received positive responses from taxpayers. Thus far, up to 98 percent of enterprises have registered to use electronic tax declaration. The provision of online tax declaration not only supports taxpayers to simplify paperwork and save time in carrying out tax administrative procedures but also helps the tax sector to automate the recording of declaration information from taxpayers. To continue the success of online tax declaration service, in 2014, the General Department signed cooperation agreements on electronic tax service deployment with five banks, … [Read more...] about More Banks Join to Serve Electronic Tax Payment
Commercial banks offer e-tax service
By the end of this year, account holders at five commercial banks in 18 cities and provinces across Viet Nam will be able to pay their taxes online. Transactions are carried out at a Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) branch in southern Dong Nai Province. Vietcombank, together with four other commercial banks, will provide online tax payment services in 18 cities and provinces. — VNA/VNS Photo Thanh Vu HA NOI (Biz Hub) — By the end of this year, account holders at five commercial banks in 18 cities and provinces across Viet Nam will be able to pay their taxes online. Tax offices will forward online tax declarations that they receive to banks, which will transfer money from taxpayers' accounts to the State budget, said Pham Quang Toan, head of the department's Information Technology division. A pilot run of the online tax payment facility for taxpayers in Ha Noi, Bac Ninh and Vinh Phuc with accounts at the Joint Stock Commercial … [Read more...] about Commercial banks offer e-tax service
