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Decree on 2% interest rate support package officially issued

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This decree provides interest rate support for loans in Vietnamese đồng arising from lending activities of commercial banks to enterprises, co-operatives and business households. — Photo thoibaotaichinhvietnam.vn

HÀ NỘI — The Government has officially issued Decree 31/2022/NĐ-CP on interest rate support from the State budget for loans of enterprises, co-operatives and business households.

This decree provides interest rate support for loans in Vietnamese đồng arising from lending activities of commercial banks to customers that are enterprises, co-operatives and business households according to Resolution 43/2022/QH15 dated January 11 of the National Assembly and Resolution 11/NQ-CP dated January 30 of the Government.

The State budget shall fully and promptly allocate funds for interest rate support for commercial banks to provide interest rate support to customers. Commercial banks provide interest rate support to ensure compliance with regulations, creating favourable conditions for customers.

The interest rate support applies to interest payment obligations at interest payment terms that arise during the period from the effective date of this decree to December 31 next year.

Commercial banks will stop supporting interest rates after December 31 next year or when the funding source runs out, whichever comes first.

The loan with interest rate support is a loan in Vietnamese đồng, with loan agreement signed and disbursed in the period from January 1 this year to December 31 next year, using the capital for the right purpose under the provisions of Clause 2, Article 2 of this decree and have not yet received interest rate support from the State budget according to other policies.

The interest rate support period is from the date of loan disbursement to the time when the customer pays off the loan principal and/or interest as agreed between the commercial banks and the customers, in line with the funding source for interest support rates announced, but not exceeding December 31 next year.

The support interest rate for customers is 2 per cent per year, calculated on the loan balance.

Nguyễn Phước Hưng, Vice Chairman of HCM City Business Association, said that many businesses in the area were looking forward to the interest rate support package.

The two per cent per year interest rate support programme for a number of businesses, co-operatives and business households was part of the economic recovery master programme in 2022-2023, he said.

It took a long time from discussion to decision. Now that the decision had been issued, businesses were looking forward to deploying it soon so that they could have more financial resources, he added. —

Source: https://vietnamnews.vn/economy/1204345/decree-on-2-interest-rate-support-package-officially-issued.html

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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Vietnam spends $40bln importing computers, electronic components since early 2022

Computers and electronic components continue to be the lead group of imported goods, with a turnover of approximately $40 billion, according to the latest data from General Department of Customs.

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From the beginning of the year to June 15, the country spent $39.62 billion importing computers, electronic products, and components, an increase of 29.3% from a year ago.

Computers, electronic products, and components remain the largest import item of Vietnam, accounting for 23.36% of the total import turnover of the economy.

The second-largest imported goods were machinery, equipment, tools, and spare parts with $20.43 billion. The largest import market of this product group was Asia.

Importing computers, electronic products, and components from South Korea was $10.53 billion, a sharp increase of 44% from an earlier year. China was after South Korea with $10.36 billion, up 29.2%. Computer import from Taiwan was recorded at $4.98 billion, up 35.5%; from Japan with $2.89 billion, up 39.8%.

From the beginning of the year to the end of June 15, the total import turnover reached $169.58 billion, an increase of 16.3% (equivalent to an increase of $23 0.8 billion) from last year.

In addition to computers, and electronic products, commodity groups with high turnover such as petroleum increased by $2.53 billion, an increase of 128.4%. Coal of all kinds increased by $2.19 billion, equivalent to 135.7% growth.

Source: https://e.nhipcaudautu.vn/economy/vietnam-spends-40bln-importing-computers-electronic-components-since-early-2022-3346496/

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Yeah1 to buy TV firm amid restructuring

Online entertainment company Yeah1 plans to buy a 51 percent stake in TV and radio company STV amid a major restructuring endeavor.

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The deal is set to be completed this quarter. STV, established in 2008, owns lifestyle TV channel StyleTV, stock and finance channel InfoTV and radio channel Joy FM.

The deal was announced after Yeah1 founder and chairman Nguyen Anh Nhuong Tong sold his entire 12.89 percent stake on June 1 after 15 years of leading the company from an online news website to the first media company to be listed on the Ho Chi Minh Stock Exchange.

Several other major shareholders have also been pulling out since February, including DFJ VinaCapital Venture Investment.

Yeah1 has postponed its annual general meeting twice this year saying more time was needed to prepare important documents.

It reported post-tax profits of nearly VND28 billion last year after two years of losses.

Its contract with YouTube was terminated in March 2020 due to a violation of policies, and what began as an operational error has “turned into a real crisis for the company,” Tong once said.

Yeah1 targets revenues of VND588 billion this year, down 45 percent from 2021 and the lowest since 2017.

It plans to issue 78.6 million new shares to increase its capital.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/yeah1-to-buy-tv-firm-amid-restructuring-3346497/

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