Vietnam’s central bank has set a credit growth target of around 15% this year.

The two sides will focus on cooperation in digital transformation, cybersecurity, tax management, and market operations.

Vietnam has 3.1 million business households and individuals, many of whom sell goods and services online without registering, declaring, or paying taxes.

Many projects guaranteed by the government have been in difficult financial situation and cannot service debt.

The two countries have huge potential for cooperation in banking supervision, payment facilitation, cross-border transaction, and minimizing risks in banking operation in digital era, said the Governor of the Bank of Thailand.

As of July 15, the revenue collection reached VND777.7 trillion (US$33.54 billion), equivalent to 55.1% of the year`s estimate.

Though the corporate bond market really needs to be developed in order to reduce the dependence of the economy on commercial banks, corporate bond issuance must be transparent and secure.

South Korea investors are predicted to hold a pioneering role in investing in finance, technology, real estate, and consumer finance in Vietnam.

If the FED lowers the interest rate by the end of this month as expected, the move would have a minimal impact on the monetary policy of Vietnam’s central bank.

State budget revenue collection by the central government posted a five-year high at 51.5% of the estimate.

Together with the capital hike, foreign banks are also promoting their in-depth development in the Vietnamese market.

Vietnam ranked first in the world for helping foreign workers save money, with 72 percent saying that moving to Vietnam helped them save more and another 72 percent stating that they have more disposable income in Vietnam than they did in their home country.

The consumer sector has benefited from Vietnam`s sustained strong economic growth and increasing affluence.

This is good news for Vietnam, which wants foreign investors to retain profits in Vietnam for re-investment in the country.

The number of fintech companies have increased rapidly in Vietnam in recent years as the industry has high growth potential while the government encourages cashless transactions.

Japanese experts have addressed challenges to help Vietnam boost its financial market.

As of present, eight out of 17 banks subject to Basel II implementation have met the target.

The growth rate was less than half of the 14% target set for 2019.

Fitch-rated Vietnamese banks would need US$4.1 billion of additional capital, of which 90% is accounted for by the state-owned banks.

Vietnam Asset Management Company (VAMC) expects to purchase bad debts worth VND20 trillion (US$856.84 billion) with special bonds and VND4.5 trillion (US$192.79 million) with cash at market value.

In 2019, the central bank aims to bring down the bad debt ratio in the sector to below 2%, and the ratio of bad debts and potential loan losses at below 5%.

It is too early to say Vietnam’s public debt is at safe level, especially when the available fund could only cover the interest rate, not the principal amount, said Minister of Finance Dinh Tien Dung.

This showed improvements in financial capacity of credit institutions over the years.