Business Beat (10-09-2007) Are local banks ready to be State paymasters? by Pham Hoang Nam The Government has told all public agencies to pay salaries for their staff through bank accounts from next year. Considering there are three million public employees it will save the expenditure and hassle of handling huge amounts of money and benefit the banking system. It could also act as a check on bribery. For the banks, it will mean a huge source of funds running into several trillion dong (several billion dollars). For the customers it will mean a chance to get familiar with modern banking systems, a major factor in globalisation. However, major benefits often come along with major challenges – all this will surely place a strain on the fledgling Vietnamese banking system. The first challenge is the ATM system. At present, there are only 4,000 ATMs, mainly in Ha Noi and HCM City. But they aren’t linked together; they belong to four different network systems. It is estimated … [Read more...] about Are local banks ready to be State paymasters?
Payment to united states treasury
The U.N. Security Council warned on Thursday that some countries are failing to implement long-standing sanctions against Islamic State, as an unprecedented meeting of finance ministers put the global focus on cutting off the militant group's funds. The 15-member council unanimously adopted a U.S. and Russian-drafted resolution that ties together existing measures targeting Islamic State's finances and offers guidance on implementation in a bid to push more countries to act. It builds on a Security Council action in February that banned trade in antiquities from Syria, threatened sanctions on anyone buying oil from Islamic State and al Qaeda-linked Nusra Front militants and urged states to stop kidnap ransom payments. "This resolution is a critical step, but the real test will be determined by actions we each take after adoption," U.S. Treasury Secretary Jack Lew told the council after the vote. "We need meaningful implementation, coordination and enforcement from each country … [Read more...] about U.N. Security Council puts sanctions focus on Islamic State
Islamic State militants have made more than $500 million trading oil with significant volumes sold to the government of Syrian President Bashar al-Assad and some finding its way to Turkey, a senior U.S. Treasury official said on Thursday. The United States, France, Britain and Russia have vowed to defeat Islamic State, which uses an extreme interpretation of Islam to justify attacks and brutality in large parts of Syria and Iraq that it controls. A U.S.-led coalition is bombing the hardline Sunni group, as is Assad's only big-power supporter Russia, in an attempt to kill its leaders and cripple the oil wells which the group uses to finance its rule and attacks abroad. In one of the most detailed public explanations of Islamic State's oil trade, U.S. Treasury Department official Adam Szubin said militants were selling as much as $40 million a month of oil at the installations which was then spirited on trucks across the battlelines of the Syrian civil war and sometimes further. "ISIL is … [Read more...] about Islamic State oil is going to Assad, some to Turkey, U.S. official says
Cash payments targeted at below 10% in 2020The Saigon Times Daily HCMC – The proportion of cash payments in all transactions is to be brought down to below 10% as per the non-cash payment scheme towards 2020 announced by the Government, Thanh Nien newspaper reports. The entire market will have at least 300,000 POS terminals with the number of transactions to reach 200 million a year. All supermarkets, shopping malls, modern distribution facilities and State Treasury offices will be equipped with POS terminals. As shown in a report of the central bank, the ratio of cash to total means of payment dropped from 19.02% in 2005 to 14.02% in 2010 and 11.45% last August. Thus, the target to reduce it to less than 10% looks achievable. In addition, the use of bank cards is on the rise, with stable growth in card issues, volumes and transaction values. As of last September, the accumulated number of cards exceeded 127 million (up 5.5 million cards against last June), while there were … [Read more...] about Cash payments targeted at below 10% in 2020
The Vietnam State Treasury (VNST) has fulfilled its assigned tasks of capital disbursement, monetary injection and strictly managing State Budget expenditures, says its Deputy Director General Nguyen Quang Vinh. A tax payer makes a deposit at the State Treasury office in Dong Da District, Ha Noi. At a press conference held in Ha Noi late Thursday to announce results of a review of VNST’s 2017 fiscal year, Vinh said that the agency has “fundamentally completed” tasks under the Government’s action plan.The agency established a solid development strategy, identified solutions and implemented them, he said.As of December 15, total State Budget revenue had reached VND1.22 quadrillion (US$54.3 billion), including VND865.7 trillion ($38.5 billion) from domestic sources, VND184.6 trillion ($8.2 billion) from export-import activities, VND43.5 trillion ($1.93 billion) from crude oil, and VND5.6 trillion ($249 million) from international aid, accounting for 90.71 per … [Read more...] about Treasury reports strong fiscal year