Up 14 places The Doing Business 2018 report, a World Bank Group study on the ease of doing business for small and medium enterprises, ranks Vietnam 68th among 190 economies worldwide, up 14 places compared with 2017, with a score of 67.93 on the 100-point scale. In the Global Competitiveness Report 2017-2018 published by the World Economic Forum (WEF) in 2017, Vietnam recorded 4.4 points, ranking 55th among 137 economies worldwide, up five places compared with 2016 and up 20 places compared with 20 years ago (in 2016, Vietnam recorded 4.31 points). The report shows Vietnam’s noteworthy improvements in technology readiness level and labor market efficiency. Regarding trade, Vietnam ranks seventh in terms of import-to-GDP ratio, and 11th in terms of exports-to-GDP ratio. The credit rating agency Moody’s in 2017 also changed its outlook for Vietnam’s banking system from “stable” to “positive”. Former US Secretary of State John Kerry, in his speech … [Read more...] about Vietnam gets good report card but urged to do better
3 agency credit report
HCMC targets economic growth of 8.3-8.5% in 2018
HCMC targets economic growth of 8.3-8.5% in 2018By Van Nam Council members attend the ninth meeting of the HCMC People’s Council today, July 10 - PHOTO: VNA HCMC – The HCMC government will adopt many solutions, especially credit expansion, to support enterprises and encourage investments to achieve a gross regional domestic product (GRDP) growth rate of 8.3-8.5% this year, officials said. At the ninth meeting of the municipal People’s Council today, July 10, the city government expressed hope that private investment in the city would account for 35% of the GRDP and the city budget revenue target would be fully realized. The city also planned to develop a new hi-tech industrial park and establish an additional 46,000 enterprises this year. In a statement from the HCMC government on socioeconomic missions for the second half of the year, delivered at the meeting, HCMC Vice Chairman Tran Vinh Tuyen noted that the city had achieved a GRDP growth rate of 7.86% in … [Read more...] about HCMC targets economic growth of 8.3-8.5% in 2018
Fitch Ratings boosts Vietnam’s report card
(VEN) - Fitch Ratings has upgraded Vietnam’s credit rating based on its increased foreign exchange reserves, economic growth, stable macroeconomic policies and growing foreign direct investment (FDI) inflows. Vietnam’s foreign-exchange reserves continued to improve, rising to USD37 billion by end-2016 and US$49 billion by end-2017 The rating agency said Vietnam’s long-term foreign-currency issuer default rating has been upgraded to BB with a stable outlook, from BB-, and that it expected Vietnam to remain among the fastest-growing economies in the Asia-Pacific region. “Vietnam’s track record of policy-making focused on strong macroeconomic performance has been improving,” the agency said on May 14, adding that growth of 6.7 percent is expected this year amid strong foreign investment levels, continued manufacturing expansion and a boost in private spending. The upgrade puts Vietnam on the second-highest speculative grade and on … [Read more...] about Fitch Ratings boosts Vietnam’s report card
FE Credit comes under inspection for wide scale harassment
Annoying consumers is one of the major contents reviewing of the State Bank of Vietnam’s Banking Supervision Agency when inspecting FE Credit. Some customers receive phone calls ten times a day from FE Credit During the inspection, the agency will look into claims of harassment where FE Credit contacts customers to demand payment for non-existent loans. This is stated by the Banking Supervision Agency in the feedback document for the Ministry of Industry and Trade’s Vietnam Competition Authority (VCA). VCA received many feedbacks and comments from customers related to FE Credit, Vietnam Prosperity Joint Stock Commercial Bank (VPBank)’s wholly-owned subsidiary. Customers complained of receiving phone calls and text messages asking for debt repayment even when they did not borrow from the bank. Some of them have been receiving calls for the last six months, at times ten calls a day. Customers claim this is tantamount to harassment and threatening. “These … [Read more...] about FE Credit comes under inspection for wide scale harassment
Fitch raises Vietnam sovereign credit rating, sees fast growth
Ratings firm Fitch raised Vietnam’s sovereign credit rating on Tuesday, a move that economists said should boost the Southeast Asian economy’s already-substantial investment inflows. Fitch raised Vietnam’s long-term foreign-currency issuer default rating to 'BB' from 'BB-', with a stable outlook. The agency said the upgrade reflects Vietnam’s improving policy-making aimed at strengthening macroeconomic performance. After Fitch’s move, which comes at a time there’s pressure on many emerging market economies and worries about capital outflows, there are still two more upgrades needed before the agency considers Vietnam investment grade. In an indication that the path to an investment grade rating might not be smooth, Fitch said Vietnam’s banking sector is structurally weak and “weighs heavily on the rating”. Fitch said it expects Vietnam’s gross domestic product to grow by the targeted 6.7 percent this year. Growth in 2017 was … [Read more...] about Fitch raises Vietnam sovereign credit rating, sees fast growth