Banking

NA Chairman Vuong Dinh Hue (eighth from left) presents a gift to a representative of the Lao - Viet Bank on May 15. (Photo: VNA) Vientiane (VNA) – National Assembly (NA) Chairman Vuong Dinh Hue visited the Lao - Viet Bank (LVB), the commercial representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Laos, in Vientiane on May 15. LVB was established on June 22, 1999 and had charter capital of 791.3 billion LAK (100 million USD at the date of capital contribution). Present in nine of the 18 provinces and cities in Laos, it is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system. Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese … [Read more...] about NA Chairman visits Lao – Viet Bank in Vientiane

Customers conduct transactions at a branch of Vietcombank in Hanoi. (Photo: VNA) Hanoi (VNA) – Hoa Phat Group and four commercial banks of Vietnam have been named in this year’s Forbes list of the world’s 2,000 largest companies (Global 2000). ranking , Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) ranks at the 950th position while Vietnam Technological and Commercial Joint Stock Bank (Techcombank) stands at 1,874th. Global 2000 recorded a total of 47.6 trillion USD in revenue, 5 trillion USD in profits, 233.7 trillion USD in assets, and 76.5 trillion USD in market capitalisation. VNA … [Read more...] about Hoa Phat Group, four Vietnamese banks among world’s 2,000 largest companies

At a Saturday conference in Harvard University on Vietnam's development strategy in the 21st century, Prime Minister Pham Minh Chinh said Vietnam's economy has expanded into the fourth largest economy in ASEAN and among the world's top 12 economies with the largest scale of commerce. The country also takes part in 15 active FTAs, he said. Economist David Dapic said Vietnam taking part in FTAs was a major success. Millions of farmers have moved on to work in factories as a result. But the fact that most materials for production are imported from China is a weakness, he added. When the Covid-19 pandemic broke out, borders were closed and there was commercial tension, Vietnam's exports were affected, Dapic said. Vietnam's trade turnover with the U.S. may reach $100 billion this year. Such a figure might be small for the U.S., but Vietnam should take note to remain in constant communication and avoid being accused of currency manipulation, he advised. Nguyen Thi Hong, head of the … [Read more...] about Avoid unworthwhile investments, try estate taxes, Vietnam advised

The launching ceremony of AWS re/Start, a programme that helps unemployed and underemployed people learn cloud computing skills and connect participants with employment opportunities. — Photo Courtesy Amazon Web Services AI Education and Cloud Kinetics have recently announced a tie-up with Amazon Web Services for providing free cloud computing skills and job training through AWS re/Start. The 12-week virtual training programme will help unemployed and underemployed people learn cloud computing skills and connect participants with employment opportunities. The first AWS re/Start cohorts taught virtually by AI Education instructors begins in May in HCM City and Ha Noi. Upon completion, Cloud Kinetics will help the graduates by connecting them with employers such as Orient Commercial Joint Stock Bank for entry-level cloud roles such as cloud operations, site reliability, infrastructure support, and technical adjacent business support functions. Bung Tran, co-founder and … [Read more...] about Free AWS re/Start cloud skills training programme launched in Viet Nam

AFD Executive Director Philippe Orliange (left) has recently paid a working visit to Vietnam. (Photo: VNA) Hanoi (VNA) – Responding to climate change, reducing greenhouse gas emissions and adapting to climate change impacts are among priorities of the French Development Agency (AFD)’s cooperation priorities in Vietnam, AFD Executive Director Philippe Orliange has affirmed. Such cooperation priorities completely match commitments made by Vietnamese Prime Minister Pham Minh Chinh at the 26th United Nations Climate Change Conference of the Parties ( COP26 ) in Glasgow, Scotland (the UK), last November, Orliange said in an interview with the press. The AFD Executive Director, who has recently paid a working visit to Vietnam, also lauded the Vietnamese government’s strong commitments at COP26. Under the cooperation strategy, the AFD has promoted in-depth discussions with Vietnam’s government agencies on policies regarding climate change impacts, during which … [Read more...] about Climate change response among AFD’s cooperation priorities in Vietnam

Hoa Phat Group is the only Vietnamese production firm in the Top 2,000 largest companies in the world in 2022 (Global 2000). Photo courtesy of the firm Hoa Phat Group had the highest revenue and profit among five Vietnamese firms listed in the Top 2,000 largest companies in the world in 2022 (Global 2000) announced by Forbes. It is also the only Vietnamese production firm in the list. Forbes collected the latest financial data as of April 22, 2022 to rank businesses globally according to four criteria including revenue, net profit, total assets and market capitalisation. The other Vietnamese firms included in the list are all banks: Vietcombank, Vietinbank, BIDV and Techcombank. In 2021, Hoa Phat recorded VND150.8 trillion (US$6.5 billion) in revenue and reached a net profit of VND34.5 trillion for the first time, up 65 per cent and 156 per cent respectively compared to 2020. Its net profit margin in 2021 reached 23 per cent. Its total contribution to the State budget last … [Read more...] about Hoa Phat Group listed in Forbes’ Top 2,000 largest firms in the world

The relations would be enhanced through commitments in a wide range of fields, including economic, maritime cooperation, building trust, and people-to-people links. ASEAN member states and the US have reaffirmed their shared commitment to strengthen and build more comprehensive ASEAN-US Dialogue Relations. The declaration was included in a joint vision statement released at the US-ASEAN Special Summit, the first-ever held in Washington, D.C., on May 12-13 with the participation of the US president and leaders of the Association of Southeast Asian Nations (ASEAN) member states. The tightened relations are aimed to promote peace, security, stability, and prosperity in the region and ensure that relations remain adaptable to meet new challenges; and appropriately cooperate in international and regional fora of which ASEAN member states and the US are members. The two sides stressed the importance of creating a peaceful environment for strengthening the existing bonds of … [Read more...] about US-ASEAN Joint Statement reaffirms comprehensive Dialogue Relations

The capital market, digitalization, energy transition, climate change, and strategic infrastructure are key potential fields for Warburg Pincus to focus on in Vietnam. Vietnam’s business environment and macroeconomic conditions have become more stable and favorable for foreign investors, said CEO of global private equity firm Warburg Pincus Charles Kaye at a meeting with Prime Minister Pham Minh Chinh on May 15. Prime Minister Pham Minh Chinh and CEO of global private equity firm Warburg Pincus Charles Kaye. Source: VGP Kaye said investors are concerned about the four major issues, including the capabilities of local companies, macro-economic stability, infrastructure, and the authorities' responsiveness. In this regard, Kaye said Vietnam could do more in infrastructure development as one of the measures to improve the business environment. The CEO also revealed a plan to expand the equity firm investment portfolio in Vietnam’s real estate market and … [Read more...] about Vietnam’s business environment favorable for foreign investors: Warburg Pincus

Warburg Pincus is relishing its opportunities in Vietnam as the economy grows and capital markets develop, said Jeffrey Perlman, Southeast Asia chief of the private equity firm to Reuters. "It's a market that we think there's a lot of opportunity in," quoted Perlman in an interview with Reuters on March 22. "Four, five years ago, even in Vietnam there wasn't an understanding of what was private equity and what it will do to businesses." Warburg Pincus is relishing its opportunities in Vietnam. Vietnam's emergence as a large manufacturing destination next to China helped the Southeast Asian nation's economy grow at 6.8% last year, the strongest since 2010, Reuters reported.The growth is rapidly building up a huge middle class that is boosting consumer spending in a country of about 100 million. Its stock index VNI has risen 20% this year, the best performance in Southeast Asia, after surging by 50% last year. Perlman said the growth in Vietnam's capital … [Read more...] about Warburg Pincus: “Vietnam a big draw for global investor”

Based on “smart city” foundation Following the success in building the e-administration and reforming administrative procedures in the 2012 – 2018 period, Quang Ninh province has built a digital administration based on the implementation of a project building smart cities in the 2019 – 2025 period. Quang Ninh province’s smart cities will take people and tourists as the center. They will be encouraged to help develop tourism services. The local authorities will work to improve management capacity as well as the quality and efficiency of socio-economic activities, creating an attractive investment environment and promoting inclusive development. The province will continue refining legal regulations to facilitate the implementation and development of e-administration, digital ministration and smart cities. The smart city project will be carried out in Cam Pha, Uong Bi and Mong Cai cities. Looking towards knowledge-based economy Quang Ninh was the first province in Vietnam … [Read more...] about Quang Ninh looks toward knowledge-based economy