Accordingly, legal capital of foreign commercial banks is set at 3 trillion VND (129.29 million USD), while the levels for policy banks and cooperative banks are 5 trillion VND and 3 trillion VND, respectively. Photo: tapchitaichinh.vn The legal capital for foreign banks’ branches is 15 million USD, and 500 billion VND for financial companies, 150 billion VND for financial leasing firms, and 5 billion VND for microfinance institutions. The Decree will take effect from January 15, 2020. Foreign credit organizations and banks’ branches that were licensed and began operation before the date the decree takes effect must ensure that their registered capital must be at least equivalent to the legal capital prescribed by this decree by the date it takes effect. Source: VNA … [Read more...] about Legal capital levels set for foreign financial organizations
Billion usd to million usd
Vietnam's start-up sector is closing the gap with regional leaders Indonesia and Singapore with new investment, according to a Nikkei Asian Review article (Illustrative photo: VNA) Hanoi (VNA) – Vietnam's start-up sector is closing the gap with regional leaders Indonesia and Singapore with new investment, according to a Nikkei Asian Review article. The article cited a joint research by Ho Chi Minh City-based venture capital ESP Capital and Singapore's Cento Ventures which showed start-up investment in Vietnam hit 246 million USD this year through June on 56 deals. It added that investment is expected to top 800 million USD by the end of the year, which would represent a rise of at least 80 percent over last year's 444 million USD. The article said a total of about 5.9 billion USD was invested in Southeast Asian start-ups in the first half of 2019. When it comes to the investments that can be tracked to a destination country, Vietnam accounted for 17 percent of start-up … [Read more...] about Vietnam startups gain on Indonesia, Singapore: Japanese newspaper
If Vietnamese businesses optimize the material sources they have and make the best use of trade promotion activities, their export earnings can surpass USD 8 billion. According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end interior décor instead of doing outwork and selling separate products. Meanwhile, the Vietnam Timber and Forest Product Association (VIFORES) … [Read more...] about Wood furniture firms advised to optimize domestic materials
Since issuing corporate bonds has become easy thanks to open regulations, it is necessary to tighten control over bond issuance. According to Saigon Securities Incorporated (SSI), VND129.016 trillion worth of corporate bonds were offered to sell in the first eight months of the year and 90.08 percent was sold. VND22.664 trillion, or 61 percent of bonds, were sold to domestic investors. However, it’s unclear who the ‘domestic investors’ are. Meanwhile, bonds cannot sell to individual investors who don’t have deep knowledge about the market. The analysts blamed the hot corporate bond market on the easy requirements stipulated in Decree 163. Hai Linh Anonymous foreign investor buys entire batch of Phu My Hung bonds Phu My Hung Development Corporation has mobilised VND800 billion ($34.78 million) for real estate projects from a "secret" foreign investor through bond sales. Vietnam’s bond market continues growth Vietnam’s … [Read more...] about Is the corporate bond market too hot?
The order was awarded on the 60th anniversary of the committee, which comes under the Ministry of Foreign Affairs. Congratulating the committee, Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh said it was an honor for the committee and the entire ministry. The committee deserves recognition from the State and the Party for its efforts and proud achievements, he added. Over the past six decades, the committee has developed sustainably and became an important agency for the Ministry of Foreign Affairs. At the event The committee has run many programs that were highly appreciated by overseas Vietnamese such as the Xuan Que Huong (Spring in the Hometown), visiting the Truong Sa (Spratly) Islands, and a summer camp for youngsters. All these programs helped connect overseas Vietnamese with the country, said Minh. The Deputy PM asked the committee to continue its work and creatively applying the Party’s policies on national unity. The committee … [Read more...] about Committee for Overseas Vietnamese marks 60th anniversary