VietNamNet Bridge – Vietnamese economists are trying to calculate the damage to the national economy in case China stops trade and investment activities with Vietnam. Many Vietnamese have expressed their concerns about the possibility of China suspending its trade and investment activities if Vietnam sues China in the international arbitration court. They have reasons to worry about this after the Philippine’s case. On January 22, 2013, the Philippines officially filed in the UN’s Arbitration Court against China for its violations of the 1982 Law on the Sea Convention, of which both the Philippines and China are members. However, China, not the Philippines, took action first, in the battle. In early 2012, Chinese enterprises unanimously complained that Filipino banana and fruit imports contained high pesticide residue. This has been repeatedly denied by the Philippines. However, thousands of containers of bananas imported from the Philippines at that time rotted at … [Read more...] about What are the consequences of China’s reduced investments in VN?
Industrial bank of china
ABBank, Bank of China cut deal to promote trade By Thu Thuy - The Saigon Times Daily HCMC - An Binh Commercial Bank, or ABBank, on Tuesday signed a cooperation deal with the HCMC Branch of Bank of China to support payment transactions between the two countries. Due to the cooperation, ABBank's customers can transfer money directly to China without going through another agent and vice versa. In the future, this cooperation would give the local bank better access to a big market like China, Thanh said. Bank of China has 100 years experience in the banking industry with over 16,000 branches and transaction offices in China, and 79 branches in other countries and territories. … [Read more...] about ABBank, Bank of China cut deal to promote trade
Tea-shop manager Zhang Yue is so desperate about her home city of Tieling’s future that she’s borrowed about five times her annual income to buy a work visa to leave for Japan -- an economy that’s flat-lined for a generation. "Two years ago, everything was fine and I bought whatever I wanted," said Zhang, 29, whose husband’s wages have since halved and her own have stalled. "Then, suddenly, the slump started. The economy went straight down. It’s in free fall." The home to about 3 million people in the northeast rust-belt province of Liaoning is ground zero in China’s slowdown -- the worst-performing city in the worst-performing province. Ads offering work visas abroad are peppered across hoardings, and billboards offer loans for people in "urgent need." Shuttered car-parts factories flank the highway to the high-speed train station. In the center, a closed wedding-photograph studio has a notice in the window that reads: "Owner is going overseas. Shop … [Read more...] about Ground Zero of China’s slowdown leaves locals looking for exit
The State Bank of Vietnam (SBV) has allowed some lenders to raise their credit growth ceiling this year in a move to boost economic growth, according to Thoi bao Ngan hang (Banking Times). The lending ceiling of Vietcombank and VietinBank has been raised to 16 percent, while the figure for SeaBank and TPBank is 35 percent. The ceiling of Techcombank and LienVietPostBank was lifted to 30 percent. The new credit ceilings of VPBank, Nam A Bank, SHB and VIB are 18 percent, 25 percent, 15 percent and 20 percent, respectively. The figure for BaoVietBank is 36 percent. The central bank also adjusted the lending ceilings at the branches of some foreign banks. The ceiling for Standard Chartered Vietnam is now 30 percent, while for Korea Exchange Bank's Hanoi branch it is 35 percent. The ceiling for Taipei Fubon's Binh Duong branch is 24 percent. Earlier this year, the central bank set lower credit growth ceilings for the banks mentioned. The central bank had also fixed the maximum limit for … [Read more...] about State Bank of Vietnam lifts lending ceiling
Banks of Vietnam, China Offer Cross-border E-payment The Industrial and Commercial Bank of Vietnam (Incombank) and the Industrial and Commercial Bank of China (ICBC) have joined hands to launch cross-border payments through Internet Banking system. This is the first and most modern product of cross-border payments applied in Vietnam. Internet banking system, in which payments will be conducted immediately via the same network, will help save time and money for customers of two banks in conducting cross-border payments. The new payment method is expected to boost two-way trade between Vietnam and China in the near future. The traditional methods often take businesses 4 or 5 hours, even a day, to fulfill a payment transaction. (VNA) more news … [Read more...] about Banks of Vietnam, China Offer Cross-border E-payment