The Hanoitimes - In the coming time, Shinhand will focus on developing consumer finance in Vietnam, the government portal reported. Shinhan Card, a subsidiary of South Korea's Shinhan Financial Group, considers Vietnam an important foreign market for future investment, said Lim Young Jin, president and CEO of the company. Deputy Prime Minister Vuong Dinh Hue and President of Shinhan Card Lim Young Jin. Source: VGP. Operating in the fields of finance, banking and securities in Vietnam, Shinhan Card has set aside its profit to reinvest in Vietnam, Lim said in a meeting with Vietnam's Deputy Prime Minister Vuong Dinh Hue in Hanoi on October 15. In the coming time, Shinhand will focus on developing consumer finance in Vietnam, Lim informed. In early 2018, Shinhan reached an agreement to acquire Prudential Vietnam Finance Company for US$150.8 million. The deal allows Shinhan Financial Group to expand its consumer finance business in Vietnam, a market … [Read more...] about South Korea’s Shinhan Card considers Vietnam priority for investment
Investment
Vietnam GDP per capita to reach US$2,540 in 2018: Investment minister
The Hanoitimes - The result remains a long way off achieving the target of US$3,200 - 3,500 by 2020, local media reported. Vietnam's nominal GDP in 2018 is forecast to stand at nearly VND5,555 trillion (US$240.5 billion) equivalent to a growth rate of 6.7%, leading to GDP per capita of US$2,540, up 6.3% year-on-year, according to the Minister of Planning and Investment Nguyen Chi Dung. Illustrative photo. This would result in an increase of US$155 compared to 2017 and US$325 in 2016, which is, however, remains a long way off achieving the target of US$3,200 - 3,500 by 2020, Dung said in a hearing held by the National Assembly's Standing Committee on October 15. Overall, Vietnam averages a growth rate of 6.57% in the 2016 - 2018 period, meeting the five-year target set by the National Assembly (6.5 - 6.7%), Dung added. Dung also stated that in the first nine months of 2018, Vietnam has over 96,610 newly established enterprises, while 73,100 ones … [Read more...] about Vietnam GDP per capita to reach US$2,540 in 2018: Investment minister
Chinese investment in Laos’ energy sector tops 15 billion USD
Illustrative photo (GETTY IMAGES) Vientiane (VNA) – Laos is among 15 countries worldwide receiving the biggest investment from China in the energy sector, Vientiane Times on October 15 quoted a World Bank report as saying. By 2017, China’s investment in the field in Laos hit 15 billion USD and is expected to continue rising in the years to come, said the report. China is now one of the largest investors in the hydropower sector in Laos, engaging in about half of the total number of hydropower projects in the Southeast Asian nation. According to data of the International Rivers, China’s hydropower projects in Laos include the 2.4 billion USD Pak Beng, the 2 billion USD Ban Ou, Nam Kham 3, Nam Beng, Nam Leuk 1 and 2, Nam Ngum 5, Nam Mang and Nam Phay plants. The energy sector has made significant contributions to Laos’ annual budget and played an important role in the country’s economic development. The Lao Ministry of Energy and Mines said that Laos is … [Read more...] about Chinese investment in Laos’ energy sector tops 15 billion USD
Hanoi steps up efforts to attract investment in IZs
Hanoi is working to help investors understand laws to attract investment into IZs Simplified administrative formalities in IZs According to deputy head of Hanoi Industrial and Export Processing Zones Management Authority Nguyen Duc Quang, there are nine active IZs in Hanoi, with another one preparing to call for investment. IZs in Hanoi are expected to attract $230 million in the fourth quarter of 2018, and increase revenue to $1.77 billion. Agreeing with Quang, although investment has boosted the growth of IZs and made valuable contributions to the city’s socioeconomic development, there are still insufficiencies in land clearance, the leasing price of land, and procedures. Especially, limited information on tax incentives and customs regulations has been limiting investments in Hanoi’s IZs. The Master Plan on Hanoi’s IZ Development until 2020 set out a schedule to develop 17 industrial and hi-tech parks on a land area of 3,500 hectares. According to Quang, to … [Read more...] about Hanoi steps up efforts to attract investment in IZs
Vietnam to invest over $240 million in three 1,000-bed hospitals
Three new infirmaries include the General Hospital Thu Duc, the General Hospital Hoc Mon and the General Hospital Cu Chi. Spending on the infirmaries will be taken from the city budget to improve healthcare services for city dwellers. Director of the Department of Health Nguyen Tan Binh said the construction project of three hospitals is one of the health sector’s six major projects from now to 2020 with the vision to 2030. Six major projects include to build five hospitals: City Children Hospital, Tumor Hospital, the General Hospital Hoc Mon, Cu Chi, Thu Duc, and Pham Ngoc Thach Medicine University Hospital. Amongst hospitals, only City Children Hospital was put into operation in 2017 and the Tumor Hospital will be put in use in 2019. Around VND1,915 billion will be spent on Thu Duc general Hospital while VND1,895 billion and VND1,854 billion will be for building the General Hospital Hoc Mon and Cu Chi respectively. The three 1,000-bed hospitals will be equipped with modern … [Read more...] about Vietnam to invest over $240 million in three 1,000-bed hospitals