The improved business performance of Vietnamese banks and a Government regulation to require local banks to meet stricter capital regulations as part of Basel II standards is spelling the start of a wave of foreign investment into the country’s finance and banking sector in 2019, experts said. From the beginning of this year, the market has seen positive signals on rising foreign investment in the sector. NongHuyp Financial Group is the latest foreign investor to show an appetite for Vietnamese banks after the acquisition of more than 111.1 million shares of Vietcombank by Singapore’s sovereign wealth fund GIC Private Limited and one of Japan’s largest financial services providers Mizuho Bank Ltd at a cost of some VND6.2 trillion (US$265 million) on January 9. During last week’s meeting with chairman of the Vietnam Bank for Agriculture and Rural Development (Agribank) Trinh Ngoc Khanh, Kim Gwang Soo, chairman of NongHuyp Group, proposed to support the … [Read more...] about Foreign investment in banking to surge
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Foreign investment in banking sector to surge
Viet Nam News By Hà Nguyễn HÀ NỘI – The improved business performance of Vietnamese banks and a Government regulation to require local banks to meet stricter capital regulations as part of Basel II standards is spelling the start of a wave of foreign investment into the country’s finance and banking sector in 2019, experts said. From the beginning of this year, the market has seen positive signals on rising foreign investment in the sector. NongHuyp Financial Group is the latest foreign investor to show an appetite for Vietnamese banks after the acquisition of more than 111.1 million shares of Vietcombank by Singapore’s sovereign wealth fund GIC Private Limited and one of Japan’s largest financial services providers Mizuho Bank Ltd at a cost of some VND6.2 trillion (US$265 million) on January 9. During last week’s meeting with chairman of the Vietnam Bank for Agriculture and Rural Development (Agribank) Trịnh Ngọc … [Read more...] about Foreign investment in banking sector to surge
World News in Brief: August 22
* Flooding caused by recent storms in Laos has killed at least 46 people while 97 others are missing and four people were injured, according to the latest report from the National Disaster Prevention and Control Committee. * Thailand has launched a Southern Economic Corridor (SEC) project covering several of its southern provinces, namely Ranong, Surat Thani, Nakhon Si Thammarat and Chumphon. * China and India pledged on August 21 to further strengthen ties between the two countries and their militaries. * The Brazilian military on August 21 arrested at least 70 people in a massive dragnet on drug gangs in Rio de Janeiro, local officials said. * Brazilian President Michel Temer criticized protectionist measures taken against steel imports, during a speech at the Brazilian Steel Congress on August 21 in Sao Paulo. He urged the steel industry to "protect" itself from foreign attacks. * Facebook said Tuesday it is removing more than 5,000 targeting categories to prevent misuse of its ad … [Read more...] about World News in Brief: August 22
BUSINESS NEWS IN BRIEF 23/8
Vietnam fisheries int’l exhibition opens in HCM City Visitors to the Vietnam Fisheries International Exhibition (Vietfish) 2018 The Vietnam Fisheries International Exhibition (Vietfish) 2018 kicked off at the Saigon Exhibition and Convention Centre in Ho Chi Minh City on August 22. The event attracts 233 exhibitors from 14 countries and territories, including 153 of Vietnam, showcasing aquatic products in 374 booths. The numbers of both exhibitors and booths increase by 6.8 percent and 3.6 percent, respectively, from last year. Vietfish 2018, lasting through August 24, also features many workshops discussing the market situation, production trends and other hot topics in the fisheries sector at present. Ngo Van Ich, Chairman of the Vietnam Association of Seafood Exporters and Producers, said over the last 20 years, Vietfish has established itself as a leading and influential fisheries exhibition in Asia as seen in the surge of exhibitors, booths and visitors. He noted … [Read more...] about BUSINESS NEWS IN BRIEF 23/8
BUSINESS NEWS IN BRIEF 22/8
Mekong Capital divests from Asia ChemicalsMekong Enterprise Fund II, a unit of Mekong Capital, has completely divested from Asia Chemicals Corporation (ACC) and taken in US$8.9 million, a 2.6-fold increase over its initial investment, after a seven-year holding period.According to a press release issued by Mekong Capital on August 10, in 2011, MEF II invested US$3.8 million in ACC, which was its 10th investment, after others in Mobile World Investment Group (The Gioi Di Dong), Golden Gate, Vietnam Australia International School and International Consumer Products.However, MEF II has now divested from all of its 10 earlier investments. The divestments have helped the fund generate a gross return multiple of 4.5 and a gross internal rate of return of 22.5%.Early this year, MEF II sold five million shares at Mobile World, generating a gross return multiple of 56.9 and an IRR of 61.1%, making it one of the most successful investments in Asia.Also, the fund’s full exit from Vietnam … [Read more...] about BUSINESS NEWS IN BRIEF 22/8