Chart showing growth in Southeast Asia. ICEAW predicts that economic growth across the region will slow from 5.1 per cent in 2018 to 4.5 per cent in 2019 and remain unchanged in 2020. — Photo Courtesy ICEAW Viet Nam is an exception which has benefited from some trade diversion effects caused by the trade war, according to the Institute of Chartered Accountants in England and Wales’ latest Economic Update: South-East Asia report. Nonetheless, ICAEW added, momentum in Viet Nam was expected to ease to 6.6 per cent in 2020 from 7 per cent in 2019, given weaker Chinese import demand and increased trade protectionism. Export-oriented economies had been the most impacted by the ongoing trade tensions, with Singapore only narrowly avoiding a technical recession in the third quarter. Economic growth across the region was expected to slow from 5.1 per cent in 2018 to 4.5 per cent in 2019 and remain unchanged in 2020 amid high risks of a re-escalation in trade tensions. Regional … [Read more...] about Southeast Asia GDP growth hit by trade war: report
Opening new bank account deals
Cái Răng Floating Market in the Mekong Delta city of Cần Thơ. — VNA/VNS PhotoViet Nam News HÀ NỘI — Việt Nam’s economy continues to perform well, propelled by the sustained global recovery and continued domestic reforms, according to a new World Bank (WB) report. The report, titled “Navigating Uncertainty”, is the October 2018 edition of the World Bank East and Pacific Economies Update. Released on Thursday, it says that Việt Nam’s medium-term outlook has improved further. The country’s real gross domestic product (GDP) is now projected to expand by 6.8 per cent in 2018, up from 6.5 per cent in the WB’s previous projection in April. The economic growth is also projected to moderate to 6.6 per cent in 2019 and 6.5 per cent in 2020 due to the forecasted cyclical moderation of global demand. Despite reduced slack in the economy, the WB expects inflation to remain around the 4 per cent … [Read more...] about Domestic reforms propel Việt Nam’s robust economic growth: WB
MSN closed down 2.65 percent on Wednesday, with volumes jumping to 5.5 million from 3.4 million the previous day and an average of 800,000. Foreign investors sold 4.6 million shares, the highest this year. On Tuesday the stock had fallen by the maximum allowed 7 percent as foreign investors sold 1.4 million shares. The sell-off began following an announcement by conglomerate Vingroup that it had reached a deal with Masan to merge their retail subsidiaries to form a new company. The deal integrates Vingroup’s network of 2,600 Vinmart and Vinmart+ minimarts with the new entity, which will be controlled by Masan, and Vingroup will remain a shareholder. Foreign investors have been selling MSN stocks on and off for a month now, which analysts at VNDIRECT Securities attributed to them possibly getting wind of what was brewing. MSN of food conglomerate Masan Group shed 1.7 percent on Wednesday. Masan has interests in food, beverages, animal feed, and … [Read more...] about Foreign investors continue to offload Masan Group stock
Thai groups have invested in many business fields in Vietnam, from goods production to retail. The takeover of Sabeco, the brewer, and Binh Minh Plastics are two of the recent biggest deals made by Thai investors. Sabeco brings big money to Thai billionaire A report released on September 30 showed that Thaibev is holding 53.58 percent of Sabeco’s shares. Sabeco became the major driving force for Thaibev’s growth in the fiscal year commencing in October 2018 and ending in September 2019. The Thai group reported sharp growth rates in revenue (16 percent) and profit (33 percent). Sabeco’s sales increased by 44 percent, making an important contribution to Thaibev’s business performance. If not counting Sabeco’s achievements, the international beer sales will decrease compared with the same period last year because of weakening activities in ASEAN. Binh Minh Plastics prospers Kim Chi Heineken sells 5.2 million Sabeco's stocks Heineken is … [Read more...] about How do enterprises perform after they are bought by Thai firms?
The country’s share of regional venture capital funding devoted to fintech soared from just 0.4 percent in 2018, according to a report prepared by the United Overseas Bank (UOB), PwC and the Singapore Fintech Association (SFA). Singapore remained the top destination for regional fintech investment, with 51 percent, down from 53 percent in 2018, with Indonesia in third place with 12 percent, down from 37 percent last year. By the end of the third quarter this year, ASEAN had received $1.14 billion in funding for fintech firms, up sharply from $35 million in 2014, the report said. The surge in investments in Vietnam this year is attributable to two large deals, both in digital payments. In July, digital payment firm VNpay received $300 million in investment from Japanese multinational conglomerate SoftBank and Singaporean sovereign wealth fund GIC. And in January, e-payment app MOMO Pay landed $100 million from investors led by American private equity firm Warburg … [Read more...] about Vietnam second among ASEAN members in attracting fintech funding