Repatriates cooperative finance and development bank limited

LVB was established on June 22, 1999 and had charter capital of 791.3 billion LAK (100 million USD at the date of capital contribution). Present in nine of the 18 provinces and cities in Laos, it is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system. Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese firms planning to invest and do business in Laos. As bilateral trade stands at only 1.3 billion USD at present, much lower than the target of 2 billion USD, enterprises should make use of the Lao market, which is in close proximity to Vietnam. Aside from credit services, BIDV and its LVB need to develop non-credit ones so as to help achieve that target, he went on. The great friendship, … [Read more...] about N.A. Chairman visits Lao – Viet Bank in Vientiane

Truong Hung Long, director of the Department of Debt Management and External Finance under the Ministry of Finance. Improving the national credit rating is implemented with a long-term vision to reduce the cost of capital mobilisation, enhance the country's reputation, and meet the needs of socio-economic development in the future. Truong Hung Long, director of the Department of Debt Management and External Finance under the Ministry of Finance, spoke with Vietnam News Agency about the issues. The Prime Minister has just approved a project to improve the national credit rating by 2030. The Department of Debt Management and External Finance is assigned to develop and implement the project. What will the department do to fulfil this task? The Government issued Decision 304/QD-TTg on February 6, 2013 to approve a project on improving the national credit rating. That created favourable conditions for the Government in accessing the international capital market. It is also a way … [Read more...] about Viet Nam promotes solutions to improve national credit rating

The prime minister held meetings with executives of US major financial corporations such as KKR, Visa, S&P, and Citigroup over future cooperation in the financial sector. The comprehensive partnership between Vietnam and the US would create favorable conditions for investment activities. Prime Minister Pham Minh Chinh and CEO of KKR Joseph Bae (l). Photos: VGP Prime Minister Pham Minh Chinh stressed the view during meetings with executives of US financial corporations on May 16. Joseph Bae, the CEO of Kohlberg Kravis Roberts (KKR), said the investment fund is looking to expand its presence in the fields of real estate, infrastructure, digitalization, and technologies in Vietnam. According to Bae, KKR is one of the largest private equity managers in the world with assets of US$470 billion. So far, the corporation has invested over $1 billion in three companies in Vietnam. Bae said Vietnam remains an attractive investment destination with favorable … [Read more...] about The Vietnam-US comprehensive partnership facilitates investment activities: PM

Prime Minister Phạm Minh Chính (right) had a meeting with Joseph Bae, Co-Chief Executive Officer of the private equity firm Kohlberg Kravis Roberts in New York on May 16. — VNA/VNS Photo Dương Giang HÀ NỘI — Prime Minister Phạm Minh Chính met with leaders of global investment firm Kohlberg Kravis Roberts (KKR) and Visa Group in New York and held phone talks with the Deputy Managing Director of the International Monetary Fund (IMF) during his trip to the US. At a meeting with Joseph Bae, Co-Chief Executive Officer of KKR, on May 16 (US time), the PM asked the firm to share its experience and offer proposals to Việt Nam. Joseph Bae expressed KKR's wish to expand its operation in real estate, infrastructure, digital transformation, food, consumer goods and technology in Việt Nam, noting that the firm had invested more than US$1 billion in three Vietnamese companies. Việt Nam is an attractive market for investors with incentives rolled out by the Government, along with its … [Read more...] about PM meets leaders of investment firm Kohlberg Kravis Roberts, Visa Group in New York

There should be special mechanisms for economic ties between the two countries. The governments of Vietnam and Laos are closely working on the construction of the Hanoi-Vientiane expressway project that will facilitate sea access to land-locked Laos. Chairman of Vietnam’s National Assembly Vuong Dinh Hue speaks with Vietnamese businesses in Laos on May 15. Photos: Quochoi The information was released by Chairman Vuong Dinh Hue of Vietnam’s National Assembly who is on his three-day visit to Lao starting on May 15. Hanoi-Vientiane expressway, which is being built with funding from Japan, will enable Laos to access the sea in Vung Ang Seaport, Vietnam’s central province of Ha Tinh. Launched in 2016, the 725-km project, with an estimated investment of US$4.5 billion, is expected to boost economic connectivity between the two countries and Thailand’s northeast. Hue said the two countries' economic ties need to be boosted to become commensurate to the strong … [Read more...] about Vietnam, Laos boost construction of road linking two capital cities

Prime Minister Phạm Minh Chính held a meeting with UN Deputy Secretary-General Amina J. Mohammed in New York on May 16 (local time). — VNA/VNS Photo Dương Giang HÀ NỘI — Việt Nam will continue bringing into play its role and making more active and constructive contributions to the common work of the United Nations in all the three pillars – security-politics, development and human rights, Prime Minister Phạm Minh Chính has said. At a meeting with UN Deputy Secretary-General Amina J. Mohammed in New York on May 16 (local time), the PM stressed that the year 2022 is of great significance as it marks the 45th anniversary of Việt Nam’s UN membership. Appreciating the UN’s valuable contributions and support to Việt Nam over more than four decades, the PM asked Amina to convey his invitation to Secretary-General Antonio Guterres and other UN leaders to visit Việt Nam this year to foster multi-faceted cooperation between the two sides. Chính reiterated Việt Nam’s strong commitments … [Read more...] about Việt Nam to play more active role at UN: PM

Prime Minister Phạm Minh Chính with United Nations Development Programme Administrator Achim Steiner in New York on May 16. — VNA/VNS Photo Dương Giang NEW YORK — Prime Minister Phạm Minh Chính has asked for the United Nations Development Programme (UNDP)’s help in achieving carbon emission neutrality by 2050. He was speaking during a meeting with Administrator Achim Steiner in New York on May 16 (local time) as part of his working trip to the US. PM Chính said he highly valued the important role, strategic direction and current leadership of UNDP in promoting the implementation of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDG). He thanked the UNDP for the consistent support for Việt Nam in reconstruction, nation building and socio-economic development processes over the past 50 years. PM Chính welcomed and highly appreciated the UN-Energy Plan of Action which Achim Steiner personally served as Co-Chair, with the aim of supporting … [Read more...] about UNDP will assist Việt Nam in achieving carbon neutrality by 2050: Administrator

Goods at Cat Lai Port in HCM City. Demand for Viet Nam's export goods can be reduced due to the global economic slowdown in the wake of the Fed’s rate increase. — VNA/VNS Photo The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Viet Nam, but experts expect impacts of the Fed’s move on the country will not be significant. The Fed last week raised its benchmark interest rate by half a percentage point, the most aggressive step yet in its fight against a 40-year high in inflation. Banking and finance expert Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, told Viet Nam News that the Fed’s move in theory will affect the country’s economic growth, foreign debt payment obligations, exchange rate and foreign investment. “The Fed’s move may push up the global interest rate and slow global economic growth, which will reduce the demand for Viet Nam's export goods. It therefore will slow the … [Read more...] about Fed rate hike’s impact on Vietnamese economy not significant

The priorities for discussions at the conference will be the state of Vietnam’s health system, the public-private partnership (PPP) model and lessons from other countries, sustainable trends in the healthcare sector in the nation and around the world, and possible legal improvements to promote PPP performance. Vietnam has been making great efforts to improve the population’s health, but alongside the achievements are many challenges on the path ahead. Despite the relative success in effectively containing the pandemic, Vietnam’s health system has been severely affected by rising infectious and non-communicable diseases, hospital overloads, and an ageing population. There are also a number of issues that require innovation and cooperation from stakeholders to ensure sustainable development in the future. The event is expected to initiate a dialogue between government agencies and the business community and serve as a platform for stakeholders to make themselves heard. … [Read more...] about VIR to host conference on public-private partnerships in healthcare on May 18

Steel production at Việt-Đức Steel JSC's factory in Vĩnh Phúc Province. Việt Nam mainly ships iron and steel to Laos. — VNA/VNS Photo Nguyễn Trọng Lịch HÀ NỘI — Since the establishment of bilateral diplomatic ties in 1962, Việt Nam and Laos have promoted cooperation across numerous spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-20 period, the two-way trade saw stable expansion and reached the target of over US$1 billion, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded $1 billion in 2020, down 11.5 per cent year-on-year, of which Việt Nam’s exports were worth $571.7 million, down 18.5 per cent. However, the bilateral trade bounced back since early 2021, surging 33.3 per cent to $1.37 billion for the year, with Việt Nam’s export revenue reaching $594.7 … [Read more...] about Việt Nam-Laos trade ties growing sustainably