15 billion dollars in rupees

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

The signing ceremony between VPBank and SMBC. Following the latest SMBC’s strategic investment, VPBank will become Viet Nam’s second largest bank in terms of owner equity. — Photo courtesy of the bank VPBank on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG) to issue 15 per cent equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion (approximately US$1.5 billion), of Tier 1 capital (equal to VND30,160 per share), increasing its owner equity to approximately VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach an ambitious growth strategy over the next five years. … [Read more...] about VPBank sells 15 per cent of its charter capital to Japan’s SMBC

At the signing ceremony between VPBank and SMBC (Photo: VNA) Hanoi (VNA) – Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD

Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California on March 13. (Photo: XINHUA/VNA) HCM City (VNS/VNA) - The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital , has said in a report. “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15% since mid-2021 and yields surged. However, VGB holdings only accounted for around 6% of listed … [Read more...] about Silicon Valley Bank collapse not to impact VN: VinaCapital

The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a report. Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California. — AFP/VNA Photo “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15 per cent since mid-2021 and yields surged. However, VGB holdings only accounted for around 6 per cent of listed banks’ … [Read more...] about Silicon Valley Bank collapse not to impact Vietnam: VinaCapital

GIA LAI -- Bitter and earthy. Fit for instant brews only. Robusta coffee has a dire reputation, but a small group of farmers in Vietnam is trying to turn the bean's fortunes around as a warming world threatens the industry. As an interior designer in trendy Ho Chi Minh City, Tran Thi Bich Ngoc, 42, largely stayed clear of Vietnamese coffee, puzzling over why it didn't taste as good as cups from abroad. Now, nearly a decade later, she runs her own coffee farm -- "Mori" -- in the remote Central Highlands, cultivating robusta she believes can match the world's favourite bean, arabica, in quality and flavour. "My beans have a fruity, flowery smell, and they taste strong -- but in a gentle way," Ngoc told AFP at her farm close to the city of Pleiku, in the heart of the Vietnamese robusta region. "Vietnamese farmers need to know it is possible to make these beans taste good." 'Vicious circle of bad quality' Long scorned by giants such as Starbucks, robusta -- which has … [Read more...] about Vietnam’s robusta: the go-to coffee bean in a warmer world?

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI

Workers of a garment company in HCM City. The sustainability requirements pose challenges for Viet Nam’s fashion industry but there are opportunities from the transition to more sustainable and circular models. — VNA/VNS Photo Hong Dat Greening the garment and textile production is no longer an option for the multi-billion-dollar industry but a must in the context of increasing requirements for sustainability around the world, experts said. Many garment-importing countries were taking action for sustainable and circular textiles. The European Commission was calling for an end to fast fashion by 2030 with the Strategy for Sustainable and Circular Textile which set eco-design rules, starting with textiles. Accordingly, by 2030 textiles placed in the EU, the world’s largest market for garment products, should be long–lived and recyclable. “There is no other way for the garment and textile industry of Viet Nam if it does not want to be excluded from the global game,” Le Tien … [Read more...] about Sustainability requirements pose new challenges to garment, textile industry

Asian markets rose Friday, tracking New York and European equities, as traders welcomed multi-billion-dollar shows of support for troubled banks aimed at soothing concerns about contagion in the sector. A rollercoaster week was on course to end on a positive note after several Wall Street titans including JP Morgan, Bank of America and Citigroup stumped up $30 billion to deposit into troubled First Republic. The move came as investors feared the lender could suffer a run of withdrawals by customers worried it would follow Silicon Valley bank and Signature Bank, which went under last week and fuelled fears of another financial crisis. "The actions of America's largest banks reflect their confidence in the country's banking system," the group of 11 banks said of a plan that was coordinated by US regulators. Earlier, European giant Credit Suisse said it would borrow nearly $54 billion made available by the Swiss central bank to "support" the group. Markets welcomed the measures, … [Read more...] about Asian markets extend global rally as banking sector fears ease