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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

An array of activities will be held in Hanoi, Hue, Da Nang, and Ho Chi Minh City from this month to mark the 50th anniversary of diplomatic relations between France and Vietnam. French Consul General in Ho Chi Minh City Emmanuelle Pavillon-Grosser said that 2023 is a very special year that marks 50 years of diplomatic ties and 10 years of strategic partnership between Vietnam and France. This is also an opportunity for the two countries to look back on the significance of the France-Vietnam partnership, by organizing numerous events throughout the year in various fields. A variety of engaging events such as exhibitions, performances, concerts, fashion shows, cuisine festivals, and more will be launched by the French Embassy in Vietnam, the Consulate General of France in Ho Chi Minh City, the French Institute in Vietnam, and many French and Vietnamese partners across the Southeast Asian country. Hanoi In Hanoi, about 20 photography exhibitions and events will be rolled out. … [Read more...] about Series of events to celebrate 50 years of France-Vietnam diplomatic ties

As many as 52 large firms of the Unite States, including Boeing, Coca Cola, SpaceX, Netflix, and Apple, have come to Vietnam to seek cooperation opportunities in various fields. Representatives of the US - ASEAN Business Council and US firms at a working session with the Ministry of Planning and Investment. This is the largest US business delegation ever to come to Vietnam at a time when the two countries are celebrating 10 years of their comprehensive partnership. The trip is to show US businesses’ commitment to investing in Vietnam, said Marc Knapper, Ambassador of the US to Vietnam, at a press briefing on March 21. According to the diplomat, Vietnam is a potential market with many business opportunities, especially when bilateral relations are developing positively, with their trade expanding vigorously over the years. Sharing the view, Ted Osius, president & CEO of the US-ASEAN Business Council (USABC), noted US firms have a greater interest … [Read more...] about More than 50 US firms sound out investment opportunities in Vietnam

Shrimp products export value over 2 billion USD in seven months. (Photo: Danh Lam/VNA) According to the Ministry of Agriculture and Rural Development, the total export turnover of agro-forestry-fishery products in the first seven months of 2022 reached 32.3 billion USD, a year-on-year increase of 12.2 percent. The import turnover is estimated at over 26 billion USD. Therefore, the export surplus of these products in January-July was 6.3 billion USD, up nearly two times over the same period last year. The United States continued to be the largest importer of Vietnamese agro-forestry-fishery products for the seven-month period, accounting for 26.8 percent to reach almost 8.7 billion USD. China came second with a total export value of over 5.7 billion USD, accounting for 17.8 percent of the market share. Japan came third with over 2.3 billion USD, accounting for 7.2 percent, followed by the Republic of Korea with over 1.5 billion USD, accounting for 4.7 percent. By region, … [Read more...] about Agro-forestry-fishery products record export surplus of 6.28 billion USD in seven months

Amid difficulties in export markets, significant efforts are required for Vietnam to meet its goal of 4.3 billion USD in shrimp export revenue this year, said Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). Illustrative photo (Source: VNA) He attributed the obstacles to global fluctuations over armed conflicts, climate change, tightening food safety requirements by importing countries, and high inflation in the US. Data from the Vietnam Directorate of Fisheries under the Ministry of Agriculture and Rural Development (MARD) showed the total brackish water shrimp farming area was 747,000 hectares last year, with total output exceeding 1 million tonnes, up 8.5% year-on-year. Currently, the country houses 2,294 hectares of shrimp breeding area, which turned out 159.5 billion shrimplets in 2022, an annual increase of 10%. This year, Vietnam aims to expand its shrimp farming area to 750,000 hectares for … [Read more...] about Significant efforts needed to realise 4.3-billion-USD shrimp exports

Since the establishment of diplomatic ties on February 26, 1973, the two countries have built a strong and enduring relationship with diverse and increasing interests, which unceasingly grows stronger and stronger. Vietnam is currently considered one of Australia’s most important bilateral partners. In March 2018, the two nations officially upgraded their ties to a Strategic Partnership level, opening a new page in bilateral relations. Vietnamese Foreign Minister Bui Thanh Son said that “After five decades of development with both opportunities and challenges, facing the constant fluctuation of international situations, Vietnam and Australia have today become reliable partners in both bilateral and multilateral frameworks.” In recent years, bilateral cooperation has expanded rapidly, covering various fields from security, defense, trade and investment to education, tourism and innovation. This development is evidence of the strong commitment of the two countries through high-level … [Read more...] about Vietnam, Australia eye comprehensive strategic partnership after 50 years of relations

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 ambassador noted that although Belgium is a small country with a population of only more than 10 million, the European country is a partner with great cooperation potential for Vietnam. As the center of Europe, Belgium has acted as a gateway for Vietnam to the European Union (E.U.). According to him, Vietnam and Belgium are both members of the International Organization of the Francophonie (IOF), and share many similarities in culture, which are favorable conditions for them to bolster their friendship. He added that the two countries have regularly exchanged high-ranking delegations. Agriculture is one of the successful cooperation areas between the two countries, said the diplomat, noting that the two sides set up their strategic partnership in agriculture from 2018. Belgium is one of the two strongest countries in Europe in agriculture, making it a great partner for Vietnam to build and develop an agricultural economy, he said. In terms of economy, after the E.U. - Vietnam … [Read more...] about Vietnam, Belgium enjoy fruitful 50-year-ties: Ambassador

The seminar on the Vietnam - UK relations in Hanoi on March 21 (Photo: tienphong.vn) Hanoi (VNA) – A seminar was held in Hanoi on March 21 to look back on achievements during the 50 years of the Vietnam - UK diplomatic relationship and the prospects of future bilateral ties. Opening the event, Phan Anh Son, Vice President and Secretary-General of the Vietnam Union of Friendship Organisations (VUFO), said since the official establishment of the diplomatic relationship on September 11, 1973, bilateral ties have continuously been reinforced and developing. This is especially the case since the elevation of relations to a strategic partnership in September 2010, which has opened up many cooperation frameworks such as the strategic dialogue, the joint committee for economic and trade cooperation, and the working group on defence. Thanks to the effective implementation of the UK - Vietnam Free Trade Agreement ( UKVFTA ), bilateral economic links have been growing strongly. … [Read more...] about Seminar discusses 50 years of achievements, prospects of Vietnam – UK ties

Opening the event, Phan Anh Son, Vice President and Secretary-General of the Vietnam Union of Friendship Organizations (VUFO), said since the official establishment of the diplomatic relationship on September 11, 1973, bilateral ties have continuously been reinforced and developing. This is especially the case since the elevation of relations to a strategic partnership in September 2010, which has opened up many cooperation frameworks such as the strategic dialogue, the joint committee for economic and trade cooperation, and the working group on defense. Thanks to the effective implementation of the U.K. - Vietnam Free Trade Agreement (UKVFTA), bilateral economic links have been growing strongly. Trade in goods and services reached about GBP 5.9 billion (USD 7.2 billion) in 2022, up 12.4% year on year. The U.K. is currently a leading educational partner of Vietnam with 74 transnational educational programs of 23 British universities. The two sides have also unceasingly … [Read more...] about Seminar discusses 50 years of achievements, prospects of Vietnam – U.K. ties