31000 risk management framework

Vietnam Prosperity Bank's staff offer clients consultation. — Photo vietnamplus.vn Over the past decade, Việt Nam has seen a remarkable surge in personal financial assets (PFA) that outpaces many other Asian countries. This robust economic environment has created a significant demand for specialised wealth management services, tailored to the diverse financial aspirations of retail customers. A recent projection by McKinsey & Company has indicated that by 2027, Việt Nam's PFA market will reach approximately US$600 billion, growing annually at a rate of 11 per cent from its 2022 baseline of around $360 billion. This growth encompasses a significant increase in managed wealth assets within the industry, presenting an estimated additional $65 billion to $75 billion in opportunities for institutions. These opportunities are poised for equal distribution across both affluent and high-net-worth individual (HNWI) segments, making it a tantalising prospect for wealth management … [Read more...] about Unleashing the potential of Việt Nam’s wealth management market

The Vietnam Prosperity Bank's staff offer clients consultation. (Photo: VNA) Hanoi (VNS/VNA) - Over the past decade, Vietnam has seen a remarkable surge in personal financial assets (PFA) that outpaces many other Asian countries. This robust economic environment has created a significant demand for specialised wealth management service s, tailored to the diverse financial aspirations of retail customers. A recent projection by McKinsey & Company has indicated that by 2027, Vietnam's PFA market will reach approximately 600 billion USD, growing annually at a rate of 11% from its 2022 baseline of around 360 billion USD. This growth encompasses a significant increase in managed wealth assets within the industry, presenting an estimated additional 65 billion USD to 75 billion USD in opportunities for institutions. These opportunities are poised for equal distribution across both affluent and high-net-worth individual (HNWI) segments, making it a tantalising … [Read more...] about Unleashing potential of Vietnam’s wealth management market

When registering for his two children to study at a bilingual international school in Ho Chi Minh City in 2013, Minh Tung, a resident in District 7, agreed to sign two contracts with the school. Called "education agreements," each contract saw Tung invests VND1.55 billion (US$63,800) into the school and in return, his two children were allowed to study there for free. The loan is free of interest and the money must be transferred in one transaction. As stated in the contracts, after studying for at least four years, if his child wants to move to another school or graduates, he will receive money back. In 2019, when his eldest son graduated, Tung got the original investment within five months. Thanh Phung, who now lives in Canada, also signed the same type of contract in 2010 to let her three children study for free at an international school in Binh Thanh District. She lent the school $150,000 in total. Phung said the process was convenient and the school paid her back in … [Read more...] about Parents put themselves in risks by giving loans to international schools

Given the insufficient public finance for climate ambitions, credit institutions play an increasingly important role in supporting the country's move towards a net zero economy through promoting green financing and capital markets to tap climate investment opportunities. — VNA/VNS Photo Việt Nam needs to develop a proper regulatory framework to pave the way for credit institutions to increase green financing and contribute to accelerating the transition to a low-carbon economy, attendees heard at the Việt Nam Climate Forum organised by the International Finance Corporation (IFC) in collaboration with the State Bank of Việt Nam (SBV) yesterday in Hà Nội. At COP26 in November 2021, Việt Nam announced the target to achieve net-zero emissions by 2050, phase out coal power by 2040, and reduce methane emissions by 30 per cent from 2020 levels by 2030. The Government of Việt Nam has introduced several policies, strategies, and plans to support environmentally sustainable development, … [Read more...] about VN needs to improve regulatory framework to increase green financing

A solar farm in the southern province of Ninh Thuận. — VNA/VNS Photo Ngọc Hà Several countries in the Southeast Asia region have expressed interest in purchasing Việt Nam's renewable energy, according to the Institute of Science and Environment, Seas and Islands under the Ministry of Natural Resources and Environment (MoNRE). According to Dr Dư Văn Toán from the institute, Việt Nam's total installed power capacity reached 78.4GW by 2021, making it the largest power system among ASEAN countries. The country has also been heavily investing in renewable energy in recent years. By 2030, Việt Nam's offshore wind power is projected to reach 6,000MW, with a goal of over 70,000MW by 2050. The National Power Development Plan VIII for the 2021 - 2030 period has set out a path for the strong development of offshore wind power, in conjunction with other renewable energy sources including solar power, onshore wind power, hydro, and biomass to meet domestic and export demands. "We have … [Read more...] about Legal framework required for renewable export opportunities

The iconic Trong Mai (Rooster and Hen) Islet is among thousands of limestone islands and islets in Ha Long Bay. (Photo: vov.vn) Quang Ninh (VNS/VNA) - Authorities at the UNESCO -recognised heritage Ha Long Bay have been conducting solutions to preserve the natural wonder of thousands limestone islands and islets, forming the spectacular seascape of the property. However, after millions of years of formation, a multitude of limestone islands and towering limestone pillars rising from the sea now are at the risk of collapse and landslides. According to Vice Chairman of Van Chai Ha Long Tourism Service Cooperative, Vu Van Hung, the landslides on the bay often occur in the rain and storm seasons. With years of experience, he and other peers in the cooperative can recognise some signs of landslide. “Whenever we pass by an island or islet, if we noticed any unusual signs, we will report to the bay’s management board and the board will have prompt handling,” he said. Pham … [Read more...] about Ha Long Bay works hard to ease landslide risk on limestone islands

It’s necessary to adopt lessons learned and work closely with local governments to ensure a decrease in deaths going forward. Vietnam needs to prioritize the management of dog populations to end human deaths from dog-mediated rabies in the country which the viral disease claims between 70 and 100 lives per year. Dog vaccination in Vietnam. Photo: Quoc Khanh/VNA The call was made in response to World Rabies Day on September 28 by leading global public health organizations namely The World Health Organization (WHO) in Vietnam, the Food and Agriculture Organization of the United Nations (FAO) in Vietnam, the US Agency for International Development (USAID), and the United States Centers for Disease Control and Prevention (US CDC). The country also needs to increase resources for the vaccination of dogs and provision of post-exposure prophylaxis for those bitten by dogs. Rabies is a rare but very serious infection that affects the brain and nerves. It almost … [Read more...] about Vietnam urged to manage dog populations to end rabies-caused human deaths

The banking sector assumes a vital role in introducing innovative financial instruments and suitable investment methodologies to enable Vietnam to achieve its net-zero emissions goal by 2050. The banking sector, as a key capital mobilization channel for the economy, is responsible for  “greening” investment capital flows for Vietnam to ensure the goal of sustainable development. Overview of the conference. Source: SBV Vice Governor of the State Bank of Vietnam Pham Thanh Ha made the remarks at a conference themed “Greening the Financial Sector: Accelerating transition to a low-carbon economy in Vietnam” held today [September 21]. According to Ha, Vietnam has historically maintained very low greenhouse gas (GHG) emissions. In absolute terms, Vietnam's GHG emissions reached 364 million tons of carbon dioxide (CO2) in 2018, constituting a mere 0.8% of the world's total emissions. However, over the past two decades, the country has experienced the fastest … [Read more...] about Greening finance accelerates Vietnam’s SDG implementation

Keijo Norvanto, Ambassador of Finland to Vietnam On behalf of the Embassy of Finland to Vietnam and the Finnish business communities in Vietnam, I would like to congratulate Vietnam Investment Review on its 32 nd anniversary. I would like to express our appreciation to the VIR editors and its dedicated and talented reporters for their continuous work, introducing the Vietnam business environment and opportunities to Finnish businesses. Moreover, VIR ’s continuous cooperation with us provides the audience with Finnish experiences and know-how in education, circular economy, and other advanced technologies. The Vietnamese government committed to net-zero by 2050 and recently joined the Just Energy Transition Partnership declaration that aims to contribute to Vietnam’s sustainable development. In that, Finland possesses globally competitive technology and expertise in many areas, which will help Vietnam achieve the country-set targets. Additionally, our proven … [Read more...] about Defining the role of the press in business

Photo Le Toan Just a week after Vietnam and the US elevated their bilateral relations to a comprehensive strategic partnership, Prime Minister Pham Minh Chinh paid a working trip to the US to attend the 78th session of the UN General Assembly where he underlined Vietnam’s contributions and commitments to the UN’s activities, and met with UN Secretary-General António Guterres. In the US, he also met with US Vice President Kamala Harris, leaders of the US Congress, the national security advisor, and several members of the US cabinet. He also visited the New York Stock Exchange where he knocked the gavel to open a trading session. He underlined the need for both nations to focus on materialising the new cooperation framework into specific strategies, projects, and business cooperation. Noting priorities to be implemented, the PM said both nations must continue to prioritise resources for realising commitments in the joint leaders’ statement on elevating US-Vietnam relations. … [Read more...] about More consideration lent to US investment