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More than 4.15 billion USD of foreign investment was poured into Myanmar in the fiscal year 2018-2019 (Photo: AFP) Hanoi (VNA) – Myanmar attracted more than 4.15 billion USD of foreign investment in the fiscal year 2018-2019 that ended in September. The figure declined by over 1.5 billion USD from FY 2017-2018, when over 5.7 billion USD of foreign investment was poured into the country, according to the Directorate of Investment and Company Administration of Myanmar. From October 1, 2018 to September 30 this year, the Myanmar Investment Commission approved projects of over 282 foreign enterprises. The transport and communication sector topped the list with over 1.53 billion USD channeled into, followed by the manufacturing sector with over 1.34 billion USD, and other services with 650 million USD. From FY 1988-1989 to FY 2018-2019, Myanmar attracted 81.8 billion USD from 1,837 foreign businesses. Singapore, China and Thailand were the three leading investors./. VNA … [Read more...] about Myanmar draws over 4.15 bln USD of foreign investment last fiscal year

Ride-hailing unicorns like Grab and Gojek have received a huge amount of investment in the past four years. (Photo: Reuters) Hanoi (VNA) – Southeast Asia’s internet economy is forecast to reach 300 billion USD by 2025 as millions of people in the region take up online shopping and embrace ride-share food delivery, an industry report said on October 3. In a bid to hit that target, the online industry is expected to grow by 200 percent over the next five years from an estimated 100 billion USD this year, according to the report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company. The annual report lifted its 2025 outlook from 240 billion USD previously after a tripling in growth in the past four years alone as young internet users turn to their phones to do everything from banking and playing games to purchasing plane tickets. It said the pace of growth has exceeded all expectations, and internet access is now affordable … [Read more...] about Southeast Asia’s digital economy could hit 300 billion USD by 2025

Remittance inflows into Ho Chi Minh City in the first nine months of the year are estimated at around 3.8 billion USD. (Photo: VNA) HCM City (VNA) – Remittance flows into Ho Chi Minh City in the first nine months of the year were estimated at around 3.8 billion USD, a year-on-year increase of 7 percent. According to Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch, most of the remittances was invested in production and business instead of being poured into real estate, securities or savings. Minh said remittances to the southern hub could reach 5 billion USD for the whole year. The amount of remittances often depends on macroeconomic conditions and the situation of overseas workers, as well as services that attract remittances. Vietnam’s macroeconomy has remained stable while the pressure of an increase in the exchange rate due to market psychology has been eliminated. Therefore, receivers of remittances tend to convert … [Read more...] about HCM City receives 3.8 billion USD in remittances

Prime Minister Nguyen Xuan Phuc is leading a high-level delegation of Vietnam to attend the 10th Mekong-Japan Summit in Tokyo and visit Japan from October 8-10. The trip is hoped to help lift bilateral trade to 60 billion USD in 2020. Nhat Tan Bridge - a symbol of the Vietnam-Japan friendship (Source: VNA) Over the past years, Viet Nam-Japan trade relations have grown rapidly, and Japan has always been among the top four trade partners among more than 200 countries and territories exporting to and importing goods from Vietnam. The number of Japanese companies investing in Vietnam has been on the rise along with their investment scale. Economic ties between the two countries are opening more cooperation opportunities in many areas. After 45 years of establishing diplomatic relations, Vietnam and Japan have become increasingly important partners of each other in many fields. Since the two countries upgraded the bilateral relationship to the level of Extensive Strategic … [Read more...] about Vietnam, Japan target 60 billion USD in two-way trade by 2020

Sacombank's pre-tax profit hits 2.491 trillion VND (102.21 million USD) in the first nine months of this year. (Photo: Sacombank) HCM City (VNA) – The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)’s pre-tax profit hit 2.491 trillion VND (102.21 million USD) in the first nine months of this year, a year-on-year rise of 89.5 percent, the bank reported. Its assets were worth 450.2 trillion VND (19.4 billion USD), up 10.9 percent since the beginning of the year. It had deposits of nearly 408.9 trillion VND (17.6 billion USD) at the end of September and outstanding loans of more than 290.9 trillion VND (12.5 billion USD), year-on-year increases of 14.4 percent and 13.1 percent respectively. Sacombank’s revenue sources continued to grow steadily during the period. Total net revenue grew 36.5 percent year-on-year to 10.86 trillion VND, with net interest income accounting for 7.41 trillion VND, an increase of 34.1 percent. Other areas also saw impressive … [Read more...] about Sacombank’s profit up 89.5 percent year-on-year