Aboitiz power bond issuance

Workers at Nhon Trach 2 Plant. — VNA/VNS Photo Huy Hung Fitch Ratings has affirmed PetroVietnam Power Corporation (PV Power)’s long-term foreign-currency issuer default rating (IDR) at “BB” with a positive outlook. This is the third consecutive year that PV Power has received “BB” rating with a positive outlook, the highest rating that a Vietnamese company can reach. The rating, which is based on PV Power's Standalone Credit Profile (SCP) assessment of “BB”, is on a par with the IDR of its 80 per cent parent, Vietnam Oil and Gas Group (PVN, BB/Positive). PV Power's SCP is driven by its strong market position as Viet Nam's second-largest electricity producer, accounting for around 5 per cent of the country's total electricity output and 5 per cent of installed capacity in 2022. It also benefits from diversified fuel sources, long-term power-purchase agreements (PPAs) with Viet Nam Electricity (EVN, BB/Positive) for more than 80 per cent of its electricity output and a strong … [Read more...] about PV Power receives “BB” rating for third consecutive year

HCM City seeks ways to attract more remittances. (Photo: VNA) HCM City (VNA) – The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030. The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of HCM City, in coordination with the State Bank of Vietnam (SBV) Branch in HCM City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimise remittance resources in the city. Remittances to Ho Chi Minh City have always maintained a relatively high growth rate and play a crucial role in the city’s socio-economic development. (Photo: VNA) According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in HCM City, remittances to the city have always maintained a relatively high growth rate and play a crucial role in … [Read more...] about HCM City seeks ways to attract more remittances

Latest figures from the central bank show that in late February the on-balance sheet non-performing ratio of the banking system stood at 2.91 per cent, an increase compared to 2.46 per cent in late 2016, 1.49 per cent in late 2021 and most recently, 2 per cent in late 2022. However, according to a State Bank of Vietnam (SBV) assessment, several sorts of debts have the potential to be turned into bad debts in the future, such as investment into corporate bonds for debt restructuring, hard-to-collect receivables, among others. “If such debts were considered, the non-performing loans (NPLs) ratio of the system might reach 5 per cent of total outstanding balances,” said SBV Governor Nguyen Thi Hong. One positive point is that credit institutions have been taking practical measures to ensure operational safety through boosting their loan loss reserve (LLR) funds for their bad debts . Accordingly, credit institutions have maintained a fairly high LLR ratio approximating … [Read more...] about How bad debts influence lending rates

The Vietnam Fatherland Front ’s 9th National Congress. (Photo: VNA) Hanoi (VNA) - Permanent member of the Party Central Committee's Secretariat Truong Thi Mai has signed a document on directing the organisation of Vietnam Fatherland Front (VFF)’s 10th National Congress in the 2024 – 2019 tenure, and the congresses of the VFF’s chambers at all levels. The document said in recent times, the VFF has continued to assert its position and role in protecting the legitimate rights and interests of the people. It focuses on promoting people's rights and mobilising their participation in patriotic movement s, engaging in social supervision and criticism, combating corruption and negative phenomena, and participating in building a clean and strong Party and political system. These efforts have contributed to strengthening the people's trust in the Party and harnessing the power of the great national solidarity bloc in the cause of national construction and defence. The upcoming … [Read more...] about Party Secretariat issues directive on organising Front ’s congresses

Deputy Prime Minister Tran Hong Ha (R) receives visiting Lao Minister of Technology and Communications Boviengkham Vongdara. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Hong Ha received visiting Lao Minister of Technology and Communications Boviengkham Vongdara in Hanoi on May 29. Welcoming agreements signed between the Vietnam Academy of Science and Technology (VAST) and the Lao Ministry of Technology and Communications, Ha expressed his wish that the two sides will actively promote cooperation and technology transfer so that Vietnam and Laos can jointly implement digital and green transformation as soon as possible. With its potential for renewables such as hydroelectricity, wind power and solar power, Laos can become a centre of clean energy, he stated, adding that this is one of the factors that determine the level of attraction for investors in the future. Regarding digital transformation, the Deputy PM appreciated the results that the information and … [Read more...] about Vietnam, Laos promote technological cooperation, technology transfer

Ericsson has also gained important recognition for developing energy-efficient 5G RAN solutions that cater to customers’ needs. — Photo courtesy of the firm Ericsson has retained its top ranking in the Frost Radar™ 5G Network Infrastructure Market 2023 report for the third consecutive year. Maintaining the top ranking in the Frost Radar™ report over the past years has shown Ericsson’s consistent ability to scale its innovations and growth in the field, according to the yearly report from business consulting firm Frost & Sullivan. It also reaffirms Ericsson’s leadership in the 5G network infrastructure market, which spans radio access networks (RAN), transport networks, and core networks. Ericsson has also gained important recognition for developing energy-efficient 5G RAN solutions that cater to customers’ needs. Fredrik Jejdling, Executive Vice President and Head of Networks at Ericsson, said: “It is rewarding to see our sustained efforts to increase the energy efficiency … [Read more...] about Ericsson retains top ranking in Global 5G network infrastructure market 2023 report

Speakers at a meeting in HCM City on Monday to discuss ways for the city to attract remittances and investment. — Photo danviet.vn HCM City will improve its business climate and create favourable conditions to attract remittances and investment, said a city official. Speaking at a meeting on Monday, Nguyen Duc Lenh, deputy director of the State Bank of Viet Nam (SBV) HCM City branch, said the city planned to enhance monetary and foreign exchange policies and remittance services. Options for remittances include money transfers, cheques, bank transfers, prepaid cards and several other ways of sending money without a bank account. "Besides foreign investment (FDI), remittances are a major source that helps ensure the foreign currency supply and stabilise the national foreign exchange reserves," he said. Financial and banking expert Nguyen Tri Hieu said Viet Nam should ensure stable macroeconomic policies to increase the confidence of overseas Vietnamese to send back money for … [Read more...] about HCM City seeks to attract remittances, investment

A customer uses QR code for payment at Con market in the central city of Da Nang. — VNA/VNS Photo Van Dung The State Bank of Viet Nam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payments and the implementation of the national digital transformation programme. The move is also set to help with the plan on developing the application of resident data and electronic identification and authentication to serve national digital transformation for the 2022 - 25 period, with a vision to 2030. In its Document No 3956/NHNN-TT, the SBV asked banks, foreign banks’ branches, and intermediary payment service providers to continue considering and offering preferential programmes and policies on payment and intermediary payment service fees to customers, and exempt account maintenance fees as well as cash withdrawal fees for the customers entitled to the social security policy. They were told … [Read more...] about Central bank demands stronger promotion of cashless payment

Through this collaboration, millions of Vietnamese customers will gain access to a fast, affordable, and convenient BNPL services. This partnership is part of a comprehensive strategy from both companies to address the growing demand for digital payments in Vietnam, a market predicted to be worth $143 billion by 2025. The union of these two prominent platforms is expected to have a positive impact on the digital payment trend and further boost Vietnam's digital economy. Considered pioneers in the nation's emerging digital payment market, Kredivo and OnePay are set to offer seamless BNPL services to 20 million customers within the network. This new, modern, and convenient financing and payment solution features a fast and flexible process with a simple two-click check-out. Moreover, with Kredivo's BNPL solution integrated on OnePay, over 4,000 merchants will be able to leverage Kredivo's smart financial solutions and user experience to enhance their business and customer loyalty. … [Read more...] about Kredivo enters into collaboration with OnePay