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What is the role of banks in green growth? Banks will have a crucial role in driving green growth in Vietnam. One of the main roles will be enabling project financing. Billions of dollars worth of investments will flow into the renewable energy sector over the next few years. Banks will help facilitate that flow. This is critical moving forward. Over the past five years, Vietnam has issued $220–230 million of green bonds. On a cumulative basis, three other countries, namely Indonesia, Thailand, and Malaysia, have issued over $40 billion of green bonds in the same period. The issuance of those bonds is done by banks. What we've observed in these countries is the setup of a clear regulatory framework that provides the ability to issue those bonds on a larger scale. This has not been at the top of the list of priorities for banks in Vietnam, which are focusing on other essential things. What can the Vietnamese banking sector do to accelerate green growth? I think it … [Read more...] about Vietnamese banks urged to embrace green financing

Illustrative photo. (Photo: baodautu.vn) Tokyo (VNA) – Four Japanese banks - the Japan Bank for International Cooperation (JBIC), Mizuho Bank, Joyo Bank, and Shiga Bank - will co-finance a total of 300 million USD in credit lines to power producers using renewable energy in Vietnam to help the growing Southeast Asian country decarbonize, according to the Nikkei Asia. The banks will provide funds through the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) which will in turn provide subleasing loans, mainly to local businesses. By indirectly utilizing Vietcombank's credit information, the Japanese banks expect that high-risk loans can be provided swiftly, Nikkei Asia said. In January, JBIC issued a joint statement related to the Vietnam Climate Finance Framework, which aims to promote Vietnam's decarbonisation in partnership with US and Australian government financial institutions and others. This co-financing by the four Japanese banks is … [Read more...] about Japanese banks to provide 300 million USD for Vietnam’s renewable energy

Climate change, rapid urbanization and large-scale construction are the main causes of Hanoi's flooding. Technology and innovation are crucial to protecting the capital city from heavy rains and urban flooding, Nguyen Trong Dong, Deputy Chairman of the Hanoi People's Committee, said on March 28. Tran Thai Tong street in Cau Giay District flooded after heavy rain. Photo: Thanh Hai/The Hanoi Times Speaking at the 50th anniversary of the founding of Hanoi Sewerage and Drainage Co. Ltd., he said the company needs to speed up digitalization and improve performance and governance so that Hanoi can handle 50-55% of total sewage by 2025. Dong said the company needs to review all wastewater management criteria and standards to improve its performance. "The company must strengthen its cooperation with city departments and propose possible solutions to improve the city's wastewater treatment capacity," he added. "The company should also develop plans to … [Read more...] about Technology critical to Hanoi’s urban flooding solution

The event attracted the participation of representatives from six agencies of the Korean government, members of the National Assembly, 30 leaders of businesses, agencies, research institutes, and universities related to green industry and smart mobility. In his speech on potential for cooperation between Vietnam and RoK and opportunities for green industry development in Vietnam, Dr. Tran Hai Linh, member of the Vietnam Fatherland Front Central Committee and VKBIA’s President briefed participants on the RoK's investment in Vietnam in recent years. He also assessed the potential for cooperation in investment and application of science and technology to green industry in Vietnam as well as potential for cooperation between Vietnamese and Korean agencies, organizations, businesses, and universities, research and development institutes for the development of green industry and supporting industries. VKERC’s President Kim Jong Bae emphasized that the transition to using green, smart, … [Read more...] about Vietnam and RoK foster cooperation in green industry and smart mobility

Prime Minister Pham Minh Chinh expressed his belief that the ambassador will contribute to improved bilateral relations, adding that the Vietnamese government will order relevant agencies to coordinate with and assist the diplomat to fulfill his duties. Implementing the foreign policy of independence, self-reliance, diversification, and multilateralization of external relations, and being a good friend, trustworthy partner, and responsible member of the international community, Vietnam wishes to intensify cooperation with Middle Eastern countries, of which Saudi Arabia is a major and influential nation, Prime Minister Pham Minh Chinh noted. Ambassador Mohammed Ismaeil A. Dahlwy highlighted the increasingly enhanced relations between the two countries, saying he hopes bilateral ties will continue to be promoted more strongly. Prime Minister Pham Minh Chinh and the Saudi Arabian Ambassador applauded the progress in cooperation in recent times. Saudi Arabia is now one of its leading … [Read more...] about Prime Minister Pham Minh Chinh receives Saudi Arabian ambassador

As foreign direct investment (FDI) business representatives and analysts gathered at an investment forum Wednesday morning, Deputy CEO of Deloitte Vietnam Phan Duc Hoang said that the new global minimum corporate tax was designed to block multinationals from tax avoidance. Starting next year Vietnam is set to apply a 15% tax on profits from multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. Hoang said if a South Korea-based company that has a factory in Vietnam is paying taxes for less than 15% of its profits, it will be taxed in South Korea to ensure the 15% level is achieved. If South Korea does not also implement the extra tax on the company, other countries that have approved the new global minimum corporate tax, such as Indonesia and Thailand, will have the rights to impose the tax, he added. For this reason, Do Thien Anh Tuan from the4 Fulbright School of Public Policy and Management, forecast that Vietnam will … [Read more...] about Don’t rely on tax incentives for FDI: analysts

In 2008, the US investment bank Bear Stearns, on the verge of collapse, had to be rescued by J.P. Morgan. This marked the beginning of the global financial crisis of 2008, which sent the global economy into a deep recession and caused significant economic damage, including massive employment losses. Patrick Lenain, senior associate at the Council on Economic Policies Today, several banks are once again in trouble. As of March 22, four large banks were in distress. Silicon Valley Bank (SVB), a $212 billion US bank specialising in tech startups, collapsed when it was unable to meet deposit withdrawal requests and had to be taken over by federal regulators. A few days later, Signature Bank, another midsized US bank with assets of $110 billion, also suffered a severe liquidity crisis and was seized by federal regulators. This was followed by First Republic Bank with assets of $205 billion, which was hit by rating downgrades and a tumbling share price and had to be … [Read more...] about Developments for Vietnam to watch in midst of bank crisis

At last week’s AGM, privately-held Nam A Bank signalled its ambition to expand its footprint in the international market by establishing a wholly-owned commercial bank, or to set up a branch in a foreign country. Banks expanding share over borders, illustration photo/ Source: Nam A Bank This is part of the bank’s long-term strategy to diversify revenues, capitalise on other prospective foreign markets, and build a robust banking ecosystem. “This plan is in line with the upward trajectory of other financial institutions in a bid to support Vietnamese businesses in their international trade and investment activities,” said a bank representative. “We haven’t decided the exact location, but our target would be focused on the Asian market first.” Regarding its domestic network, Nam A Bank targets to open at least 20 new branches and transaction offices in various localities, such as Quang Ninh, Nghe An, Dak Nong, Binh Thuan, and Long An provinces. The bank’s AGM also … [Read more...] about Banks expanding share over borders

Sakura trees and branches will be exhibited in downtown Hanoi at the Japanese Culture Exchange Festival. (vietnamplus.vn) The event, which will take place at Ly Thai To Garden byHoan Kiem lake, aims to celebrate the 45th anniversary of Vietnam–Japan diplomatic ties this year. The event also includes various cultural exchanges, such as the introduction of the Japanese tea culture, chess, Kendama folk games and Japanese cuisine at nearby Hanoi Children’s Palace, besides a Yosakoi dance performance by 15 teams on Dinh Tien Hoang and Ly Thai To streets. The event will also host various Vietnamese traditional arts such as ca tru (ceremonial singing), hat xam (blind busker’s singing) and folk dances. Further, the Hanoi authorities and Japanese partners will hold a meeting to discuss tourism, health, education and economic investment. More than 20 food stalls will be installed at nearby Hanoi Children’s Palace to introduce Vietnamese and Japanese food between March 23 and 25. … [Read more...] about Japanese cultural festival to open on March 23

At an altitude of 1,900 metres, the highest mountain of the northwest province of Cao Bang sported a white snow cover. Mount Phia Oac, situated in Cao Bang Geopark, was one of the main tourist attractions of the province. The rare phenomenon of icy snow coating the mountain top was reported twice since the beginning of this winter. Visitors flocked to the geopark to admire the snow and ice at the peak. Due to the low temperature and the heavy rain, travellers were strongly recommended to bring warm clothes and high-friction footwear. Winter 2017, one of the harshest winters in history, struck the northwest region. In less than one month, the temperature at the peak of Mount Phia Oac reached near 0 degrees Celsius. Previously, snow cover first appeared on the peak of Mount Phia Oac in November 1977, in a record-low one degree Celsius. The snow coating, however, only lasted for less than 24 hours as it melted the very next day. … [Read more...] about Mount Phia Oac dons white snow coating