Banking demand

The agreement to implement Temenos' Corebanking T24 system was formalised in Hanoi on September 22. The system’s deployment is anticipated to streamline LPBank’s operational processes and reduce both time and costs associated with implementation, thereby promoting enhanced revenues and service quality while catering to the diverse needs of the bank’s clientele. This pivotal move forms a cornerstone of LPBank’s extensive digital transformation strategy, aligning with its ambition to progressively establish itself as a premier retail bank that is accessible to all. Temenos’ Corebanking T24 is operational in over 3,000 banks worldwide and favoured by major Vietnamese banks such as MB, Sacombank, and VPBank. The deployment of this system paves the way for LPBank to escalate its growth trajectory and materialise its vision, enriching customer experiences and interactions across the board by leveraging advanced technology. Post-deployment, the T24 system is poised to augment … [Read more...] about LPBank partners with Temenos to drive next-gen banking solutions

At the forum, held also thanks to the Swiss State Secretariat for Economic Affairs and the Australian Department of Foreign Affairs and Trade, speakers emphasised the substantial challenges faced by the climate finance sector in Vietnam in aligning significant investment opportunities with environmental objectives. This sentiment was shared by Allen Forlemu, the IFC's regional industry director for Financial Institutions Group, Asia-Pacific, when he said, “It is evident that climate change is an increasingly disruptive factor for Vietnam's economy, and the costs are already starting to undermine growth. In 2020, Vietnam lost $10 billion, or 3.2 per cent of its GDP, to climate change impacts.” “If nothing is done, costs will only rise. In a business-as-usual scenario with limited global mitigation efforts, climate change could cost Vietnam up to 14.5 per cent of GDP annually in roughly 30 years, with the potential to push a million people into extreme poverty in less than a decade,” … [Read more...] about Forum discusses impact of climate change

Visitors to a booth of a Vietnamese company at the Uttar Pradesh International Trade Show (Photo: VNA) New Delhi (VNA) – Nearly 50 enterprises from Vietnam attended a trade promotion and business matching programme on September 22-23 as part of the Uttar Pradesh International Trade Show (UPITS), held for the first time by the administration of the Indian state of Uttar Pradesh . The Vietnamese delegation accounted for over 10% of the international guests invited by the Uttar Pradesh administration to the UPITS, organised in coordination with the Federation of India n Export Organisations (FIEO). With support from the Trade Office of Vietnam in India, the delegation attended business matching events and export promotion forums held by FIEO. Addressing a forum, FIEO Director General Ajay Sahai said by building an export ecosystem, Uttar Pradesh will become an export hub of India and make tremendous contributions to the country’s gross domestic product. Meanwhile, … [Read more...] about Nearly 50 Vietnamese companies join trade promotion event in India

The latter half of the year is set for a substantial rebound, riding on the back of Q2's initial recovery signs. The bank's outlook for 2023 remains steady, with a GDP growth estimate of 5.4 per cent. Standard Chartered anticipates September’s figures to marginally outpace those of August, predominantly buoyed by retail sales. The forecast details an impressive 8.2 per cent annual growth in September's retail sales, though exports might dip by 6.2 per cent. Imports are slated to shrink by 7 per cent, while industrial production growth could see a surge to 3.2 per cent. Furthermore, the trade surplus might slim down to a mere $1.3 billion. The inflation index is set to tick up to 3.2 per cent on-year from August's 3 per cent, steered primarily by the education, housing, and food sectors. Conversely, transport-led inflation appears to be subsiding. In the tourism front, Vietnam welcomed approximately 7.8 million international travellers in 2023's initial eight months, closely … [Read more...] about Vietnam’s Q3 GDP poised for growth, Standard Chartered reports

Secretary of the Party Committee of the central city of Da Nang Nguyen Van Quang (R) and Sun Yeli, Deputy Director of the Publicity Department of the Communist Party of China (CPC) Central Committee. (Photo: VNA) Da Nang (VNA) – Secretary of the Party Committee of the central city of Da Nang Nguyen Van Quang hosted a reception on September 22 for a visiting Chinese delegation led by Sun Yeli, Deputy Director of the Publicity Department of the Communist Party of China (CPC) Central Committee. Underlining the need for the press and media sectors of the two countries to work more closely together to popularise the friendship between Vietnam and China, Quang hoped that Sun will continue to pay great attention to strengthening communication cooperation between the two nations. For his part, Sun expressed his impression at the socio-economic development of Da Nang , and spoke highly of the city leaders’ vision. He noted that Chinese media channels have signed media … [Read more...] about Da Nang fosters communications cooperation with China

A building near Bến Thành Market in downtown HCM City whose construction stopped at the end of last year. The property market slump is expected to continue until the end of 2024. — VNS Photo Bồ Xuân Hiệp Despite the Government’s efforts to address them, the challenges for the property market will continue until the end of next year, experts have warned. Speaking at a forum late last week, Nguyễn Văn Đính, chairman of the Việt Nam Real Estate Brokers Association, said the market would continue to struggle with limited access to capital, legal bottlenecks and companies’ inability to redeem bonds. A recent survey by his association found over 70 per cent of businesses saying Government policies aimed at resolving funding difficulties have not been effective, he said. Real estate transactions have plummeted by 90 per cent in 2022-23, indicating weak market demand, he said. Even after almost five months since its announcement, the Government’s VNĐ120 trillion credit package has … [Read more...] about Real estate market challenges to continue until end of 2024: experts

Van Phuong, who lives in District 7, said he signed a contract with AISVN's chairwoman Nguyen Thi Ut Em in 2018 to lend the school VND5 billion (US$205,000). With such loans from their parents, the children would be allowed to study for free at the school in Nha Be District until they graduate from high school or move to another school. As stated in the contract, the loan is interest-free, and the school will pay it within 90 days after the students move to another school or finish their 12th grade. "My children moved in 2022 but the school has paid us nothing," Phuong said. He added that the school had promised to pay the debt twice, in January and May this year, but has defaulted until now. "When signing the contract, I simply thought that my two children could get access to an international education free of charge if I lent them the money, which is a long-term benefit. I did not expect the school to break its promise like this," he said. In the same situation, Thanh … [Read more...] about Parents accuse HCMC international school of dodging debts

Fifty-six lives were lost in the fire at the apartment block in Hanoi's Thanh Xuan District on September 12, and with them, all their dreams and ambitions, all the impacts they could have made on the world. How did it come to this? The owner of the apartment building has been arrested, and investigations are ongoing. Some people will need to be held responsible. Regulations for apartment blocks will be tighter. But somehow, I feel that all these solutions have yet to reach the root of the problem. Around 10 million people in Hanoi are crammed together in a tiny area next to the Red River. Traffic jams, inundations, air pollution, lack of trees, and now fires... these are just some of the problems that Hanoians have to cope with. The capital has lost its shine over the years. Aerial view of multiple skyscrapers at the Nguyen Tuan-Le Van Luong-Hoang Minh Giam intersection in Hanoi. Photo by VnExpress/Ngoc Thanh Several generations of my family have lived on this … [Read more...] about Hanoi and its urban planning problems

Technology the answer for wastewater treatment, illustration photo Nearly 20 Dutch businesses will visit Ho Chi Minh City on October 11-13 to participate in the 14th VietWater summit. The event, which covers international water supply, sanitation, water resources, and purification, is deemed an ideal platform for exhibitors to showcase the most advanced products in water resource management, irrigation, urban water supply and drainage, and other water-related areas. Kees van Baar, Ambassador of the Netherlands to Vietnam, said that the reason Dutch environmental technology and wastewater treatment businesses choose to come to Vietnam is because the two countries “speak the same language of water”. “Our companies have a lot to offer. With state-of-the-art technology and expertise, we have the tools to tackle some of the toughest challenges while lowering the water and carbon footprint at the same time. This is important to meet our goals, but it is also important for those … [Read more...] about Technology the answer for wastewater treatment

On September 22, Vietnam Report unveiled its annual list of the Top 10 Credible Retail Companies for 2023. The rankings, reflected an industry grappling with significant challenges of considerable interest to investors and stakeholders. Since the fourth quarter of 2022, Vietnam’s retail sector has witnessed subdued growth. Profits have been under strain thanks to subdued demand stemming from a dip in public incomes due to export challenges. Additionally, many retailers are navigating the complexities of high interest rates and stringent credit conditions set by consumer finance entities. The fresh survey conducted by Vietnam Report highlighted that almost all businesses (100 per cent) cited weak consumer demand as a concern, with 92.9 per cent noting the persistent economic slowdown. Early 2023 also saw retailers facing fierce price competition, further straining profits. To combat this dip in consumer spending, nearly 64 per cent of retailers plan to launch consumer incentive … [Read more...] about Vietnam’s retail sector faces mounting challenges