Banks raise interest rates

Prudential Vietnam and Vietnam Maritime Commercial Joint Stock Bank have renewed their strategic bancassurance partnership (Photo courtesy of Prudential Vietnam) HCM City (VNS/VNA) - Prudential Vietnam Assurance Private Limited , a subsidiary of Prudential Plc , and Vietnam Maritime Commercial Joint Stock Bank have renewed their strategic bancassurance partnership for another 15 years. The new agreement significantly expands the geographical scope to include the north, where MSB is headquartered, and make Prudential the lender’s only partner. They have been collaborating since 2013 and built a highly successful bancassurance partnership which delivered a 34 percent compounded annual growth rate in annual premium equivalent between 2014 and 2020. Under the renewed partnership, the two sides will also expand into new segments, including digital, to deliver holistic protection solutions to customers. With a digital-focused approach that is aligned with MSB and Prudential’s plans to leverage existing digital tools such as the latter’s artificial intelligence-powered application Pulse, they hope to seize further growth opportunities. Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said: “Vietnam is an important market and source of growth for Prudential. The renewal and expansion of our long-term partnership with MSB represents a tremendous opportunity for Prudential to build on its strong presence in the market. It is a clear demonstration of our commitment to serving MSB’s customers, helping them get the most out of life with our leading suite of health and wealth solutions.” Phuong Tien Minh, Chief Executive Officer of Prudential Vietnam, said: “Prudential Vietnam has built a highly-effective bancassurance partnership with MSB since 2013. “We are delighted to be taking the partnership to the next level as we deliver our innovative offerings to MSB’s customers through existing as well as new channels, including digital. …

[Read more...] about Prudential, Maritime Bank extend bancassurance partnership for 15 years

The Hanoitimes - A no-rise in minimum wage would create conditions for enterprises to recover and workers keeping their jobs, stated the labor ministry. The Ministry of Labor, War Invalids and Social Affairs (MoLISA) has rejected two proposals from the Vietnam General Confederation of Labor for a rise in the region-based minimum wage in 2021. The information was unveiled in a MoLISA’s document seeking opinions from government agencies and business associations. A report would later be submitted to the government before March 10 related to the issue. Workers at Garment 10 Company. Photo: Thanh Hai In addition to keeping the region-based minimum wage unchanged for this year, the MoLISA said the timing for effective wage rise should not be moved from January 1 to July 1, citing international practices that the period for wage adjustment needs to coincide with the start of a fiscal year (starting from January 1 to December 31 in case of Vietnam) for enterprises to set up their business plan. “This is also the time for workers to negotiate wage policies with their employers, so moving the date to July 1 would be inconvenient for all parties involved,” stated the MoLISA. The National Salary Council previously said it would not consider a rise in the region-based minimum wage in 2021 as a result of the Covid-19 pandemic. Vietnam's region-based minimum wage. According to the MoLISA, a wage rise at a time of severe Covid-19 impacts would affect workers’ job security, not yet mentioning the majority of enterprises are still struggling to keep business running. With nearly 101,700 enterprises temporarily suspending operations in 2020, or nearly 8,500 enterprises leaving the market every month, an increase of nearly 14% year-on-year, “it would take a longer period for business and production activities to return to their pre-Covid-19 level,” stated the ministry. Meanwhile, the unemployment rate also surged to a …

[Read more...] about MoLISA wants to keep region-based minimum wage unchanged

Leaders of the Ministry of Industry and Trade, the Ministry of Public Security as well as the State Bank of Vietnam have concurred that operations of foreign exchange (forex) platforms are illegitimate, while cryptocurrencies are not methods of payment compliant with law in the nation. The statements were made during a regular government press meeting on Tuesday. According to Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, foreign currency trading and derivative services can only be provided by licensed credit institutions and commercial banks. The central bank has not licensed any organization to run these services, Tu asserted. “The establishment of forex trading platforms is against the law and should be penalized accordingly,” he stated. In reality, these forex schemes are tempting new investors with promises of profit rates reaching as high as three digits. Due to the illegitimate nature of these platforms, investors will not be protected by law, Tu warned. Also commenting on the phenomenon, To An Xo, chief of the Ministry of Public Security Office, said the agency has urged the national government to order a thorough review of forex investment from the Ministry of Justice. The review will inform Vietnam’s effort to harness the forex market, plus helping investors making the right choice and avoiding scams, Xo added. Ministries should tackle issues of illegitimate forex schemes by issuing detailed guidance on the implementation of current regulations related to forex, said Do Thang Hai, Deputy Minister of Trade and Trade. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, speaks during a regular government press meeting on March 2, 2021. Photo: Nguyen Khanh / Tuoi Tre Cryptocurrency ban E-commerce regulators in Vietnam are struggling to detect illegal transactions, which in turn hinders the sector's development, Deputy Governor Tu said. For that reason, the State Bank of Vietnam has required that …

[Read more...] about Forex trading platforms against Vietnamese law: officials