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Illustrative image (Photo: nation thailand .com) Bangkok (VNA) - Thailand's domestic car and motorcycle sales may suffer the brunt if Thai financial institutions are affected by the risk of bank failures in the US and Europe, according to the Federation of Thai Industries (FTI). The concern was raised after US and European banking executives and regulators stepped in to save California-based Silicon Valley Bank, New York-based Signature Bank and 167-year-old Credit Suisse in Switzerland from potential crisis. Surapong Paisitpatanapong, FTI Vice Chairman, said that if the financial turbulence cannot be contained, the global financial system will be affected, which may eventually have a negative impact on Thai banks and non-banks that grant loans to car and motorcycle buyers. The FTI is closely monitoring whether global financial institutions will face an impact, he said. The FTI’s Automotive Industry Club predicted that if the Thai auto industry is not … [Read more...] about Thailand’s car, motorcycle sales may be affected by bank failure risk

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

The CFA is part of the UK Government's efforts to help Vietnam meet the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow in 2021. Nine low carbon projects from across Vietnam have been announced to be part of the first cohort of the Climate Finance Accelerator (CFA) Vietnam. The selected projects come from diverse sectors including renewable energy, resource and energy efficiency, electromobility, AFOLUs (agriculture, forestry and other land uses), decarbonised construction, circular economy and waste management, and have the potential to benefit communities across Vietnam. Deep C Green is one of the first nine low-carbon projects in Vietnam to join the CFA. Photo: Deepc.vn Projects will receive tailored one-on-one and group support to improve project readiness and chances of attracting investment from Vietnamese and international investors. This will include advice on technical aspects, financial models, and pitch materials, as well as … [Read more...] about UK-funded CFA to support nine low-carbon projects in Vietnam

Some 600 new European standard shelters will be built at public bus stops in Hanoi city. Hanoi will allow investors to build advertising boards in exchange for 600 modern bus stop shelters and shelter displays worth VND1 trillion (US$43 million) in 12 urban districts, Kinhtedothi.vn reported. The move is part of efforts to encourage Hanoi’s residents to turn to public transportation for mobility, thus easing the number of cars on road and improving air quality. Hanoi to have 600 new bus stop shelters Currently, there are 1,078 bus stops in Hanoi's downtown, but only 365 of them have shelters. The shelters are built by different investors, which make them apprear ununiform. According to the municipal People's Committee, 600 new European standard shelters will be built at public bus stops in the city under the PPP funding mechanism. Among them, 270 shelters will be newly installed and the other 330 will be replaced. In exchange, 1,200 advertising boards … [Read more...] about Hanoi to allow advertising rights in exchange for 600 bus stop shelters

To improve project readiness and provide opportunities to attract investment from Vietnamese and international investors, the schemes will receive tailored one-to-one and group support. This will include advice on technical aspects, financial models, materials, and advice on enhancing gender equality and social inclusion. The CFA is part of the UK government’s efforts to help Vietnam meet the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow two years ago, and offer support to implement the Vietnam Just Energy Transition Partnership (V-JETP) that was agreed upon in December last year. “The exciting and innovative projects selected to be part of CFA Vietnam underline the significant potential of the Vietnamese private sector to help tackle the climate crisis," British Ambassador to Vietnam, Iain Frew, said. "The expertise shared with these projects will help move them closer to finding investment, leading to reductions in carbon emissions for communities across … [Read more...] about Innovative low-carbon projects join UK’s climate finance scheme

With the new facility, FPT Software is the first Vietnamese IT company to open an office in the Korean market, pinning high hopes on strengthening the company’s presence there and becoming a world-class, billion-dollar company. FPT chairman Truong Gia Binh spoke at the opening ceremony Addressing the opening ceremony, FPT Corporation chairman Truong Gia Binh said, "Our business philosophy is to stay closer to our customers, which could let us reach and serve our customers better. FPT will continuously open new offices around the world. FPT Software's second office in Korea helps us expand our global network further and strengthens our ability to connect and accompany customers despite time and geography." According to FPT Software Korea CEO Ha Minh Tuan, the new office is expected to address the shortage of IT talent in the country. “We also see strong demand for technology solutions such as AUTOSAR, IVI, SAP, low-code, managed services, and digital transformation. … [Read more...] about FPT Software opens new office in South Korea

Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. At the signing ceremony between VPBank and SMBC (Photo: VNA) With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national companies … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD

A coastal route costing nearly VND1 trillion (US$42.5 million) has been put into use for economic development in Khanh Hoa Province, south-central Vietnam. The coastal route was put into operation in Van Ninh District, Khanh Hoa Province on Monday morning. The road, stretching from National Highway 1 to Dam Mon Peninsula in Van Phong Bay, located in Van Ninh District, is about 14.3 kilometers long and 34 meters wide with six lanes. The project was developed by Van Phong Economic Zone Management Board, and the construction was initiated in 2016. The road was built to create favorable conditions for transport infrastructure in the region, connect Hon Lon Island with other islands in Van Phong Bay, and gradually complete the infrastructure of the northern area of the Van Phong Economic Zone. The first cars to travel on the coastal route in Khanh Hoa Province, Vietmam. Photo: Minh Chien / Tuoi Tre Van Phong to become the center of a green economy At the … [Read more...] about $42mn coastal route put into use to boost economic development in south-central Vietnam