Business desk public sector explorer

That was my American friend's conclusion after several years working in Vietnam, as he calls it "a strange country." Although what he said might be exaggerated, I cannot help but sympathize with his opinion, especially the latter half. I have worked frequently with governmental administration at the provincial level. Public workers in Vietnam find the need to "seek approval" for anything outside of textbook norms, which is more than half the cases they work on. After so many years spent waiting for such approvals, I usually take matters into my own hands, doing extra research on my own to suggest similar precedents in other provinces to whichever I am working on, just so that these public workers can simply get their approvals without having to do the mental labor. But in the last few years, even this strategy no longer seems to work. "Now, we cannot do that anymore. Even when there are precedents, the other provinces might be doing things incorrectly. We never know," a public … [Read more...] about Corporates will drown if public sector fails to think outside the box

An executive from an Indian firm exchanges information with a local counterpart at a India-Viet Nam business meeting in HCM City on May 23. — Photo courtesy of India Consulate General An Indian delegation comprising 17 business executives from various sectors like IT, infrastructure, electrical equipment, aquatic processing, technology services, and renewable energy met with their Vietnamese counterparts to explore tie-ups at a meeting held both online and offline on Tuesday. Speaking at the event, Dr Madan Mohan Sethi, the Indian consul general in HCM City, said India has become Viet Nam’s seventh largest trading partner after bilateral trade increased significantly in recent years. He said he saw tremendous scope for enhancing co-operation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism. He hoped to be a bridge for co-operation between the two sides. Nguyen Thi Diem Quynh, deputy director of Long An … [Read more...] about Indian businesses come visiting to explore opportunities in southern region

An executive from an Indian firm exchanges information with a local counterpart at a India-Vietnam business meeting in HCM City on May 23. (Photo courtesy of the Indian Consulate General) HCM City (VNS/VNA) - An Indian delegation comprising 17 business executives from various sectors like IT, infrastructure, electrical equipment, aquatic processing, technology services, and renewable energy met with their Vietnamese counterparts to explore tie-ups at a meeting held both online and offline on May 23. Speaking at the event, Dr Madan Mohan Sethi, the Indian Consul General in Ho Chi Minh City, said India has become Vietnam’s seventh largest trading partner after bilateral trade increased significantly in recent years. Sethi said he saw tremendous scope for enhancing cooperation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism. He hoped to be a bridge for cooperation between the two sides. … [Read more...] about Indian businesses explore opportunities in southern region

Participants at the meeting (Photo: VNA) Can Tho (VNA) - Offcicials of the Mekong Delta city of Can Tho city and relevant departments and sectors had a working session with representatives from Russian businesses on May 27 to discuss investment cooperation opportunities in terms of supply chain, import-export, technical infrastructure and logistics in the locality. Shigabutdinov Ruslan - Member of the Board of Directors of TAIF Group said that with its strength in petrochemical refining, the firm wishes to learn about the fields of seaport services, logistics and petrochemical refining in the locality. Local representatives briefed Russian investors on Can Tho’s potential, orientation and policies for calling for investment, while infỏrming guests about the development plan of industrial park infrastructure projects and logistics centres in the city. Tran Phu Loc Thanh, Deputy Chief of Office of the municipal People's Committee said the locality prioritises … [Read more...] about Russian enterprises explore investment opportunities in Can Tho

A bank teller counts cash. (Photo: VNA) Hanoi (VNS/VNA) - Property-sector risks have made operating conditions more difficult for banks in Vietnam in the short term, but the liquidity crunch is easing and the banking system is likely to avert a sharp slowdown due to the concerted response of policymakers and banks, says Fitch Ratings . In a report released last week, the rating agency said headwinds may persist into the second half of 2023 and banks' financial performance is likely to diverge according to the strengths of their funding franchises and appetite for risk, but long-term fundamentals and business prospects for the sector remain positive. Liquidity and interest rates in the banking system have eased in recent weeks, although loan growth remains relatively subdued and was at a decade-low in April 2023. Narrow spreads between Vietnamese dong and US dollar market interest rates limit the extent by which policymakers can reduce banks' funding costs … [Read more...] about Vietnam’s banking sector liquidity crunch eases

A bank teller counts cash. Liquidity and interest rates in the banking system have eased in recent weeks. — VNA/VNS Photo Property-sector risks have made operating conditions more difficult for banks in Viet Nam in the short term, but the liquidity crunch is easing and the banking system is likely to avert a sharp slowdown due to the concerted response of policymakers and banks, says Fitch Ratings. In a report released last week, the rating agency said headwinds may persist into the second half of 2023 and banks' financial performance is likely to diverge according to the strengths of their funding franchises and appetite for risk, but long-term fundamentals and business prospects for the sector remain positive. Liquidity and interest rates in the banking system have eased in recent weeks, although loan growth remains relatively subdued and was at a decade-low in April 2023. Narrow spreads between Vietnamese dong and US dollar market interest rates limit the extent by which … [Read more...] about Viet Nam’s banking sector liquidity crunch eases

Vietnam's Prime Minister Pham Minh Chinh has just unveiled plans to embark on a groundbreaking initiative that involves piloting and advancing the development of a direct power purchase agreement (DPPA) framework between renewable energy producers and consumers in Vietnam. During a meeting held on May 19 with Fujimoto Masayoshi, CEO of Sojitz Corporation, on the sidelines of the expanded G7 Summit in Japan, discussions revolved around the potential for expanding investments in Vietnam's industrial parks and renewable energy sectors. Masayoshi emphasised Sojitz's keen interest in exploring opportunities for broader investments in these domains. A growing number of prominent Japanese businesses are actively considering expanding their production capacities in Vietnam or relocating their manufacturing operations to the country. Masayoshi proposed that Vietnam should expedite the implementation of a DPPA mechanism, enabling industrial plants to actively participate it. Such a move … [Read more...] about Vietnam to explore direct power purchase agreements in renewable sector

Speaking at the event, Dr Madan Mohan Sethi, the Indian Consul General in Ho Chi Minh City, said India has become Vietnam’s seventh largest trading partner after bilateral trade increased significantly in recent years. Sethi said he saw tremendous scope for enhancing cooperation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism. He hoped to be a bridge for cooperation between the two sides. Nguyen Thi Diem Quynh, Deputy Director of Long An province's Department of Planning and Investment, said the province is home to nearly 1,200 foreign-invested projects with total registered capital of 10.3 billion USD. They include seven Indian projects worth 215 million USD mainly in food processing, animal feed and textile and garment, he said. The province seeks to industrialise and become the largest hub for processing and distributing agricultural produce in the South in the next 10 years, she said. It would … [Read more...] about Indian businesses explore opportunities in Southern region

Many commented that the pace of institutional reform in some sectors and fields seems to be showing signs of slowing down. — VNA/VNS Photo The Government has stepped up the reform of administrative procedures, and cut business conditions and compliance costs for businesses in recent years. But the impact of the reform process has been always in question. Thousands of business conditions and administrative procedures have been abolished or simplified, greatly facilitating businesses. In particular, many commented that the pace of institutional reform in some sectors and fields seems to be showing signs of slowing down, affecting the post-pandemic recovery process. The General Statistics Office under the Ministry of Planning and Investment reported that the whole country had 78,900 enterprises registered for new establishment and returned to operation in the first four months of this year, a year-on-year decline of 2 per cent. However, up to 77,000 businesses withdrew from … [Read more...] about Removing policy bottlenecks to facilitate businesses

The fintech industry in Viet Nam has grown quickly in the last few years, especially during the COVID-19 pandemic. According to the statistics of the State Bank of Vietnam (SBV) and the Vietnam Fintech Market Report 2021, the number of companies in the industry has soared four times, from 39 companies at the end of 2015 to more than 154 by the end of 2021. Among those fintech companies, about 70 per cent are start-ups. On top of opportunities, there are challenges for the industry. Viet Nam News reporter Ly Ly Cao spoke to experts and insiders to learn more about the promising industry. Elaine Liu, business development director of Eddid Financial in Hong Kong. — VNS Photo What do you think about the prospects of the Vietnamese fintech industry? Elaine Liu, business development director of Eddid Financial in Hong Kong : We are very interested in the market. Everybody knows that Viet Nam is a booming market, especially for fintech and financial services. The Vietnamese … [Read more...] about Fintech a promising industry in Viet Nam: insiders