China's announcement on Monday that it will contribute 43 billion U.S. dollars to the recapitalization of the International Monetary Fund (IMF) cemented China's image as a responsible country and conformed to national interests, experts said. "The announcement came against the backdrop of global economic uncertainties and mounting financial market turmoil. It aims to narrow the IMF's funding gap and let it play a better role in safeguarding global economic and financial stability," said He Fan, assistant director of the Institute of World Economics and Politics under the Chinese Academy of Social Sciences. China's contribution was part of a pledge made by G20 finance ministers in April to increase the financial firepower of the IMF by over 430 billion U.S. dollars in order to shield the world economy from the European financial crisis. Analysts said China's decision to boost resources for the IMF offers China a good way to use its rich foreign exchange reserves. "China's capital … [Read more...] about China’s capital increase to IMF will help stablize global finance
In their statements to the general annual shareholders meetings for 2012, most Vietnamese banks mulled hiking chartered capital to add financial heft and sharpen competitiveness. Their proposed moves are consistent with the State Bank's on-going efforts to restructure the banking system and complement a trend toward mergers and acquisitions in the banking field. NamA Bank intended to hike its chartered capital to VND3.7 trillion ($176 million) this year from VND3 trillion ($142.8 million) whereas ABBank envisaged scaling up its chartered capital to VND5 trillion ($238 million) from VND4.2 trillion ($200 million). VietA Bank also planned hiking charted capital to VND5 trillion this year, surging 61 per cent against 2011. For its part, Orient Commercial Bank (OCB) drew plan to hike chartered capital to VND4 trillion ($190 million) by the year-end against current VND3.4 trillion ($162 million). OCB management said the move was crucial to enhance financial health and make the … [Read more...] about Stubborn economic woes hit on banks’ capital commitments.
Huge additional FDI capital poured in 2012 Quoc Hung By Quoc Hung - The Saigon Times Daily HCMC - This year’s fresh foreign direct investment (FDI) attraction has continued falling sharply compared to last year but additional capital poured into operational FDI projects has surged, said the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. FIA said in a recent report that the nation as of the middle of this month had attracted more than US$13 billion of FDI including both fresh and additional capital, tumbling 15.3% over the same period last year. The number of new projects is 1,100 with total pledges of US$7.85 billion, slipping more than 35% over the year-ago period. However, there have been 435 projects registering to raise capital by an additional US$5.15 billion, up a mere 7.4% in the number of projects while the increased capital marks up 58.5% year-on-year. The result of fresh FDI capital, albeit low, is in line with expectations of local … [Read more...] about Huge additional FDI capital poured in 2012
New circular regulates capital contributions After a number of months spent gathering public comments, the Government finally issued Decree No 102/2010/ND-CP on October 1, guiding certain provisions of the Law on Enterprises with the aim of keeping pace with the nation's blooming investment environment. Decree No 102 is more comprehensive than Decree No 139/2007/ND-CP of September 2007 - which it replaces - with regard to the establishment and governance of enterprises. The new decree sets a time limit of 36 months in which members of limited liability companies must contribute committed charter capital into the company. If a member is late in contributing committed capital, such a member will vote in proportion to the actual capital contributed to the company, rather than in proportion to the full amount of capital committed. … [Read more...] about New circular regulates capital contributions
VietNamNet Bridge - Cash from China and Chinese-speaking territories has been and will continue to be the main funding source for the Vietnamese real estate market, analysts say. The investor of an apartment project in District 2, HCM City, revealed that he sold 200 apartments within a short time, despite the fact that only the foundation of the building has been completed. How could the investor sell so many apartments under the current economic climate, with the real estate market still hibernating with very few successful transactions? Who were the buyers of the apartments? … [Read more...] about The strongest capital flow to real estate sector is from China