Deutsche bank market position

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

Vietcombank sold the dollar at VND24,585, up 0.20% from Monday. The State Bank of Vietnam raised its reference rate by 0.03% to VND24,084. The dollar gained 0.20% to VND24,450 on the black market. It has increased by 3.60% against the dong since the beginning of the year. Globally the dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone, Reuters reported. The U.S. dollar index touched its highest since November at 106.1. The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The psychological level is seen as a likely red line for the finance ministry, whose warnings of possible intervention have stepped up in recent weeks. Traders have an eye on a Tuesday meeting of political leaders and Bank of Japan officials. The yen hit 148.97 to the dollar on Monday and … [Read more...] about Dollar reaches new height in 2023

Many enterprises in Vietnam’s key export sectors are back on track as their orders have increased after a sharp decline several months ago, while certain tech firms have reported positive growth in international markets. Nguyen Van Trung, a representative of a company specializing in exporting agricultural products in the south, said mango, longan, dragon fruit, and durian exports to Australia and the U.S. have surged thanks to better preservation technology. The U.S. has resumed the import of Vietnam’s fresh coconuts, Trung added. Chanh Thu Company in southern Ben Tre Province also ships pomelos stateside and recorded growth. Vietnam will export this kind of fruit to China through official channels in the near future, according to Ngo Tuong Vy, CEO of Chanh Thu. Meanwhile, Nguyen Dinh Tung, general director of Vina T&T Group, pinned high hopes on durian exports for the rest of the year. “At present, only some 300 million Chinese consumers can access durians. With more … [Read more...] about Vietnamese enterprises regain growth momentum

Processing tra catfish fillets for export at the Cửu Long An Giang Seafood Import-Export JSC in the Mekong Delta province of An Giang. — VNA/VNS Photo Vũ Sinh Việt Nam’s tra fish exports to the US are expecting a better outlook in the remaining months of this year after receiving some good news. In early September, the US Department of Commerce (DOC) lowered anti-dumping duties on frozen tra fish fillets from Việt Nam following its latest preliminary conclusion. The Federal Register, the daily journal of the US government, published the preliminary results of the 19th anti-dumping duty administrative review (POR19) by DOC on Việt Nam’s frozen tra fish fillets exported to the US for the period of August 1, 2021 to July 31, 2022. Accordingly, the US authority determined that two Vietnamese companies, Vĩnh Hoàn Corporation and Cần Thơ Import Export Seafood Joint Stock Company (Caseamex), which were selected for individual examination as mandatory respondents, will enjoy a tax … [Read more...] about Good news for Việt Nam’s tra fish exports to US

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

Cashew nuts packed at a factory in Bình Phước Province. — VNA/VNS Photo Cashew exports are likely to strongly rebound by the end of the year after significant growth in both volume and value in the past eight months of this year, industry insiders have said. Data from the Việt Nam Cashew Association shows that in August, the country exported nearly 64,000 tonnes of cashew nut, earning a turnover of US$343.4 million, an increase of over 38 per cent in volume and nearly 32 per cent in value. The latest addition had brought its cashew nut exports over the past eight months of this year up to 400,000 tonnes in total with a value of over $2.25 billion, up 16 per cent in quantity and 13 per cent in quality. Raw cashew imports also increased significantly over the past eight months, 21 per cent higher than the yearly target, according to the association. In August alone, the country spent $370.4 million in importing over 367,200 tonnes of raw cashew, marking yearly hikes of 87 per … [Read more...] about Cashew exports predicted to strongly rebound by the year-end

Many young people around Việt Nam have created start-ups by harnessing local natural resources. — Photo nld.com.vn More and more start-ups by young people in rural areas are capitalising on the rich and diverse local resources. Đặng Dương Minh Hoàng, director of the Bình Phước Province Digital Agricultural Service Cooperative, said they are developing rapidly thanks to a trend of people leaving cities for the countryside and improving traffic connectivity and technologies. "Many young people leave the city with some capital, land from their families and connections to start a business. “This generation will create a change in the countryside because they create new products from these indigenous resources and have an understanding of market demand in the cities.” Provinces have many training programmes to promote rural start-up eco-systems, start-up communities are being created and they shared experiences to develop together, he said. Trần Đăng Đạt, co-founder of Đạt … [Read more...] about Việt Nam’s abundant indigenous resources help foster start-ups

An overview of the meeting between Prime Minister Pham Minh Chinh and Brazilian businesses . (Photo: VNA) Sao Paulo (VNA) – Prime Minister Pham Minh Chinh on September 24 asked Vietnamese and Brazilian businesses to concretise cooperation mechanisms with specific programmes and projects, with an aim to bring two-way trade turnover to 10 billion USD by 2025, and 15-20 billion USD by 2030 in a more balanced direction. PM Chinh, who is in an official visit to the South American country, stressed that after nearly 35 years of the establishment of diplomatic ties, the bilateral relations have developed positively in all fields. Vietnam and Brazil are currently each other's largest trading partner in Southeast Asia and South America, with their trade turnover reaching a record level of about 6.78 billion USD in 2022, up 6.6% year-on-year, and by threefold in the past decade. However, investment cooperation remains very modest, as Brazil currently has six valid projects … [Read more...] about Vietnamese, Brazilian firms asked to work together to raise trade to 10 billion USD

Hanoi stimulates the consumption of One Commune, One Product (OCOP) products through numerous promotional and networking events. Many trade promotion events for Hanoi's OCOP products associated with the culture of provinces in the Central Highlands and Southern regions will be held until the end of 2023, according to the Hanoi Department of Agriculture and Rural Development. A consumer shops at the Hanoi Farm Produce Fair 2023 in Ung Hoa District. Photo: Hoai Nam/The Hanoi Times Nguyen Van Chi, Deputy Head of the Hanoi Coordination Office of the New Rural Construction Program, said last week's event on Trinh Cong Son Pedestrian Street is the beginning of a series of trade promotion activities for the sale of OCOP products and safe farm produce linked to the culture of provinces and cities across the country. More than 100 booths with over 2,000 OCOP products were displayed at the fair. Consumers in the city had the opportunity to access specialties from 35 … [Read more...] about Promotional events in Hanoi boost sales of OCOP products