Draft board resolution for opening bank account

Customers at a BaoViet Bank's office in Hà Nội. — VNA/VNS Photo Allowing banks access to Việt Nam's population database has set the foundation for the banking sector to expand and provide digital services to more customers, as well as improve security, prevent fraud and identity theft, according to the State Bank of Vietnam's (SBV) Deputy Governor Phạm Tiến Dũng. The central bank has already given the green light to commercial banks to roll out remote account opening using e-KYC, short for Electronic Know Your Customer, making many traditional banking services such as making deposits, loans and payments available digitally. "Customer authentication and security are among the sector's most important priorities. Having access to the national database will allow credit institutes to verify and assess customers' credit rating, speeding up the lending process," he said. Lê Hoàng Chính Quang, deputy director of the SBV's IT Department, said the Ministry of Public Security (MPS) has … [Read more...] about Population database key to improving banking security

Furthermore, the Vietnam Maritime Administration recently announced a draft to replace the Ministry of Transport’s Circular No.54 concerning the pricing of container handling and other associated services at Vietnamese seaports. The draft proposes a 10 per cent increase in the price of container handling services effective from January 1, 2024 in various ports including Haiphong, Ho Chi Minh City and the Cai Mep-Thi Vai seaport complex in the southern province of Ba Ria-Vung Tau. In addition, the draft proposes terminals able to receive ships capable of transporting more than 160,000DWT can impose a 10 per cent additional increase for loading and unloading services, meaning that those terminals could increase fees by as much as 20 per cent. As a result of these developments, shipping stocks have been actively traded on the stock exchange of late, with several firms witnessing steady increases in share prices in recent trading sessions. Hanoi-based securities firm … [Read more...] about Shipping firms eye rosier future

In January 2000, we established our first branch in San Jose, California, the heart of Silicon Valley. The director of that branch was a patriotic diasporic Vietnamese. But the American Dream did not come true for us. After merely one year of operations, FPT USA had to temporarily stop operating due to a lack of customers. We tried everything, with different people attempting to take the reigns of business development. From a Vietnamese expat to a graduate from prestigious MBA programs. What we received were critics, portraying our managers as "delusional about our corporate capability" and our programmers "weak in both expertise and language skills." It was a total failure. No one cared about a nameless company from Vietnam, a country only known then for the prolonged war. One of our then-potential customers was surprised to learn that it only took one hour to fly from Hanoi to Bangkok. He could not imagine the locations were so close, despite his own flying to Bangkok quite … [Read more...] about Working with American business partners requires understanding their way of thinking

Illustrative image (Photo: tuoitre.vn) HCM City (VNA) - The Ho Chi Minh City People’s Council has officially approved the establishment of a Department of Food Safety in the city, the first such provincial-level agency in the country. The department will operate under the management of the municipal People’s Committee and follow professional directions and instructions from the Ministry of Health, the Ministry of Agriculture and Rural Development, and the Ministry of Industry and Trade. The establishment of the department is an upgrade of the six-year pilot operation of the municipal Food Safety Management Board. The move is also in line with the National Assembly’s Resolution 98/2023/QH 15 on special mechanisms and policies for the city’s development. With a population of over 10 million people, the demand for food in HCM City is huge, making it a hub for the circulation of a large volume of locally-produced and imported food products, hence the need for the … [Read more...] about HCM City establishes country’s first food safety department

GHG emissions inventories will cause a considerable challenge for the steel industry, photo Le Toan From October 1, steel companies exporting to the EU must adhere to the EU’s Carbon Border Adjustment Mechanism, starting with greenhouse gas (GHG) emissions reporting and reduction. At the training for steel manufacturers on GHG accounting and emissions mitigation, held on September 12 by the International Finance Corporation (IFC) and the Vietnam Steel Association (VSA), experts discussed industrial carbon reduction technologies and provided insights into opportunities and challenges related to carbon trading. As one of the fundamental industries in Vietnam, the steel industry serves as a primary input for various sectors such as construction, shipbuilding, automotive, mechanics, and others. According to information from the VSA, Vietnam exported approximately 8.397 million tonnes of steel last year, representing a 35.85 per cent decrease compared to the same period the … [Read more...] about Steelmakers must act now in CBAM entry

Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating) was established by the Vietnam Bond Market Association, and received an operating licence from the Ministry of Finance on September 18. With a 49 per cent holding, Moody's is the majority shareholder in VIS Rating. Along with Moody's, ACB Securities Company, Dragon Capital Finance Ltd., Nam A Bank Asset Management Co., Ltd., VNDIRECT Securities Corporation, and VPS Securities JSC are also founding stockholders. VIS Rating operates independently of Moody’s. Michael West, president of Moody’s Investors Service said, “Moody’s recognises the vital role that the local debt capital market plays in driving Vietnam’s economic growth. As a global leader in credit ratings, research, and risk analysis, our international presence and local experience will position VIS Rating as the agency of choice in Vietnam.” Wendy Cheong, managing director and regional head of Asia-Pacific at Moody’s Investors Service and member of the … [Read more...] about Moody’s launches Vietnam-based credit rating agency

The workload remained huge for the transport sector in the remaining months of this year as more than VNĐ45 trillion must be disbursed. — Photo baochinhphu.vn Feasibility in disbursement must be studied carefully before proposing and approving new public – investment projects, Deputy Prime Minister Trần Lưu Quang said during a meeting with the Working Group No 3 including 17 ministries and agencies on solutions to speed up disbursement of public investment in remaining months of this year. Quang said that many projects had been raised for allocation of public investment but failed to be implemented for many years. The Ministry of Planning and Investment’s report showed that under the National Assembly’s plan, the total public investment this year was at VNĐ711.68 trillion (US$29.16 billion), in which the Working Group No 3 was in charge of nearly VNĐ43 trillion. As of August 31, the group reported the disbursement rate of 44.12 per cent, higher than the country’s average of … [Read more...] about Feasibility in disbursement must be studied carefully for future public-invested projects

Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX). — Photo courtesy of HKEX The Vietnamese stock market is a key capital mobilisation channel for the economy and is undergoing improvement and upgrading towards emerging status. Considered as Asia’s financial hub, Hong Kong is a role model for Việt Nam to follow. When Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX), came to Việt Nam for a conference, Việt Nam News reporter Ly Ly Cao took the opportunity to speak to her about solutions to enhance the country’s stock market and how Hong Kong can support Việt Nam in the upgrading process. What do you think about the Vietnamese stock market in its current state? Việt Nam’s economy is on very strong momentum in terms of GDP growth, which grew by more than 8 per cent last year and is hopefully to reach 6 per cent this year. This sets a very strong foundation for the local … [Read more...] about Hong Kong to help elevate Việt Nam’s stock market potential

Prime Minister Pham Minh Chinh and his entourage arrived at Nanning airport on September 16 morning, starting his participation in the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit at the invitation of the Chinese Government. With his participation in the event, Vietnam sends out its clear and consistent message on the foreign policy of attaching importance to the relations with China, thus making bilateral relations develop in a healthy, stable, substantial and effective way in the time to come. Later on September 16, Prime Minister Pham Minh Chinh held talks with Chinese Premier Li Qiang. Both sides expressed their delight at and spoke highly of the progress in Vietnam-China relationship in recent years, especially since the historical China visit by Party General Secretary Nguyen Phu Trong in November last year. Underscoring the importance of the Vietnam-China relations in the overall foreign policy of each country, Prime Minister Chinh affirmed that … [Read more...] about PM active in China before attending CAEXPO, CABIS

The one-day forum featured one opening and two thematic sessions, and one plenary session - high-level dialogue. In his closing speech, National Assembly Chairman Vuong Dinh Hue said in terms of internal capacity and motivations of the economy, delegates opined that it is essential to develop the production sectors of the economy, including agriculture, industry and services; speed up the disbursement of public investment, stimulate consumption demand, develop the domestic market and improve labor productivity. He said they called for synchronous measures to tackle difficulties, restructure various markets, develop and tightly regulate currency, stock, insurance, corporate bond and real estate markets. It is also essential to promote goods distribution via digital platforms and e-commerce, and stimulate domestic tourism demand as well. According to experts, if 95% of the public investment plan for 2023 is disbursed, additional 2 percentage points to the GDP growth in 2023 will … [Read more...] about Vietnam Socio-Economic Forum 2023 wraps up