Financial help for families in need

Việt Nam's small- and medium-sized enterprises (SMEs) need fintech services for development in the future. — Photo baochinhphu.vn HÀ NỘI — Việt Nam needs to develop financial technology (fintech) services for small- and medium-sized enterprises (SMEs), according to experts. "Existing innovative digital financial services for SMEs have not yet been systematically formed. Meanwhile, these enterprises always need more and more accessible financial services with low cost and a variety of products," said Bùi Huy Nhượng, vice rector of the National Economics University. Therefore, innovative financial services for SMEs need to be studied to develop not only for fintech startups but also for traditional financial institutions and technology companies. Dr Lương Thái Bảo, executive director of the Bachelor of Financial Technology Programme at the National Economics University, said that Việt Nam had a large number of SMEs, while it also has a high IT application index in the region. … [Read more...] about Việt Nam needs to develop fintech services for SMEs

Viet Nam's small- and medium-sized enterprises (SMEs) need fintech services for development in the future. — Photo baochinhphu.vn Viet Nam needs to develop financial technology (fintech) services for small- and medium-sized enterprises (SMEs), according to experts. "Existing innovative digital financial services for SMEs have not yet been systematically formed. Meanwhile, these enterprises always need more and more accessible financial services with low cost and a variety of products," said Bui Huy Nhuong, vice rector of the National Economics University. Therefore, innovative financial services for SMEs need to be studied to develop not only for fintech startups but also for traditional financial institutions and technology companies. Dr Luong Thai Bao, executive director of the Bachelor of Financial Technology Programme at the National Economics University, said that Viet Nam had a large number of SMEs, while it also has a high IT application index in the region. SMEs … [Read more...] about Viet Nam needs to develop fintech services for SMEs

The central bank is seeking feedback on its draft circular that sets stricter conditions for real estate loans as a measure to mitigate speculation and risk of a bubble burst. If projects have not yet become legally eligible, there is a high possibility of customers and owners canceling the contract over the failure in acquiring needed permits. This will complicate commercial banks’ management of capital and potentially pose risks to the economy, the central bank argues. Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA), deemed the move "necessary", noting that loans are still allowed for projects that meet legal requirements. "The draft not only helps protect customers’ rights and benefits, but also build a healthier real estate market," Chau said. Tran Khanh Quang, director of property developer Viet An Hoa, estimated that around 20 percent of homebuyers pay their deposits with loans. The approval process for these loans have been tightened in … [Read more...] about No home loans against legally incomplete projects: central bank

Foreign nationals living in Vietnam will be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering issuing identification (ID) cards for long-term foreign residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types of papers issued by competent authorities causes numerous inconveniences for citizens in storing … [Read more...] about Vietnam to issue ID cards for non-Vietnamese nationals

The Lach Huyen International Port in Hai Phong city. The MoT has asked VMA to consider reducing maritime fees to help firms cover higher fuel costs. (Photo: VNA) Hanoi (VNS/VNA) - The Vietnam Maritime Administration (VMA) has sent a report to the Ministry of Transport (MoT), assessing the possible impact of reduced fees on Vietnamese maritime firms amid mounting fuel prices. The report asserted that adjustments in fees for international transport would have a negligible impact on Vietnamese firms since freight transport between Vietnamese ports and international ports is undertaken predominately by foreign shipping lines. Additionally, maritime fees account for just 7-9 percent of total costs incurred by a vessel engaging in international transport and 3-5 percent in domestic transportation . That means fees reduction is not much of a solution to the problem of mounting petrol bills. “Fuel costs, wages and insurance premiums take up the lion's share in maritime firms’ … [Read more...] about Fee reductions offer little benefit to maritime firms

Stateless people living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering the issuance of identification (ID) cards for long-term stateless residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards, according to the ministry's suggestions for the draft revision of Law on ID Card. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types … [Read more...] about Vietnam considers issuing ID cards for stateless nationals

Stateless people living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering the issuance of identification (ID) cards for long-term stateless residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards, according to the ministry's suggestions for the draft revision of Law on ID Card. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types … [Read more...] about Vietnam considers issuing ID cards for stateless people

Hanoi (VNS/VNA) - In recent years, Hanoi’s agriculture sector has created favourable conditions for organisations and individuals to develop the farm economy. This model has contributed to the restructuring of the rural economy and helped farmers to utilise capital more efficiently, as well as apply scientific and technical advances to production for economic efficiency. “Hanoi currently has 1,759 farms, including 37 plantations, 1,410 livestock farms, 191 aquaculture farms, one forestry farm and 120 general farms," said Nguyen Van Chi, Director of the Hanoi Sub-department of Rural Development. "The farm economy in the city is concentrated, large-scale and sustainable. It also effectively promoted land resources, and investment capital and created many jobs for people in rural Hanoi." The microbiological broiler farm of Nguyen Thi Thoan's family in Soc Son district, despite being greatly affected by the COVID-19 epidemic , is still developing. On average, Thoan's … [Read more...] about Hanoi’s farm economy yields high economic value

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

A view of the first Wink Hotel in HCM City. The developer will complete its goal of building 20 Wink hotels across the country within the next 5-7 years. — Photo courtesy of the firm Despite the negative impact of the COVID-19 pandemic that paralysed the tourism industry, project developer Indochina Kajima persisted in its goal of building 20 Wink Hotels across the country. Michael Piro, CEO of Wink Hotels, said that after the first Wink hotel with 237 rooms opened in HCM City early last year, the second hotel is expected to open in November this year in the central Da Nang City with 243 rooms. There will be another Wink hotel expected to welcome visitors next summer in this coastal city. In Ha Noi, two hotels will be built on Thuy Khue and Pham Hung streets as well as others in Phu Yen, Can Tho and Hai Phong. Piro said that at the current rate of development, Indochina Kajima would complete its goal of building 20 Wink hotels across the country within the next 5-7 years, … [Read more...] about Wink Hotels holds ambition to create a revolution in the hotel industry