Financial markets

HDBank entered the top 10 leading financial brands in Vietnam in 2021 The total brand value of the top 25 financial brands in Vietnam reached $3.95 billion last year, with HDBank in the eighth position with a brand value of $162 million, surpassing many other reputable names in the industry. The list is the result of the process of quantifying business value through the ability to generate profits. Vietnamese financial brands showed strong growth in the fiscal year 2020, in which banking and securities were two out of the three most highly-regarded sectors thanks to a leading market growth rate. According to the results announced by Forbes Vietnam, the 25 honoured enterprises include 17 representatives from the banking sector, five from the securities field, and three in insurance. In past years, HDBank has been highly regarded by the market, including foreign financial institutions, for its ability to generate profits from business activities and strong digital …

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SSI has received approval for the initial public offering of its Vietnam Long-term Growth Fund. — Photo courtesy of the company SSI Asset Management Co., Ltd has received approval for the initial public offering of its Vietnam Long-term Growth Fund. The objective of the new open-ended fund is to generate steady returns in the long term for investors by investing in high-quality stocks in industry groups that make an important contribution to the growth of the economy such as consumer goods, retail, banking, real estate, and logistics. So VLGF will invest mostly in stocks of leading companies and those with a strong business model, good corporate governance, a competent and transparent management, a healthy financial position, and long-term growth prospects. It will also invest in companies with lower market caps and liquidity if they meet sustainable development criteria and have good potential for growth and fixed income assets. Application and payment should be done …

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Buyers and investors learn about a new housing project. (Photo: SGGP) General Director of Van Phuc Land Nguyen Thi Thanh Huong said that her company has actively implemented a flexible working arrangement, and adjusted investment and business plans to cope with the new situation during the pandemic. Van Phuc has focused on designing, completing construction documents and legislative procedures, preparing building projects and promoting products. The company has also offered financial support measures to assist customers. When the pandemic has been basically controlled, Van Phuc plans to present its projects featuring luxurious lakeside homes and 300 apartments. Chairman of the DKRA Vietnam Pham Lam noted that the real estate market will be bustling with the resumption of many housing companies with a lot of attractive promotional programs. The leading markets, including HCMC and adjacent provinces of Binh Duong, Dong Nai and Ba Ria-Vung Tau will be more optimistic than others …

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Cash flow decrease The month of September was considered very severe for investors due to the negative impact of the Covid-19 pandemic on the entire economy, with GDP shrinking by 6.17% in the third quarter. This is the first time Vietnam has experienced a negative GDP growth since 2000. Business activities of listed companies (LCs) also came to a halt when the supply chain was disrupted because of strict social distancing regulations enforced by the Government in the national effort to contain the spread of the disease. Added to this, investors panicked upon news from China about Evergrande and its debt bomb fall, causing a chain reaction in the real estate sector and affecting other financial sectors as well. This resulted in changes in the global stock market and influenced the Vietnamese market too. Investors dumped banking shares because of their concern about the risk of an increase in bad debts soon after the pandemic. The fact that the real estate sectors and banking …

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Hanoi authorities often meet with the business community in order to find solutions to smooth the way for further investment Hoa Lac High-tech Park is now working with a number of domestic and international technology groups who eye potential growth in the local market. “Several businesses from Europe, South Korea, and Japan, are working with us on the possibilities of investing in our park. Being an innovation area with developed infrastructure, preferential investment incentives, one-door policy and other advantages, we are ready to welcome more investors,” Luu Hoang Long, president of Hoa Lac Hi-Tech Park Management Board, told VIR. Technology is one of Hanoi’s target sectors for its development orientations. The capital wants to focus on renovation of the growth model and restructure its economy towards sci-tech application and innovations. Hanoi plans to develop its digital and IT infrastructure to create a foundation for the development of a digital economy and society. …

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Citizens get vaccinated in a clinic in the southern province of Binh Phuoc. Economic growth after the COVID-19 pandemic will largely depend on the vaccine rollout. — VNA/VNS Photo Economic growth after the COVID-19 pandemic will largely depend on the vaccine rollout, according to experts. They said that economic growth would also depend on the effectiveness and side effects of disease prevention measures and financial support packages. They said bad debts continued to be accumulated and could sharply increase to exceed the tolerance threshold of businesses. This is a potential financial risk in the post-pandemic economy. Nguyen Duc Thanh, Director of the Viet Nam Centre for Economic and Strategic Studies (VESS), said because of the slow pace of vaccination, Viet Nam missed the beat of the world economy’s recovery in 2021. This might lead to the loss of relative advantage. Viet Nam’s vaccine rollout was relatively slow compared to other countries. The pandemic outbreaks in 2021 …

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Shinhan Bank Vietnam offers preferential interest rate packages to individual customers to assist them in achieving their financial goals. — Photo courtesy of the bank Shinhan Bank Vietnam Ltd. has announced the latest preferential interest rate packages for individual customers to assist them in achieving their financial goals, particularly in the aftermath of a shock as severe as the fourth wave of COVID-19 and amid ‘the new normal.’ It offers home loans to individual customers at an ideal interest rate of 5.49 per cent for the first year and a fixed rate of 7.8 per cent from the second to fifth years, and a loan term of up to 25 years. These are considered the most appealing lending rates in the market. Shinhan Bank's car loans have a competitive rate of 6 per cent for the first year or 7.5 per cent for the entire loan period. Customers can get loans of up to 80 per cent of the car's value for up to eight years. They get a 0.1 percentage point discount if they buy Thaco …

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Salary increase trend at multinational and local companies this year and 2022. — Photo courtesy of Talentnet Salary increases at multinational companies this year are expected to be marginally down from 2020 and rise slightly next year. At local companies they increased slightly, and are likely to remain steady in 2022, according to the Talentnet – Mercer Total Remuneration Survey. While quite a bit higher than the inflation rate, the rates of salary increase were the lowest in the last decade. They declined to 6.6 per cent from 7.2 per cent last year at multinationals, and are expected to rise again to 7 per cent next year. At local companies, they increased to 6.8 per cent from 6.5 per cent, and will be around 6.7 per cent next year. Speaking at the 2021 webinar Rewards Summit held last week to release the survey results, Hoa Nguyen, senior principal at Talentnet Corporation, said this year only 6.4 per cent of multinational companies and 7.7 per cent of local …

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By Thu Trà HÀ NỘI — The fourth wave of COVID-19 has affected all aspects of socio-economic life, including production and business. In response to the relaxing of pandemic restrictions, enterprises are being encouraged to take advantage of the unique opportunities that are now on offer. The pandemic situation in HCM City and the surrounding areas has improved, presenting businesses with a window to restart operations. Support packages are being made available to help businesses kickstart operations, Vũ Tiến Lộc, Chairman of the Vietnam International Arbitration Centre (VIAC), told Việt Nam News . Lộc predicted that orders would increase in the run-up to the spring and summer of next year, offsetting contracts from international brands that had been lost during the most recent wave of COVID-19. Demand in the domestic market would grow steadily as consumption rises with the relaxing of restrictions, he said. Lộc forecast that Việt Nam's economy would grow again in the first …

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Workers at Truong Xuan Shoes inspect and pack finished shoes for export at a factory in Ha Noi. The company has made plans to stabilise production, fulfil orders and ensure the income of more than 700 employees. — VNA/VNS Photo Tran Viet The fourth wave of COVID-19 has affected all aspects of socio-economic life, including production and business. In response to the relaxing of pandemic restrictions, enterprises are being encouraged to take advantage of the unique opportunities that are now on offer. The pandemic situation in HCM City and the surrounding areas has improved, presenting businesses with a window to restart operations. Support packages are being made available to help businesses kickstart operations, Vu Tien Loc, Chairman of the Vietnam International Arbitration Centre (VIAC), told Viet Nam News . Loc predicted that orders would increase in the run-up to the spring and summer of next year, offsetting contracts from international brands that had been lost during …

[Read more...] about Businesses must adapt to ‘new normal’ and take advantage where they can