Financial

According to the N.A. Office, the seminar will focus on assessing the developments of the global financial, investment, and trade in 2021 and the latest developments of the world economy, and forecast the impact on Vietnam. The evaluation of the impact of the COVID-19 pandemic on the country's socio-economic situation, the implementation of the COVID-19 vaccination strategy, lessons learned in policy promulgation, recommendations and solutions for Vietnam from now until the end of the year and the following years of the 15th National Assembly will also be tabled for discussion. This is the first consultation of the 15th National Assembly. The N.A.’s Office said the event is very important, even though it won't be held on a large scale due to the pandemic, adding that it is a part of the annual socio-economic forum of the N.A. The forum will contribute to gathering the wisdom of not only N.A. deputies but also a network of leading domestic experts, scientists, and managers as well …

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A corner of the IAEA's headquarters in Vienna, Austria (Photo: AFP/VNA) At the session, IAEA member countries elected Vietnam to the IAEA Board of Governors for the 2021-2023 term. With this role, Vietnam will join 34 other member countries of the IAEA Board of Governors in considering and recommending the IAEA General Conference on the agency’s operational programmes and financial issues, considering the admission of new member countries, approving inspection agreements between the IAEA and its member states as well as IAEA’s regulations and standards on nuclear safety and security. In his speech at the event, Ambassador Kien, who was elected as Vice President of the 65th General Conference, thanked the IAEA for supporting Vietnam in applying nuclear technology in different fields, especially in responding to the COVID-19 pandemic. Equipment and biological products provided by the IAEA have helped Vietnam carry out testing and diagnosis of infected cases, thus creating …

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The event, part of activities to celebrate the 45th anniversary of the two countries’ diplomatic ties, attracted the participation of 15 speakers who are leading economic experts, business managers of Thailand and Vietnam and international organisations, together with more than 200 delegates from the two countries’ ministries, agencies, localities and businesses. In his opening remarks, Vietnamese Ambassador to Thailand Phan Chi Thanh highlighted achievements in bilateral economic cooperation. Despite the COVID-19 pandemic, two-way trade hit nearly 13 billion USD in the first 8 months of 2021, up nearly 30 percent year-on-year, thus helping Thailand maintain its position as Vietnam's leading trading partner in ASEAN. Thai investors continue committing to invest in Vietnam with more than 600 projects, with a total capital of more than 13 billion USD. Thanh thanked Thai businesses for actively joining hands with the Vietnamese government and people in fighting the pandemic, including …

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Due to the adverse impacts of climate change, green growth financing projects play a very important role for the sustainable development of Vietnam, experts have said. Capital flows into green growth projects are still quite positive despite the adverse impacts of the pandemic. VNA/VNS Photo According to the World Bank, Vietnam is one of the five countries most likely to be affected by climate change because most of the population lives in low-lying coastal areas. It is estimated that climate change will reduce the country's national income by up to 3.5 per cent by 2050, Vietnam News Agency reported. Meanwhile, an International Finance Corporation (IFC) study shows climate finance in Vietnam accounts for only about 5 per cent of total bank loans, equivalent to US$10.3 billion, and the value is projected to increase significantly in the coming years. The IFC said the implementation of the national target of reducing total greenhouse gas emissions by 9 per cent by …

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National ssembly Chairman Vuong Dinh Hue will chair a a seminar to consult experts on socio-economic issues. (Photo: VNA) Hanoi (VNA) – The Office of the National Assembly (NA) in collaboration with NA’s Committee for Economic Affairs will organise a seminar to consult experts on socio-economic issues under the chair of NA Chairman Vuong Dinh Hue and NA Vice Chairman Nguyen Duc Hai. According to the NA Office, the seminar will focus on assessing the developments of the global financial, investment, and trade in 2021 and the latest developments of the world economy, and forecast the impact on Vietnam. The evaluation of the impact of the COVID-19 pandemic on the country's socio-economic situation, the implementation of the COVID-19 vaccination strategy, lessons learned in policy promulgation, recommendations and solutions for Vietnam from now until the end of the year and the following years of the 15th National Assembly will also be tabled for discussion. National Assembly …

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Staff at SHB (Photo courtesy of the bank) Hanoi (VNS/VNA) – The Saigon-Hanoi Commercial Joint Stock Bank (SHB) was given approval from the State Bank of Vietnam to increase its charter capital from the current 19.2 trillion VND (843.2 million USD) to 26.6 trillion VND (1.16 billion USD). Of which, the bank would add 2 trillion VND by issuing shares to pay dividends with a rate of 10.5 percent from its after-tax profit after setting aside funds in 2020. Another 5.3 trillion VND would be added to the charter capital by issuing shares to existing shareholders with the offering price of 12,500 VND per share. The charter capital increase aims to improve SHB’s financial potential, expand lending scale, and invest in information technology. Especially, it would help promote the bank's digitisation, realising the goal of becoming a modern retail bank with optimal financial products and services according to Industry 4.0 standards. Earlier, SHB successfully issued more than 175 …

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Many banks plan to pay dividends in shares (Photo: Vietnam+) Hanoi (VNA) - Many banks have announced their dividend payout plan in shares to raise capital and improve competitiveness amid the prolonged COVID-19 pandemic. The shareholders of Vietnam International Bank (VIB) have approved the proposal to issue 40 bonus shares at the rate of 40 percent at its 2021 Annual General Meeting late last month. According to VIB, by the end of 2020, the bank had more than 4.8 trillion VND (about 207.8 million USD) of remaining profit after the provision for funds. It plans to distribute bonus shares to increase capital from 11.09 trillion VND currently to over 15.53 trillion VND. The distribution is expected to be completed before September 30 this year. "The bank is in a good growth period so it needs capital to invest in technology, networks, credit extension, meeting capital adequacy ratios as prescribed," said a representative of VIB. VIB is one of the banks that always take …

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A Vietcombank office in Bac Ninh province. (Photo: VNA) Hanoi (VNS/VNA) - A new decree released by the Government will allow State-owned commercial banks to save cash to increase their strength instead of paying dividends to shareholders. Decree 121/2020/ND-CP will amend Decree 91/2015 dated October 13, 2015 regulating the State capital invested in State-owned companies and management of State capital and assets in the business. The new policy allows government agencies to increase the State capital in joint stock companies and limited-liability firms with two or more board members. Commercial banks with the State holding more than 50 percent of the charter capital are subject to the new decree. Under the new decree, the three large-cap State-owned banks – the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and the Joint Stock Commercial Bank for Investment and …

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President Nguyen Xuan Phuc has proposed a number of solutions for developing countries to have access to more COVID-19 vaccines at the Global COVID-19 Summit themed “Ending the Pandemic and Building Back Better". Vietnamese President Nguyen Xuan Phuc. At the invitation of US President Joe Biden, President Nguyen Xuan delivered a speech at the Global COVID-19 Summit held on the sidelines of the 76th session of the United Nations General Assembly on September 22 (New York time). Vietnam is one of the few countries to be invited to speak at this important event. In his speech, the Vietnamese State leader applauded the decision to establish a global health security financial intermediary fund initially worth US$10 billion this year to ensure resources for the battle against the COVID-19. To cope with the pandemic, protecting people’s lives and health is the top priority so it is imperative to take drastic actions to early detect and quickly trace infection cases; …

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