Global financial markets

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

Jesse Choi, CEO of Sunwah Innovations and director of Sunwah Vietnam talked about Vietnam's market entry opportunities and strategy The webinar received around 100 participants including experts and representatives of corporates, startups, universities, incubators and accelerators, venture capital firms, and business associations from Vietnam and neighbouring countries and territories including Cambodia, Singapore, Japan, South Korea, China, and Hong Kong. Vietnam has seen significant improvements in developing a dynamic and open business environment. In the post-pandemic period, the country stands firm as one of the most attractive destinations in the Southeast Asian region for foreign investors and businesses including venture capital firms and startups. Realising an increasing need from overseas startups and supporting organisations to explore and gain footholds in the market, Sunwah Innovations organised the Vietnam Market Entry Opportunities and Strategy webinar. It was … [Read more...] about International webinar on Vietnam’s Market Entry Opportunities and Strategy

Dr Moritz Kraemer Dr Moritz Kraemer, the former Global Chief Ratings Officer of Sovereign Ratings Group at S&P Global and currently the Chief Economist, Head of Research of the Landesbank Baden Wuerttemberg (“LBBW”) bank, shared his view of the country and the current global situation with Vietnam News Agency. The pandemic remains unpredictable, and the world is experiencing strong and unusual economic and political changes, could you share your views on the situation? Yes, the world is in turmoil. A terrifying war in Europe could escalate to the unspeakable any day. The pandemic is still a lingering threat that keeps the world economy, and especially some countries in Asia, at bay. The old model of globalisation is severely tested as erstwhile reliable supply chains are ruptured and seem to refuse to heal. Moreover, as if that was not enough, inflation appears to be getting out of hand in much of the advanced economies as commodity prices soar and labour becomes … [Read more...] about Viet Nam shows ‘seemingly limitless promise’

Ascend Vietnam Ventures has exceeded its US$50 million target for its flagship early-stage venture capital fund, AVV Alpha. Ascend Vietnam Ventures (AVV), the fund led by Binh Tran and Eddie Thai, is seeking the next wave of globally iconic startups emerging from Vietnam. Eddie Thai is speaking at a growth event for founders. Photos: AVV The team has increased its investments in startups in Vietnam, seeding up to US$2 million into 25 startups next year and following on with checks of up to $5 million. With the new fund, AVV has been exploring a broad range of tech opportunities including those in financial inclusion, education, and future of work. AVV Alpha is backed by a mix of investors from Asia, Europe, and the US, including development finance institutions, funds, corporate VCs, and high-net-worth individuals from leading local and regional companies. It has picked ten startups in the past nine months, including Kilo (SaaS & wholesale … [Read more...] about Ascend Vietnam Ventures seeks building global startups in Vietnam

According to Generali Group CFO Cristiano Borean, the results for the first quarter confirm excellent performance, despite a context characterised by uncertainty due to current global events. The business development in the most profitable segments demonstrates the group’s ability to consistently generate value while maintaining an industry-leading capital position. Borean noted that during this three-month period, Generali also launched the new strategic plan Lifetime Partner 24: Driving Growth, which focused on strong growth in earnings per share, increased cash generation, and higher dividends. Generali Vietnam has contributed to the group’s performance with strong growth after more than 11 years of operation and outstanding achievements in products and services As for business performance, the group's gross written premiums increased by 6.1 per cent to $23.4 billion thanks to growth in both the Life and P&C segments. Life net inflows showed a 19.3 per … [Read more...] about Generali Group toasts Q1’s upbeat performance

Inside a wood production line of Truong Thanh  Furniture Corporation. (Photo truongthanh.com) Hanoi (VNS/VNA) - As wood export turnover is rebounding with rising demand in the domestic market , the revenues of wood enterprises are expected to advance. However, skyrocketing prices of raw materials and logistics costs will weigh on these companies’ gross profit margin in 2022. VNDIRECT Securities Corporation (VNDIRECT) estimated that the total revenue of listed wood and wood products companies in the first quarter (Q1) of 2022 rose by 10.2% year-on-year thanks to the recovery of wood producers in the south. After the social distancing order was lifted, most wood companies in the southern region resumed operations at 90% capacity in the first quarter of 2022, while in the second half of 2021 it was only 60-65%. The export wood enterprises achieved better business results in Q1 of 2022. Specifically, Truong Thanh Furniture Corporation (HoSE: TTF) and Phu Tai JSC (HoSE: … [Read more...] about Rising costs cast doubt on wood companies growth prospects

Aiming to seek stronger economic, trade and investment partnership between the two countries, the event drew Vietnamese Deputy Prime Minister Le Van Thanh, Britain Secretary of State for International Trade Anne Marie Trevelyan, and MP Graham Stuart, U.K. Prime Minister's Trade Envoy to Vietnam, and a large number of Vietnamese and Britain businesses. Addressing the event, Deputy PM Thanh highlighted important progress in the Vietnam-U.K. Strategic Partnership, as well as great chances for both sides to bolster their ties from the U.K.-Vietnam Free Trade Agreement (UKVFTA). He underlined that both sides should optimize advantages from the deal by encouraging the promotion of the two-way trade and investment, and creating favorable conditions for enterprises of both sides to explore each other’s market and foster connection, thus striving for a trade value of over USD 10 billion by 2023. Thanh affirmed Vietnam's high political determination in realizing commitments made at the … [Read more...] about N.A. Chairman attends Vietnam-U.K. high-level forum on economy, trade

An overview of the forum (Photo: VNA) Hanoi (VNA) – National Assembly Chairman Vuong Dinh Hue attended the Vietnam-UK high-level forum on economy and trade in London on June 29 (local time), as part of the leader’s ongoing visit to the UK. Aiming to seek stronger economic, trade and investment partnership between the two countries, the event drew Vietnamese Deputy Prime Minister Le Van Thanh, Britain Secretary of State for International Trade Anne Marie Trevelyan, and MP Graham Stuart, UK Prime Minister's Trade Envoy to Vietnam, and a large number of Vietnamese and Britain businesses. Addressing the event, Deputy PM Thanh highlighted important progress in the Vietnam-UK Strategic Partnership , as well as great chances for both sides to bolster their ties from the UK-Vietnam Free Trade Agreement ( UKVFTA ). He underlined that both sides should optimise advantages from the deal by encouraging the promotion of the two-way trade and investment, and creating favourable … [Read more...] about NA Chairman attends Vietnam-UK high-level forum on economy, trade

NA Chairman Vuong Dinh Hue witnesses the exchange of co-operation agreements between businesses and localities of Viet Nam and the UK. — VNA/VNS Photo Doan Tan National Assembly Chairman Vuong Dinh Hue attended a Viet Nam-UK high-level forum on economy and trade in London on June 29 (local time), as part of his ongoing visit to the UK. With the aim of stronger economic, trade and investment partnerships between the two countries, the event drew Vietnamese Deputy Prime Minister Le Van Thanh, British Secretary of State for International Trade Anne Marie Trevelyan, Member of Parliament Graham Stuart (the Prime Minister's Trade Envoy to Vietnam), and a large number of Vietnamese and British businesses. Addressing the event, Deputy PM Thanh highlighted important progress in the Viet Nam-UK Strategic Partnership, as well as great chances for both sides to bolster their ties through the UK-Vietnam Free Trade Agreement (UKVFTA). He underlined that both sides should optimise the … [Read more...] about NA Chairman attends Viet Nam-UK forum in London

Many people remain surprised by record-beating petrol prices, Le Toan The Ministry of Industry and Trade (MoIT) last week warned that prices of fuel, commodities, and input materials, especially imported ones, are forecasted to continue hovering at a high level, causing a continued hike in prices of goods in the domestic market and greatly affecting business and production activities. “The Russia-Ukraine conflict continues to have major impacts on the supply chains and on prices of crude oil from Russia, pushing up prices in those markets and accordingly pressuring prices in the world market. Increased prices of key goods including petrol and gasoline, fertiliser, and foodstuffs will affect Vietnam’s production activities,” said an MoIT report on Vietnam’s industry and trade situation. “In addition, the drastic implementation of the government’s economic stimulus packages will spur economic growth but increase inflation pressure.” By late last week, the global average price of … [Read more...] about Immediate hike risks tackled as inflation squeezes workers