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Le Huu Minh (L), deputy managing director of Volkswagen Vietnam, and Trinh Bang Vu, head of the retail lending division at Shinhan Bank Vietnam, at the signing ceremony for the preferential lending programme for buyers of Volkswagen cars on March 23. — Photo courtesy of the bank Shinhan Bank Vietnam Limited has partnered with Trend Motor Vietnam Co., Ltd to launch a preferential loan programme exclusively for people buying Volkswagen cars that provides financing of up to 80 per cent of the value of a new vehicle. Customers who borrow to buy the German carmaker’s Touareg, Teramont, Tiguan, T-Cross, and Polo models get the loan interest-free for the first six months and at a fixed rate of 10.9 per cent a year for the remaining 54 months. They can opt for terms in line with their financial ability, with maximum financing of 80 per cent of the price and loan tenure of up to eight years. The programme will be in effect at all dealers across the country until June 30, 2023. … [Read more...] about Shinhan Bank Vietnam offers special programme for Volkswagen buyers

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly," but that the bank's collapse did not indicate wider weaknesses in the banking system. "These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient." Even so, Wall Street ended sharply lower after Powell told a news conference that officials were still intent on fighting inflation while also eying the extent to which recent bank failures had cooled demand and slowed lending. The … [Read more...] about U.S. Fed delivers small rate hike amid global banking turmoil

High pedestal to reach for 2023’s growth ambitions Vietnam’s economic growth is projected to ease to 6.3 per cent in 2023 from a robust 8.02 per cent last year, as services growth moderates and higher prices and interest rates weigh on households and investors, according to the World Bank’s latest Taking Stock report released last week. Growth is expected to pick up to 6.5 per cent in 2024 as the economies of Vietnam’s main export markets gain strength, the report said. The outlook for Vietnam reflects heightened uncertainty in the global economy. Downside risks include weaker-than-expected growth in Vietnam’s major export markets, which include the United States, China, and the Eurozone, tightening financial conditions, higher domestic inflation, weaknesses in the balance sheets of corporate, banking and household sectors, and financial sector vulnerabilities. The Vietnamese government has set a target that GDP will increase 5.6 per cent in Q1, 6.7 per cent in Q2, 6.5 per … [Read more...] about High pedestal to reach for 2023’s growth ambitions

Land law adjustments aim to protect entities as well as the real estate market, photo Le Toan In a seminar to collect opinions from enterprises and experts regarding amendments to the Law on Land held last week in Ho Chi Minh City, Seck Yee Chung, a representative of the Vietnam Business Forum’s Trade and Investment Working Group, said that Article 35.d of the draft law provided that domestic companies only have the right to mortgages with their land and properties attached to the land at credit institutions licensed to operate in Vietnam. “This means that companies in Vietnam cannot mortgage their factory or land through foreign lenders, which creates great challenges for them to access competitive financing resources outside the country,” Chung said at the seminar, which was organised by the International Finance Corporation (IFC) and Ministry of Natural Resources and Environment (MoNRE). “Foreign lenders will look for security assets of Vietnamese companies to secure their … [Read more...] about Land law points further scrutinised

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes

Vietnam is said to have been avoiding the usual recessionary trends across the Asian markets and is showing better-than-average growth. (Photo: VNA) New Delhi (VNA) – An Indian expert has highly valued Vietnam’s post-pandemic recovery in an article recently published on Moderndiplomacy.eu. In the writing, titled “Vietnam’s macroeconomic policy and post COVID recovery”, Prof. Pankaj Jha, Director of the Centre for Security studies at India’s Jindal School of International Affairs, cited the latest IMF reports as saying that Vietnam's real gross domestic product ( GDP ) in 2023 is estimated at 6.2%, and this clearly indicates Vietnam has been avoiding the usual recessionary trends across the Asian markets and is showing better-than-average growth. He noted with an inflation rate of less than 4%, it clearly shows that Vietnam is likely to emerge as a promising economy in Asia. If one looks into the core fundamentals of Vietnam following the COVID-19 pandemic, it … [Read more...] about Vietnam showing better-than-average growth: Indian expert

A group of solar power ventures that did not make the 2021 feed-in tariff deadline remain idle and developers want fresh solutions Nearly 40 renewable power investors last week asked the prime minister to consider addressing pricing-related inadequacies in renewables development. The joint letter said that the impact of the pandemic and expiry of the country’s previous feed-in tariffs (FiTs) has resulted in 84 renewable power projects, with total capacity of some 4,600MW, falling behind schedule and failing to achieve commercial operation. Among these, 28 wind farms and six solar farms with the combined capacity of more than 2,000MW, which have cost an estimated $3.6 billion are eligible to connect to the national power grid, are still waiting for a suitable pricing mechanism. Six solar power ventures have been waiting for such a mechanism for over two years. The developers last week expressed concerns that they may go bankrupt as the government’s latest pricing band fix are … [Read more...] about Pricing structure not enough to clinch nation’s energy goals

Some branches are taking care of the registration fee for car buyers, but sales are still not being boosted, photo Le Toan In a document sent to the prime minister last week, the Vietnam Automobile Manufacturers Association (VAMA) along with other associations asked the government to extend the payment of special consumption tax and reduce the registration fee of domestically manufactured and assembled cars by a half this year, in order to stimulate demand. A VAMA representative said that the domestic car sales market is in a gloomy situation, and has been struggling like many other industries since 2020. “In order to stimulate market demand, we need strong enough policies like extending the payment of excise tax in 2023 and taking 50 per cent off the registration fee. These should be applied as soon as possible,” emphasised the representative. To combat the effects of the pandemic, the government chopped the registration fee in half for domestically manufactured and assembled … [Read more...] about Auto makers project bumpy years ahead

Vietnamese boxer Nguyen Thi Tam trounced Spanish rival Laura Fuertes Fernandez 5-0 in the women’s 50kg quarterfinals to advance to the semifinals of the 2023 IBA Women’s World Boxing Championships in India on Wednesday. From the beginning of Wednesday’s match, Tam showed her dominance over Fernandez. Tam did not allow her opponent to approach while launching single and continuous attacks. With abundant physical strength and good stature, Tam confused the European No. 9 and took the lead in the showdown. In the first two rounds, Tam scored with straight punches and accurate hooks into Fernandez’s face, abdomen, and ribs to claim the absolute victory. In the third round, Fernandez tried to regain the balance but ended up being squeezed out by the Vietnamese boxer. At one point, Fernandez even failed to keep her composure and had an unsportsmanlike conduct against Tam, for which she was given a warning. In the end, Tam won 5-0 with the absolute points of 30 in all five … [Read more...] about Vietnamese boxer outplays Spanish competitor to advance to world championship semifinals

Vietnamese boxer Nguyen Thi Tam made history as the first Vietnamese boxer to fight in a world final after winning 4-1 in the semifinals of the 2023 IBA Women’s World Boxing Championships in India on Thursday. Tam faced French opponent Lkhadiri Wassila, who has won the French championship seven times, as well as earned two bronze medals in Europe, in Thursday’s 50kg semifinal. Tam won the first round with a flurry of straight punches and hooks from both left and right. She lost the second round when Wassila adapted to her attacks. Tam kept her distance in the final round in order to avoid attacks from Wassila. She effectively threw three punches and three hooks from the right arm at the end of the round, convincing four of the five coaches to name her the winner. The victory has made Tam the first-ever Vietnamese boxer to advance to a world final. The best achievement of Vietnamese boxing in the world arena was when female boxer Nguyen Thi Huong took home the bronze … [Read more...] about Vietnamese boxer enters world championship final