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The Hanoitimes - Such comparison suggests that the development of the banking sector may have been too rapid compared to the size of the economy. Vietnam has the highest credit-to-GDP ratio among the lower middle-income countries and is at par with some of the OECD countries, according to the World Bank. Illustrative photo. These comparisons suggest that the development of the banking sector may have been too rapid compared to the size of the economy, stated the World Bank in a report titled “Finance in Transition”. Both economic theory and empirical evidence demonstrate that economic growth and financial markets development are closely interconnected. Such correlation is also apparent in the recent history of Vietnam, as the rapid economic growth reported over the past 25 years has been accompanied by a surge in banking credit from 17% of GDP in 1996 to over 130% in 2018. Such a rapid development of the banking sector, albeit beneficial, has arguably created some challenges that may prevent the emergence of a dynamic private sector. The first challenge is that the allocation of credit by banks has traditionally been biased toward the public sector, including SOEs, which accounts for a significant share of total credit in the banks’ portfolio. More recently, a disproportionate share of credit has been directed to real estate and housing, and to a lesser extent to durable consumer goods (for example, cars). These two categories have crowded out the credit available for private firms, particularly small and medium-sized enterprises (SMEs), which today represent only a marginal share of the credit market in Vietnam. The provision of long-term credit to firms is further constrained by the short nature of deposits (over 80% are one year or less) and by relatively high transactions costs due to the lack of information, weak collateral, and the poor functioning of the justice system. The second challenge is that the financial market is …

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Foreign ship arrivals down 6 percent in first two months Vietnam’s sea ports have berthed some 4,900 foreign vessels over the last two months, a decline of 6 percent year-on-year, according to the Vietnam Marine Administration. The fall was due largely to the impact of COVID-19, which is resulting in major fluctuations in the transport sector, a representative of the administration said. Despite the lower number of foreign ships, the volume of import and export goods through ports grew. In January and February, 35.3 million tonnes of imports and 26 million tonnes of exports were handled at ports nationwide. The former represented an annual increase of 14 percent while the latter was as same as that last year. In particular, nearly 1.3 million TEUs for exports and 1.2 million for imports were handled during the period, up 32 and 16 percent, respectively, year-on-year; the highest growth since the pandemic began. Meanwhile, the arrival of domestic vessels totalled 5,300, up 11 percent year-on-year./. Quang Ninh’s Van Don airport reopens on March 3 The Ministry of Transport has decided to allow Van Don International Airport in the northern province of Quang Ninh reopen from 6:01am on March 3 after the COVID-19 pandemic has been put under control in the locality and the airport is safe to transport passengers. The airport was temporarily shut down from January 29 after an airport security staff was confirmed positive for the coronavirus SARS-CoV-2 that causes the COVID-19 pandemic. The national flag carrier Vietnam Airlines announced earlier that it will resume flights between Ho Chi Minh City and Quang Ninh on March 3, thus becoming the first to restart flights to the Van Don airport since the local COVID-19 outbreak began. From March 3 to 17, one weekly flight will ply the route between the two destinations, on Wednesdays. Flight numbers will be increased to three a week, on Wednesdays, Fridays, and Sundays, from March 18 until the …

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NESCAFÉ Plan of Nestlé Vietnam, one of the Swiss invested corporates in Việt Nam  has made significant contributions to local coffee industry in the past 10 years — Photo courtesy of Nestlé HÀ NỘI — Việt Nam is a highly attractive destination for investment because of its unique position to capitalise on the global chain shift, said Vietnamese Ambassador to Switzerland Lê Linh Lan. Lan told the webinar “Market Focus Việt Nam” on Tuesday: “In the pandemic, Việt Nam’s economy has proved resilient with a positive growth of 2.91 per cent in 2020 while the rest of the world plunged into a deep recession.” The webinar was organised by Swiss Việt Namese Business Gateway (SVBG) and the Geneva Chamber of Commerce, Industry and Services (CCIG) was also the first official launch of SVBG with Swiss partners and Việt Namese representatives. Lan mentioned the Government’s successful control of the pandemic and effective measures for economic recovery and international economic integration last year contributed to the attraction. Last year, Việt Nam completed the EU-Việt Nam Free Trade Agreement (EVFTA), concluded bilateral FTA negotiations with the UK (UKVFTA), and agreed to the Regional Comprehensive Economic Partnership (RCEP). Lan said: “With new-generation FTAs such as CPTPP, EVFTA, RCEP, Việt Nam has become one of the region’s fastest-growing and internationally engaged economies, at the centre of a network of 17 FTAs and economic and trade cooperation frameworks with the world’s leading economic hubs.” According to the Economist Intelligence Unit's recent report, Việt Nam has emerged as an attractive foreign direct investment destination in Asia ahead of China and India. The report suggests factors that make Việt Nam more attractive destinations are the incentives for international firms for setting up units to manufacture hi-tech products, the pool of low-cost workers, and the proliferation of free trade agreements, said Lan. She added: “The …

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