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Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday. The Australian side strongly believes that Vietnam will further improve transparency and the investment climate. The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia. An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre Australia picks Vietnam as an investment destination thanks to political security Eliza Chui, a representative of Austrade, said that many … [Read more...] about Vietnam’s political security makes the country more attractive to Australian investors

This round was led by Japanese global bank Mizuho Bank, Ltd., a subsidiary of Mizuho Financial Group, Inc. and drew significant interest from Kredivo Holdings’ existing stable of top tier investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures. This funding round will cement Kredivo’s leading position in the digital financial services industry through its powerful expanding ecosystem which includes online and offline Buy Now, Pay Later (BNPL), personal loans, credit cards (physical and virtual) and support the upcoming launch of the neobank Krom. Kredivo is already a market leader in the third party BNPL segment in Indonesia, covering all major ecommerce and offline channels in the country via its open loop network. Akshay Garg, CEO of Kredivo Holdings said, “Despite challenging market conditions, investors continue to recognise the scale and strength of our business, and our innovation potential. … [Read more...] about Kredivo closes $270m Series D equity round

It is now nearly impossible to buy a new apartment at the VND 2 billion mark. According to a report in 2022 from Rever, a Southeast Asia technology firm in real estate brokerage, for VND1.5-1.8 billion, one can buy a 30-55 square meter apartment built 6-10 years ago in Thu Duc City, on the secondary market. The average income of workers in Ho Chi Minh City (HCMC) this year is about VND148 million a year, according to property listing platform Batdongsan.com.vn. By that calculation, it will take up to 24 years to save, with no spending on anything, just to buy an apartment. The type of apartment used in this survey costs VND3.5 billion per unit. The data also shows that Vietnam ranks first in Southeast Asia in terms of the gap between house prices and average worker incomes. From 2018 to 2021, the ratio of the difference between real estate prices and the average income of Vietnamese has continuously increased, surpassing even Singapore. On the other hand, Indonesia, Malaysia and … [Read more...] about A laborer needs to save for 25 years to buy an apartment

The event was co-organized by the EfD (Environment for Development)-Vietnam, the Economy and Environment Partnership for Southeast Asia (EEPSEA), and the University of Economics Ho Chi Minh City (UEH). Dr. Nguyen Quang from the UEH said, heavily affected by climate change, Vietnam has become one of the pioneering countries in Southeast Asia in green transition. He noted that Vietnam has come up with many outstanding financial policies concerning taxes, fees and economic tools to help enterprises develop green production, with many local firms switching from traditional business models to smarter and more sustainable, environmentally friendly ones. Dr. Nguyen The Chinh from the EEPSEA pointed a number of existing barriers that make it difficult for companies to implement their green transition, notably a lack of specific and legalized regulations on criteria to identify green businesses, green production processes, and green materials, among others. The expert suggested a need … [Read more...] about Seminar seeks experts’ advice for Vietnam’s green transition

Visas, service quality, and technology were all part of discussions on a better-performing tourism sector Photo: Cuong Minh May’s National Assembly session is likely to help push ahead a revamp of the country’s rules on entry and exit for foreign visitors, after the Ministry of Public Security crafts amendments to the current law. The development will be an important basis for the issuance of new regulations related to the visa policy, removing difficulties for the tourism industry, and creating conditions to attract more international visitors this year, according to most observers. Dang Tuan Viet, deputy director of the Ministry of Public Secrutity’s (MoPS) Vietnam Immigration Department, said that the proposal emphasised two major areas related to unilateral visa exemption and electronic visa policy. The MoPS also proposes to expand the number of countries that can issue e-visas from 80 countries to the maximum. The MoPS will also ask to increase the temporary stay … [Read more...] about Visa upgrade at heart of fresh approach to tourism

Illustrative image (Photo: vneconomy.vn) Hanoi (VNA) - Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. The global minimum corporate income tax is part of the Action Plan on Base Erosion and Profit Shifting (BEPS), which involves the participation of 141 member countries. Accordingly, large companies with annual global consolidated revenue of at least 750 million EUR (806 million USD) over at least 2 years of the preceding 4-year period will be subject to a minimum tax rate of 15%. If they are currently paying a tax rate lower than 15% in the country where they are investing, they will have to pay the remaining "shortfall" at a tax rate of 15% to the country where they have their headquarters. According to economists, investment exporting countries’ application of the global minimum tax in 2024 poses … [Read more...] about Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

People shop at a supermarket in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here. According to the Ministry of Industry and Trade, the Vietnamese retail market is worth 142 billion USD and is expected to increase nearly 2.5 times to 350 billion USD by 2025. In January, total retail sales of consumer goods and services decreased by 6% on-month to more than 481.8 trillion VND (20.4 billion USD) due to weaker demand as many commodities were purchased ahead of the Lunar New Year. People spent more on festival activities post Tet, said the General Statistics Office. However, it still rose 13% year-on-year. For the first two months of the year, the country’s total retail sales of consumer goods and services advanced 13% over the same period of 2022 to over 994.1 trillion VND. … [Read more...] about Vietnam’s retail market proves attractive for foreign investors

Logo of Vietcombank on its trading office in Tran Hung Dao Street, Ha Noi. The bank shares soared 2.25 per cent on Monday, led the market's bullish sentiment. — VNS Photo Ly Ly Cao Benchmark indices opened the week on a positive note, buoyed by the improvement of risk appetite. The VN-Index on the southern bourse Ho Chi Minh Stock Exchange (HoSE) ended Monday at 1,052.25 points, a gain of 5.46 points, or 0.52 per cent. It logged a long rising streak of five days with the market's breadth inclining to the uptrend. Meanwhile, liquidity increased slightly, of which over VND9.7 trillion (US$413.2 million) worth, equivalent to nearly 557 million shares, was traded on HoSE. The VN30-Index also advanced 5.03 points, or 0.48 per cent, to close the trading day at 1,056.45 points. Twenty of the 30 biggest stocks in market capitalisation of the VN30 basket jumped, of which one hit the ceiling price. Eight stocks declined while two stayed flat. On the Ha Noi Stock Exchange (HNX), the … [Read more...] about VN-Index extends its long winning streak