Qatar pledges 15 billion

The Vietnamese Government commits to creating all possible conditions for businesses to growth further, Prime Minister Pham Minh Chinh affirmed at the Vietnam Business Forum 2023 (VBF 2023) in Hanoi on March 19. PM Pham Minh Chinh speaks at the forum (Photo: VNA) Reviewing the country’s socio-economic recovery and development achievements in 2022, the PM said the macro economy remained stable, major economic balances were ensured, and notably the domestic investment and business environment was improved significantly. During the post-COVID-19 period, the foreign investment disbursement went up 13.5% as compared with 2021, which reflected Vietnam’s attractiveness in the regional and global investment maps, he said. Chinh stressed that the Vietnamese Party and State advocate green growth in order to ensure rapid, effective and sustainable economic development, contributing to implementing the 2021-2030 socio-economic development strategy. However, green … [Read more...] about PM pledges to further support enterprises at Vietnam Business Forum 2023

Shrimp products export value over 2 billion USD in seven months. (Photo: Danh Lam/VNA) According to the Ministry of Agriculture and Rural Development, the total export turnover of agro-forestry-fishery products in the first seven months of 2022 reached 32.3 billion USD, a year-on-year increase of 12.2 percent. The import turnover is estimated at over 26 billion USD. Therefore, the export surplus of these products in January-July was 6.3 billion USD, up nearly two times over the same period last year. The United States continued to be the largest importer of Vietnamese agro-forestry-fishery products for the seven-month period, accounting for 26.8 percent to reach almost 8.7 billion USD. China came second with a total export value of over 5.7 billion USD, accounting for 17.8 percent of the market share. Japan came third with over 2.3 billion USD, accounting for 7.2 percent, followed by the Republic of Korea with over 1.5 billion USD, accounting for 4.7 percent. By region, … [Read more...] about Agro-forestry-fishery products record export surplus of 6.28 billion USD in seven months

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

Reviewing the country’s socio-economic recovery and development achievements in 2022, the PM said the macro economy remained stable, major economic balances were ensured, and notably the domestic investment and business environment was improved significantly. During the post-COVID-19 period, the foreign investment disbursement went up 13.5% as compared with 2021, which reflected Vietnam’s attractiveness in the regional and global investment maps, he said. Pham Minh Chinh stressed that the Vietnamese Party and State advocate green growth in order to ensure rapid, effective and sustainable economic development, contributing to implementing the 2021-2030 socio-economic development strategy. However, green growth needs a suitable roadmap, with conditions and capacity of each region, locality and business taken into consideration, he noted, encouraging the engagement of all, particularly businesses and people, in this regard. The Government will work to consolidate institutions, … [Read more...] about Prime Minister pledges to further support enterprises at Vietnam Business Forum 2023

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

The signing ceremony between VPBank and SMBC. Following the latest SMBC’s strategic investment, VPBank will become Viet Nam’s second largest bank in terms of owner equity. — Photo courtesy of the bank VPBank on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG) to issue 15 per cent equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion (approximately US$1.5 billion), of Tier 1 capital (equal to VND30,160 per share), increasing its owner equity to approximately VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach an ambitious growth strategy over the next five years. … [Read more...] about VPBank sells 15 per cent of its charter capital to Japan’s SMBC

At the signing ceremony between VPBank and SMBC (Photo: VNA) Hanoi (VNA) – Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD

Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California on March 13. (Photo: XINHUA/VNA) HCM City (VNS/VNA) - The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital , has said in a report. “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15% since mid-2021 and yields surged. However, VGB holdings only accounted for around 6% of listed … [Read more...] about Silicon Valley Bank collapse not to impact VN: VinaCapital

The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a report. Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California. — AFP/VNA Photo “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15 per cent since mid-2021 and yields surged. However, VGB holdings only accounted for around 6 per cent of listed banks’ … [Read more...] about Silicon Valley Bank collapse not to impact Vietnam: VinaCapital

An area in Quang Ninh province (Photo: VNA) Quang Ninh (VNA) – The northern province of Quang Ninh maintained stable and high socio-economic development in the first quarter of 2023, with gross regional domestic product ( GRDP ) growth of 8.04%, statistics showed. The service sector recovered strongly to maintain its role as the main growth engine, contributing to 30.6% of the GRDP. In the first three months, Quang Ninh welcomed 4.85 million tourists and earned some 8.55 trillion VND (363.9 million USD) in tourism revenue, respectively rising 2.3 and 2.7-fold from a year earlier. Meanwhile, state budget revenue reached some 14.8 trillion VND, equivalent to 27% of this year’s estimate and up 8% year on year. The budget comprises 11.27 trillion VND from domestic sources and 3.53 trillion VND from foreign trade, representing increases of 8% and 7% respectively year on year. For the second quarter, the provincial Party Committee targets GRDP growth of about … [Read more...] about Quang Ninh province posts growth of over 8% in Q1