Hong Kong accommodates many leading financial organisations of the world (Photo: telegraph.co.uk) Hong Kong (VNA) – The Vietnam Finance Company Limited (VFC) in China’s Hong Kong, the first overseas financial institution of Vietnam, marked its 40th founding anniversary on October 26. VFC Director Nguyen Ngoc Ban said the firm was established in 1978, when Vietnam had just begun post-war reconstruction and economic development efforts. At that time, the payment in US dollar between Vietnam and other countries was particularly difficult as Vietnam hadn’t had many relations with international banks and the US imposed embargos on the country. Therefore, the VFC acted as a financial intermediary between Vietnam and the world when it supported the country’s export, import and other external economic activities. It was also a channel for mobilising capital in foreign currencies, transferring remittances, and providing credit and funding activities serving reforms … [Read more...] about Vietnam Finance Co. Ltd in Hong Kong marks 40th anniversary
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Viet Nam News HÀ NỘI — Consumer finance companies have been cutting credit growth to focus more on tightening internal governance and selecting solvent customers to target a safer and healthier development. Financial statements from major finance companies showed that credit growth had increased by only 4-5 per cent in the first half of this year, compared to double-digit growth in previous years, and even lower than in commercial banks. At FE Credit, lending rose by only 3.54 per cent in H1 2018, even lower than the growth rate of 10.49 per cent of its parent company VP Bank. Ho Chi Minh Securities Company attributed FE Credit’s credit growth slowdown mainly to the company’s change in lending structure. FE Credit has focused more on the traditional lending segment, which has lower risks, lower value and shorter terms, but higher competition. The credit growth slowdown has caused profitability to reduce significantly. FE Credit’s profit … [Read more...] about Finance companies slow credit growth
The Best Consumer Finance Company for Customer Service of the Year 2018 commends global organisations on delivering exceptional customer service, dedicated day-to-day customer support, and successful customer experience strategies. Prudential Finance has embedded high standards of customer experience and best-in-class services in various initiatives launched last year to optimise the company’s resources and infrastructure. Atul Dixit, CEO of Prudential Finance (L), receives the award from Global Banking & Finance Review (Photo: GBAF) Varun Sash, chairman and CEO of Global Banking & Finance Review, said that Prudential Finance was commended for understanding the value that customer experience plays in building a brand’s positive reputation. “Moreover, it makes great difference to their business success and customer success,” added Sash. Meanwhile Atul Dixit, CEO of Prudential Finance, said that the prestigious award is not only a testament to … [Read more...] about Prudential Finance named The Best Consumer Finance Company for Customer Service 2018
VietNamNet Bridge - Commercial banks are planning to take over finance companies to implement plans to develop consumer credit.The Military Bank’s (MB) buying of Song Da Finance JSC (CDFC) has resulted in the establishment of the MB Consumer Finance Company Ltd, an MB subsidiary with chartered capital of VND500 billion. After the deal was approved by the MB extraordinary shareholders’ meeting held on October 6, 2015, MB has become the latest commercial bank in the consumer finance sector. MB jumped into the market segment after realizing that the market has been growing very rapidly in the last 10 years while analysts predicted it would even see higher growth rate - 20-30 percent until 2019. Nguyen Minh Phong, a renowned economist, said he can see the great development potential of the consumer finance market which is reflected in the establishment of a lot of consumer credit divisions under banks and the establishment of a series of finance companies in recent months. A … [Read more...] about Commercial banks eye finance companies
The Provincial People's Committee has just issued the Certificate for Investment on planting economic forests in Phu Yen to Truong Thanh OJI company Ltd.- a joint venture between Truong Thanh group and OJI paper company (Japan). The Chairman of the Provincial People's Committee hands over the Investment Certificate to leader of OJI Forest Planting Company Ltd. This project aims at planting half-bred gelatine trees, sua trees as well as other trees in the list allowed by the Ministry of Agriculture- rural Development on the area of 16,726 ha in 33 communes of 8 districts, town of Phu Yen, among which, till the year 2011, totally 2,241 ha of forests has been planted. This project has the total investment capital of almost $24 million (equivalent to 455 billion dongs), contributed by the members of the joint venture in different stages during the implementation process. The project enjoys some privileges in land lease rate, import-export tax. Nevertheless, the joint … [Read more...] about Introducing Truong Thanh OJI Forest Planting Company Ltd.