Southern bank vietnam

Some banks used to be very popular, with hundreds of thousands of customers, but they gradually disappeared from the market because of many reasons. Nam Do Commercial Joint Stock Bank Nam Do was a bank based in Ho Chi Minh City, which operated strongly in the mid-90s of the last century. However, under impacts of the Asian financial crisis in 1998, this bank could not recover debts. In 1998, after a series of violations in credit activities, Nam Do Commercial Joint Stock Bank was insolvent and was placed under special control by the State Bank of Vietnam. To ensure the safety of the banking system as well as stabilize the socio-economic situation in Ho Chi Minh City, the Prime Minister and the State Bank of Vietnam assigned the Bank for Investment and Development of Vietnam (BIDV) to participate in controlling Nam Do Bank. BIDV established a special working group to assess the entire situation of Nam Do Bank and propose solutions. Photo: Vietnamnet … [Read more...] about Vietnamese banks that ‘disappear’ from the market

Vietnamese property developer Novaland is continuing personnel changes as Dennis Ng Teck Yow has been named CEO of the firm from Friday to replace Nguyen Ngoc Huyen, who tendered his resignation in late 2022. Novaland, whose NVL shares are traded on the Ho Chi Minh Stock Exchange, announced on Friday morning that the firm’s board of directors decided to select Dennis Ng Teck Yow, a native of Malaysia, as the new chief executive officer. He holds a master’s in banking and finance from the University of Hull in the United Kingdom. Yow is a housing industry veteran, previously working as general director at Gamuda Land Vietnam. The Malaysian entrepreneur has nearly 30 years of experience in property and in top posts of business strategy development, project development, and financial planning and analysis at domestic and international enterprises, according to Novaland. Novaland says will complete key projects Novaland’s appointment was made while the firm is struggling with … [Read more...] about Vietnam’s Novaland appoints Malaysian as new CEO

Vietnam's foreign partners, such as AmCham and EuroCham, expect to further penetrate the domestic clean energy industry. Vietnam’s renewable energy sector remains attractive to international businesses, officials said on March 19 as they urged the Government to finalize the regulatory system soon. A wind power farm in the southern central province of Binh Thuan. Photo: The Hanoi Times According to Gregory Testerman, Chairman of the Board of Governors of the American Chamber of Commerce in Vietnam, US companies are looking for solutions in renewable development, especially gas-fired power, and offshore wind projects. Gregory said that Vietnam needs to prioritize sustainable energy sources at reasonable prices, adding that the nation will need technical and financial assistance to transition energy. AmCham Vietnam hopes to reach an agreement with the Vietnamese Government on power trade to cut carbon emissions and bring the economy into a state of … [Read more...] about International partners keen on Vietnam’s renewable energy sector

A mission, including 52 businesses from the U.S., is scheduled to visit Vietnam this week to learn about the local market and seek business and investment opportunities. This is the largest-ever U.S. business mission to Vietnam. Ted Osius, president and CEO of the U.S.-ASEAN Business Council (USABC), told Tuoi Tre (Youth) newspaper on Monday that these U.S. firms will meet with the Vietnamese prime minister, National Assembly chairman, and ministers. Amazon is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters Learning about Vietnam’s digital, green transformation potential According to Osius, USABC members stressed at a meeting with Vietnamese Prime Minister Pham Minh Chinh during his visit to the U.S. on the occasion of the ASEAN-U.S. Special Summit in May 2022 that they considered Vietnam a strategic market in the region and were committed to making investments in Vietnam and cooperating with Vietnamese partners for a long term. … [Read more...] about Biggest-ever US business delegation comes to Vietnam to seek investment opportunities

Police in Ho Chi Minh City, southern Vietnam, have arrested and pressed criminal charges on three Malaysian men who allegedly lured 30 Indonesians to Vietnam through false promises of good jobs but actually forced them to join fraudulent acts for asset misappropriation. The three Malaysian nationals include Leaw Boon Kiat, 36, Thong Joon Kin, 32, and Gan Ban Lee, 42, who have all been prosecuted on charges of “organizing for others to stay in Vietnam illegally,” the city’s police announced at a press conference on Friday. The arrest warrants and prosecution decisions against these suspects have been approved by the municipal People’s Procuracy. Earlier on March 12, the city’s police received a notice from the Department of Foreign Affairs about 30 Indonesian citizens who came to the Indonesian Consulate General in the city for urgent help after they managed to escape from a building where they had been kept under surveillance by a group of Malaysians. They reported that they … [Read more...] about 3 Malaysians prosecuted for tricking 30 Indonesians into fraud scams in Vietnam

At the reception (Photo: VNA) HCM City (VNA) – Ho Chi Minh City and the UK should strengthen cooperation in trade and investment, Chairman of the municipal People’s Committee Phan Van Mai said on March 16. The collaboration should focus on the exchange of experience in building legal mechanisms, the implementation of a project on building the HCM City financial centre, the establishment of an innovation centre of HCM City, first in health care, and the research and manufacturing of drugs and medical equipment, Mai told Mark Garnier , the British Prime Minister's Trade Envoy for Vietnam, Thailand, Myanmar and Brunei. The official stressed that HCM City benefits from good relations between Vietnam and the UK , and that the city wishes to work together with the UK to step up trade activities to soon fulfill the target of raising bilateral trade to 1 billion USD right in 2023 when the two countries celebrate the 50th anniversary of their diplomatic ties. HCM City … [Read more...] about HCM City, UK agree to enhance trade, investment ties

Over the last few weeks, the price of live hogs in Vietnam has fallen, causing livestock groups to suffer losses. In the north, prices have fallen to lower than $2.15 per kg, a two-year low. In the central and southern regions, the price is around $2.20. The cost of breeding pigs in household farmsteads is about $2.60 per kg, and around $2.15 for big husbandry companies that cover all farming stages from animal feed and seeding to slaughtering. Accordingly, farmers are suffering heavy losses, while big companies like C.P. Vietnam, Japfa Vietnam, CJ, Masan, and Dabaco cannot gain profits. All options on the table as livestock firms take on losses, photo shutterstock Towards the end of last year, many pig breeding enterprises reported losses or retreating profits over the same period. According to a February statement, local giant Dabaco saw a loss of more than $3.4 million in the fourth quarter of 2022, while it earned nearly $4.87 million in profit in the same period … [Read more...] about All options on the table as livestock firms take on losses

The collaboration should focus on the exchange of experience in building legal mechanisms, the implementation of a project on building the Ho Chi Minh City financial center, the establishment of an innovation center of Ho Chi Minh City, first in health care, and the research and manufacturing of drugs and medical equipment, Mai told Mark Garnier, the British Prime Minister's Trade Envoy for Vietnam, Thailand, Myanmar, and Brunei. The official stressed that Ho Chi Minh City benefits from good relations between Vietnam and the U.K., and that the city wishes to work together with the U.K. to step up trade activities to soon fulfill the target of raising bilateral trade to 1 billion USD right in 2023 when the two countries celebrate the 50th anniversary of their diplomatic ties. Ho Chi Minh City will coordinate with the British Consulate General in the city and British partners to implement the agreements, contributing to consolidating and promoting the Vietnam-U.K. relations, he … [Read more...] about Ho Chi Minh City, U.K. agree to enhance trade, investment ties

Deputy Prime Minister Tran Luu Quang speaking at the Viet Nam Connect Forum on green growth and digital transition for central and central highlands region. — Photo courtesy of Vietnam Economic Times The central and Central Highlands region has been designated as one of the areas for fast economic and sustainable development, along with remarkable climate change resilience. Deputy Prime Minister Tran Luu Quang spoke at the Viet Nam Connect Forum – Breakthroughs for central Viet Nam – in the central city on March 17, emphasising that the region plays a crucial role in promoting rapid and sustainable growth. “The region needs to adopt green growth in agriculture, forestry, processing industries, the blue sea economy and tourism,” Quang said. “By 2045, the region should become the largest centre of high-tech industries, services and international cooperation in Asia. Drastic breakthroughs are necessary in the action plans of the provinces in the region to achieve sustainable … [Read more...] about Central region to go ‘green’ amid digital transition

In Ho Chi Minh City, liquidity was low in January and February and weakened further in March. In the secondary market, investors who are under stronger pressure to repay bank loans or pay higher interest, are offering bigger discounts but still struggle to find buyers. Nguyen, an apartment broker in HCMC’s Thu Duc City, said apartment owners are reconciled to average losses of VND500-600 million. "One investor, who had bought an apartment for VND3 billion and paid half the amount, just sold it for half a billion dong to cut losses." In the primary market, developers of many projects in Districts 2 and 9 and Thu Duc City have stopped selling since last year. Concerned about the low market sentiment, they said they would wait until the end of the second quarter of this year to consider selling their apartments. Amid the huge discounts and lack of liquidity, many buyers liquidate their apartment contracts with developers despite a penalty of 20-30% of the value. Minh, who … [Read more...] about Discounts fail to drag apartment market out of slump