Strategic marketing planning establishes the

Vietnamese e-wallet MoMo has partnered with Apple to introduce Apple Installments, which allows users to own Apple products through flexible payment plans ranging 6-24 months. The US tech giant launched an online store in Vietnam in May. Optimism rises for fintech development opportunities, illustration photo/ Le Toan Do Quang Thuan, senior deputy director in charge of financial services at MoMo, said, “As we seamlessly integrate into the online Apple Store, we present Vietnamese users with an unparalleled range of payment options. It’s a gateway to unlocking their dreams of Apple ownership while maintaining a firm grip on their financial equilibrium.” The landscape has become increasingly competitive in Vietnam, driving innovation and advancements in digital payment solutions. Breaking new ground in the Vietnamese market, MoMo is also the first local partner to offer cashless payment options for YouTube Premium. The strategic collaboration brings added convenience … [Read more...] about Optimism rises for fintech development opportunities

Deutsche Bank office in Viet Nam. The bank announced it will double its capital allocation in the country. — Photo Courtesy Deutsche Bank Deutsche Bank has announced a capital allocation increase for its HCM City branch of US$100 million, bringing its total to just over $200 million. The increased capital will support the bank’s growth in the country and allow it to undertake more activities for its clients, the bank said. “This capital investment in Viet Nam is reflective of our confidence in this market’s rapid development and long-term growth trajectory. Viet Nam is an increasingly strategic market for our clients. This capital injection will enable us to better support our clients’ expansion plans in the country, and likewise the broader Vietnamese economy. We’re proud of the strong local business we have built over our decades of experience here, and look forward to continuing to grow our business alongside our clients over the years to come,” said Deutsche Bank Asia … [Read more...] about Deutsche Bank doubles its capital allocation in Viet Nam

Vietnam's Prime Minister Pham Minh Chinh has just unveiled plans to embark on a groundbreaking initiative that involves piloting and advancing the development of a direct power purchase agreement (DPPA) framework between renewable energy producers and consumers in Vietnam. During a meeting held on May 19 with Fujimoto Masayoshi, CEO of Sojitz Corporation, on the sidelines of the expanded G7 Summit in Japan, discussions revolved around the potential for expanding investments in Vietnam's industrial parks and renewable energy sectors. Masayoshi emphasised Sojitz's keen interest in exploring opportunities for broader investments in these domains. A growing number of prominent Japanese businesses are actively considering expanding their production capacities in Vietnam or relocating their manufacturing operations to the country. Masayoshi proposed that Vietnam should expedite the implementation of a DPPA mechanism, enabling industrial plants to actively participate it. Such a move … [Read more...] about Vietnam to explore direct power purchase agreements in renewable sector

VinFast is going public through a tie-up with special purpose acquisition company Black Spade The electric vehicle (EV) arm of Vingroup made its debut on the US stock market by entering a business merger agreement with Black Spade Acquisition Company on May 12. The overseas listing represents a significant milestone, highlighting the company’s determination to establish a prominent presence and solidify its position as a major player in the EV segment, though it is still a loss-making group. Pham Nhat Vuong, chairman of Vingroup, said at its AGM on May 17, “At present, we have completed half of the listing process, with just a few remaining steps to consummate this transformative union.” Addressing the concern of when VinFast will attain profitability, Vuong offered insights into their strategic roadmap. “Previously, our long-term plan entailed enduring losses. However, with the backing of major shareholders, exemplified by our shift away from traditional petrol vehicles, … [Read more...] about No braking for VinFast in quest for superiority

Transactions at SHB. The capital surplus would help SHB foster the bank’s financial capacity, thereby enabling massive investment in digital transformation. — Photo courtesy of the bank SHB on Tuesday officially announced it successfully completed the transfer of the first 50 per cent of charter capital at SHBank Finance Company Limited (SHB Finance) to its partner - Krungsri Bank of Thailand - a strategic member of MUFG Group (Japan). They will complete the remaining 50 per cent in the next three years, subject to approval from the relevant regulators. The completion of the acquisition follows the capital transfer agreement announced on August 25, 2021. According to the Decision No 759/QD-NHNN by the SBV and the Establishment and Operation License No 21/GP-NHNN dated April 25, 2023, SHB Finance officially converted from Saigon- Hanoi Commercial Joint Stock Bank Finance Single-member Limited Company to Saigon-Hanoi Commercial Joint Stock Bank Finance Company Limited. Do … [Read more...] about SHB completed 50 per cent shares transfer to Krungsri Bank of Thailand

Starting in 2024, when the South Korean government will impose the global minimum corporate income tax (GMT), Samsung estimates that it will be required to pay an additional $400 million in taxes to South Korea. Taking into account the tax incentive period in Vietnam, the total tax difference this group must pay is estimated to be $6.5 billion, according to data released by Samsung Vietnam last month. Clock ticks to shape response to global corporate tax policy, photo Thuy Linh Companies like Samsung are believed to be anxious that the enactment of GMT next year will exacerbate the company’s obstacles, as profits are declining and competition for semiconductor technology is intensifying. According to the Ministry of Finance, Vietnam has approximately 335 projects with registered capital exceeding $100 million, with a focus on the high-tech industry, including Samsung, Intel, LG, Bosch, Sharp, Panasonic, Foxconn, and Pegatron. The total registered investment for these … [Read more...] about Clock ticks to shape response to global corporate tax policy

What is your impression of Vietnam’s young but energy-hungry market, and what are its most critical issues? With over 30 years of operation in Vietnam, GE has made significant contributions to the country's development. Vietnam holds strategic importance as a market, and we are proud to witness its progress. A key challenge lies in ensuring dispatchable energy, the ability to generate and deliver energy as needed. GE's energy consulting services play a vital role in addressing this challenge by optimising the dispatchability of energy resources. Working closely with grid operators, these services identify effective strategies for energy dispatch, including integrating renewable sources, optimising network planning, and ensuring a reliable electricity supply. Furthermore, energy financial services can facilitate financing and investments that enhance grid dispatchability. By strategically supporting projects that contribute to a more reliable and flexible energy system, these … [Read more...] about Empowering Vietnam’s energy transition

At present, digital solutions of domestic and foreign suppliers are very diverse and abundant in the domestic market. — Photo taichinhdoanhnghiep.net.vn For successful digital transformation, enterprises must understand clearly the changes associated with their business model, target, value and culture to choose suitable solutions, according to experts. Van Ngoc An, an expert of the Digital Transformation Business Support Programme under the USAID LinkSME Project, said that digital transformation solutions for enterprises have covered many fields. This development helps many enterprises have a lot of information to choose the right solution, but it also makes them unable to evaluate the efficiency of the solutions for their business as well as the ability of the solution providers, An said. A report on the readiness for digital transformation of Viet Nam's enterprises recently released has shown that 12 out of 16 surveyed economic sectors have an above-mid level of readiness. … [Read more...] about Enterprises need suitable solutions for successful digital transformation: expert

The seminar was co-organised by Danang and the Swiss-Vietnamese Business Gateway with the support of the Geneva Chamber of Commerce, Industry & Services. According to Ambassador Le Thi Tuyet Mai, permanent representative of Vietnam to the United Nations, World Trade Organization and other International Organizations in Geneva, Switzerland, Vietnam is a member of ASEAN, a promising market and venue for investment with a wide-ranging network of free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP). Vietnam is also under free-trade negotiations with EFTA countries. Foreign investment, including those of Swiss investors, into Vietnam and Danang, especially in the fields of green finance, banking, innovation, e-commerce are welcome and encouraged. She added that Danang held an important strategic position in Vietnam’s socioeconomic development. The national … [Read more...] about Swiss investors eyes Danang as potential investment destination

With Morinaga Milk Industry holding a controlling 51 per cent stake, this joint venture (JV) aims to achieve a revenue milestone of JPY 10 billion, or nearly $71.7 million in Vietnam while expanding its footprint in the international market. Yohichi Ohnuki, CEO of Morinaga Milk Industry, disclosed that the company had invested a sum of $4.5 million to secure the majority share of 51 per cent in the JV. Le Van May, chairwoman of Lotus Group and CEO of Morinaga Le May Vietnam, said that the core operations would revolve around the importation and distribution of premium-quality formula milk products catering to the needs of mothers and infants. This sector has witnessed an exclusive and fruitful collaboration between Le May and Morinaga Milk Industry in the Vietnamese market for over a decade, nurturing a solid foundation of expertise and mutual understanding. Focusing on the distribution of premium products manufactured in Japan, the JV will play a pivotal role in bolstering … [Read more...] about Morinaga Le May JV sets target of $71.7 million revenue in Vietnam