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BVBank The move, outlined in Decision No.1001/QD-NHNN issued by the SBV on May 26, states that the new English abbreviation for the bank will be BVBank, replacing its previous designation. The adoption of the new abbreviation is in line with the bank's objective of having a concise, easily recognisable, and memorable name. This change aims to enhance the convenience of communication between BVBank and its customers, aligning with its customer-centric approach encapsulated in its slogan Starting with YOU. By securing the approval of the SBV, BVBank has taken a significant step towards becoming more customer-oriented, as it seeks to provide improved products, services, and overall benefits to its clientele. Furthermore, the new name also boosts the bank's international identity, positioning it for greater recognition and presence in global markets. The update reflects its commitment to establishing a strong and cohesive brand image on the international stage. Looking … [Read more...] about BVBank builds stronger identity with new name

Since its establishment in Vietnam in 1992, Deutsche Bank has steadily forged a remarkable 30-year legacy of expansion and development, solidifying its position as a driving force propelling the ASEAN banking sector forward. Today, its presence in Vietnam remains instrumental, playing a pivotal role in the group's burgeoning influence across the vibrant Asia-Pacific region. It has witnessed a doubling of its revenue over the past two years. Deutsche Bank offers a wide range of corporate and investment banking solutions to multinational companies, domestic conglomerates, and financial institutions in Vietnam. This multifaceted spectrum of services encompasses asset management, foreign exchange, capital arrangement for businesses, and an array of advisory solutions. Since 2017, Deutsche Bank has successfully mobilised over $1 billion in annual funding, including loans and equity capital, for Vietnamese enterprises. The bank has also solidified its position by arranging capital and … [Read more...] about Deutsche Bank expands investment in Vietnam

Foreign investors at the Ho Chi Minh Stock Exchange (HoSE). Capital flows in the market are moving in opposite directions. — Photo hsx.com.vn While individual investors' cash flow is supporting the market, foreign investors are strongly net selling multi-trillions of dong. The good news of the interest rate reduction has not yet been able to help the stock market. The VN-Index mainly accumulated within a narrow range of 1,060 – 1,070 points with a divergence between industry groups. The remarkable point is the strong net selling momentum of foreign investors recently. In the last week alone, foreign investors strongly sold nearly VND2.4 trillion (US$102 million). In the Securities Spotlight online forum organised by MBS Securities, economist Hoang Cong Tuan said that capital flows in the market were moving in opposite directions. While individual investors' cash flow was becoming a support for the market, foreign investors were strongly net selling. Discussing the reason for … [Read more...] about Foreign investors’ net-selling pressures indices

Printer production at Canon Vietnam (Photo: hanoimoi.com.vn) Hanoi (VNA) – Amid the slowing down of the global investment flows, experts held that improving both quality and number of foreign investment projects is a heavy task for Vietnam, requiring great efforts from the Vietnamese Government to fulfil the “dual targets”. According to the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), as of May 20, Vietnam had drawn 10.86 billion USD of foreign direct investment (FDI), down 7.3% year on year, including 5.26 billion USD of newly-registered capital, up 27.8%. Do Nhat Hoang, Director of the agency said that the increase in the amount of newly-registered capital in five months was higher than the 11% recorded in the first four months of this year. Meanwhile, the number of new projects in the five-month period also surged 66.4% year on year to 962 projects, showing foreign investors’ strong confidence in the investment environment of Vietnam … [Read more...] about Improving FDI quality, quantity crucial for Vietnam: Insiders

Workers at Nhon Trach 2 Plant. — VNA/VNS Photo Huy Hung Fitch Ratings has affirmed PetroVietnam Power Corporation (PV Power)’s long-term foreign-currency issuer default rating (IDR) at “BB” with a positive outlook. This is the third consecutive year that PV Power has received “BB” rating with a positive outlook, the highest rating that a Vietnamese company can reach. The rating, which is based on PV Power's Standalone Credit Profile (SCP) assessment of “BB”, is on a par with the IDR of its 80 per cent parent, Vietnam Oil and Gas Group (PVN, BB/Positive). PV Power's SCP is driven by its strong market position as Viet Nam's second-largest electricity producer, accounting for around 5 per cent of the country's total electricity output and 5 per cent of installed capacity in 2022. It also benefits from diversified fuel sources, long-term power-purchase agreements (PPAs) with Viet Nam Electricity (EVN, BB/Positive) for more than 80 per cent of its electricity output and a strong … [Read more...] about PV Power receives “BB” rating for third consecutive year

According to a recent report by the Bank of Korea (BOK), Vietnam is swiftly becoming a significant market for South Korean semiconductor makers, who have been grappling with lacklustre demand in China. As the rivalry between the United States and China intensifies, the BOK has emphasised the importance of diversifying export markets for industry giants like Samsung Electronics and SK Hynix. The BOK underlines Vietnam's emergence as a new source of demand for South Korean semiconductors, highlighting its growing status as an international hub for IT device production and potentially positioning it as a substitute for China in the future. Major smartphone manufacturers have established production bases in Vietnam, where South Korean semiconductors play a crucial role as intermediary goods in the production of finished products, the report notes. Vietnam's abundant low-wage workforce and its proximity to the Chinese market are attracting global businesses, including South Korean … [Read more...] about Vietnam’s market becomes ray of hope for South Korean semiconductor manufacturers

A Vietcombank employee talks to a customer at its office. The bank's shares surged by 1.5 per cent yesterday, lifting the VN-Index. — Photo courtesy of Vietcombank The Vietnamese stock market inched higher on Tuesday, extending its rally for the second day in a row. However, gains were capped by strong net selling activities by foreign investors. The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 3.07 points, or 0.29 per cent, to close the day at 1,078.05 points. It climbed more than 11.2 points, the biggest intraday gain in two weeks, on Monday thanks to the investor's improving risk appetite. Tuesday's rally helped push the index closer to the resistance level of 1,080 points, and may further test the zone of 1,085 - 1,090 points, according to ASEAN Securities Company. Similarly, analysts from Yuanta Securities (Vietnam) Company said that the benchmark was likely to retest the resistance zone of 1,080 - 1,085 points, and the market would continue its … [Read more...] about Market extends gain on positive sentiment

The results pushed the total retail sales of consumer goods and services in the first five months of this year to VND2.52 quadrillion ($107.2 billion), a year-on-year rise of 12.6%, the GSO reported. It underlined that the result in the first five months of this year was the highest recorded in the same period since 2015, representing a surge of 28.3% over the same time in 2019 before the Covid-19 pandemic broke out. Specifically, in the January-May period, revenue from retail sales of goods was estimated at VND1.99 trillion, up 10.7% year on year. Upturn was seen in sales of food and foodstuff (14.6%), garment and textile (11.1%), home appliances (4.8%), transport vehicle excluding automobiles (4.2%), and educational and cultural products (1.9%). Strong rise was seen in revenue from retail sales of goods in many localities, led by Bac Ninh with 19.6%, Binh Dinh 14.8%, Binh Duong 13.8%, Thanh Hoa 12.1%, and Hai Phong 10.6%. Meanwhile, revenue from accommodation and food … [Read more...] about Retail sales of consumer goods, services top $22B in May

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