The peoples bank

The Hanoitimes - Many banks are on the brink of losing their market shares in case they lag behind in the digitalization process. While Covid-19 is causing severe impacts on the economy as a whole, the pandemic has also served as a driving factor for banks and fintech companies in Vietnam to digitalize their services and take on online payment. Banks are at the brink of losing their market shares in case they lag behind in the digitalization process. Pham Tien Dung, director of the Payment Department under the State Bank of Vietnam (SBV), said recently, there has been a major shift of customers from one bank to another, leaving many on the brink of losing their market shares in case they lag behind in the digitalization process. According to Mr. Dung, in order to promote digital economy, banks should find the quickest way to attract customers to use their online services. And secondly, they have to be satisfied with the service quality offered. In Vietnam, the growth rate of mobile banking is estimated at 200% in recent months, while around 30 million people are using banks' payment system daily. However, customer behavior remains the largest restriction to promote greater usage of online banking services. In this regard, around 81% of credit institutions are working with fintech companies to develop new services. Nguyen Chien Thang, director of BDIV Digital Bank, said before 2010, as customers look to move from cash-based to e-payment with the introduction of debit cards and ATMs, BIDV took advantage of this trend to become Vietnam’s top three banks with the largest number of transaction points. During the Covid-19 pandemic, BIDV recorded 15.5 million transactions per month with an amount of VND11 trillion (US$475.43 million). Technological bottleneck Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said priorities for the economy in the post-Covid-19 period is digitalization, corporate operation, …

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In its letter sent to the Chairman of the municipal People’s Committee and the city’s Management Authority for Urban Railways (MAUR), KEXIM said it will soon provide funding for the update of the project’s pre-feasibility study, which covers technical, financial, and legal aspects, according to the MAUR. The bank noted that members of the research group and participating investors have experience in building and operating urban railway routes, including Metro Line No. 9 of the RoK’s Seoul capital, in the PPP format. The MAUR said it had a working session on January 19 with some investors and consultancies from the RoK to discuss the study and related orientations for the project. The Korean side, including KEXIM and some businesses and consultancies, presented the plan to update the pre-feasibility study, whose final version is expected to be submitted by the end of 2021. The pre-feasibility study for Phase 2 of Metro Line No. 5 was previously financed by the Korea International Cooperation Agency (KOICA). However, due to certain objective reasons, the project was unable to be funded through official development assistance (ODA) loans, but the PPP format. The 23.39km-long Metro Line No. 5 is developed in two phases. The first one, from the Bay Hien intersection to Sai Gon Bridge, is about 8.8km long and invested with around 1.66 billion USD. It is funded with ODA capital from the Spanish Government, the Asian Development Bank (ADB), the European Investment Bank (EIB), and the German development bank KfW. Meanwhile, Phase 2 is about 14.5km long. …

[Read more...] about HCMC: Korean bank proposes investment study for Metro Line No. 5

The track of Metro Line No. 1, from Ben Thanh Market to Suoi Tien Theme Park, in HCM City (Photo: VNA) HCM City (VNA) – The Export-Import Bank of the Republic of Korea (KEXIM) has asked Ho Chi Minh City ’s authorities for permission to conduct an investment study for Phase 2 of Metro Line No. 5 , set to be carried out in the public-private partnership (PPP) format. In its letter sent to the Chairman of the municipal People’s Committee and the city’s Management Authority for Urban Railways (MAUR), KEXIM said it will soon provide funding for the update of the project’s pre-feasibility study, which covers technical, financial, and legal aspects, according to the MAUR. The bank noted that members of the research group and participating investors have experience in building and operating urban railway routes, including Metro Line No. 9 of the RoK’s Seoul capital, in the PPP format. The MAUR said it had a working session on January 19 with some investors and consultancies from the RoK to discuss the study and related orientations for the project. The Korean side, including KEXIM and some businesses and consultancies, presented the plan to update the pre-feasibility study, whose final version is expected to be submitted by the end of 2021. The pre-feasibility study for Phase 2 of Metro Line No. 5 was previously financed by the Korea International Cooperation Agency (KOICA). However, due to certain objective reasons, the project was unable to be funded through official development assistance (ODA) loans, but the PPP format. The 23.39km-long Metro Line No. 5 is developed in two phases. The first one, from the Bay Hien intersection to Sai Gon Bridge, is about 8.8km long and invested with around 1.66 billion USD. It is funded with ODA capital from the Spanish Government, the Asian Development Bank (ADB), the European Investment Bank (EIB), and the German development bank KfW. Meanwhile, Phase 2 is about 14.5km long./. VNA …

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