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A customer uses Home Credit’s app. Investment in digitalisation is currently the key for large financial companies to compete and expand their market shares. — Photo thoibaonganhang.vn Large foreign financial groups have actively penetrated the Vietnamese consumer finance market, which has significantly helped accelerate the digitalisation of the country’s financial services. United Overseas Bank Limited (UOB) has recently completed the acquisition of Citigroup’s consumer banking business in Viet Nam, which includes Citibank’s unsecured and secured lending portfolios, wealth management and retail deposit businesses. Not only UOB, multinational financial groups from countries in the Asian region are also strongly promoting mergers and acquisitions (M&A), capital contributions in Vietnamese commercial banks to promote their consumer lending activities. There has been recent information that Japan's Sumitomo Mitsui (SMBC) has reached a number of agreements to buy more than 1 … [Read more...] about Foreign investors expand consumer finance business in Viet Nam

A customer uses Home Credit’s app. Investment in digitalisation is currently the key for large financial companies to compete and expand their market shares. (Photo thoibaonganhang.vn) Hanoi (VNS/VNA) - Large foreign financial groups have actively penetrated the Vietnamese consumer finance market, which has significantly helped accelerate the digitalisation of the country’s financial services. United Overseas Bank Limited (UOB) has recently completed the acquisition of Citigroup’s consumer banking business in Vietnam, which includes Citibank’s unsecured and secured lending portfolios, wealth management and retail deposit businesses. Not only UOB, multinational financial groups from countries in the Asian region are also strongly promoting mergers and acquisitions (M&A) and capital contributions in Vietnamese commercial banks to promote their consumer lending activities. There has been recent information that Japan's Sumitomo Mitsui (SMBC) has reached a number of … [Read more...] about Foreign investors expand consumer finance business in Vietnam

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

In the 35 years since its establishment, Agribank now has the largest countrywide retail network, with nearly 2,300 branches and transaction offices. Agribank has a network system twice as large as the next biggest bank and is the only commercial bank with a presence in nine out of the 13 island districts. Agribank going from strength to strength In addition, Agribank also has the largest number of employees in the banking system, with about 40,000 people. The wide coverage is a testament to Agribank’s mission to work alongside the agricultural sector, farmers, and rural communities, despite the expense of maintaining this large network and number of employees. Agribank boasts a profound understanding of the market and its customers and their communities. The bank has also set another record with the number of its customers. On average, each Agribank credit officer is responsible for approximately 800 customers. In some localities, each credit offer is responsible … [Read more...] about Agribank going from strength to strength

Can Tho (VNA) – The Cuu Long Delta Rice Research Institute (CLRRI) on March 24 signed a strategic cooperation agreement with Syngenta Vietnam Limited to research and develop plant varieties , especially purebred rice varieties. Accordingly, Syngenta will finance the institute’s research on the best purebred rice varieties from now till 2025. The two sides will also cooperate in the fields of plant protection, covering the research, testing and evaluation of pesticides. To satisfy requirements in the transformation of the rice sector, the institute has adjusted its research strategy, its Director Tran Ngoc Thach said, adding that apart from productivity, resilience to insects and quality, attention has been paid to issues regarding fertilisers, greenhouse gas emissions and tolerance to the environment during the research of rice varieties. Vietnam exported 7.13 million tonnes of rice for 3.4 billion USD last year, up 13.8% in volume and 5.1% in value year on year, making … [Read more...] about Research institute, agri-business cooperate in developing purebred rice varieties

Stakeholders have much to say about the current state of the tourism industry, and what must be done Prime Minister Pham Minh Chinh chaired a tourism recovery conference on March 15 and talked to management agencies and tourism businesses about removing obstacles for the industry to thrive once again. Despite being one of the first Southeast Asian countries to fully reopen to international tourism after the pandemic, Vietnam’s tourism industry still trails other countries in the region. The PM raised a series of questions about tourism promotion, competitive advantages, products, and visa policies – all factors that are considered to be subjective causes for Vietnam’s tourism to fail its foreign tourism targets thus far. “Tourism cannot develop alone, and tourism cannot develop if culture and the entertainment industry do not develop,” PM Chinh said. He directed the tourism industry to build green and sustainable tourism products, finance tourism activities, and develop … [Read more...] about Tourism breakthrough within reach

Kam Thon and other women who live by the Mekong have been collecting river weed, or khai, for decades, but their harvest has fallen since China built nearly a dozen dams upstream. The dams have altered the flow of water and block much of the sediment that is vital for khai and rice cultivation, researchers say. "Generally, the water is clear and the level is lower in the dry season, and we can easily wade in and harvest khai. But now, the water level is higher during dry season, which makes it more difficult," said Kam Thon, who sells khai at the local market. "We need to spend more time collecting khai, and there is also less khai, which has affected our income," the 48-year-old said, as she rolled handfuls of the stringy green weed into balls and placed them in a nylon bag slung on her shoulder. Kam Thon, who lives in Chiang Khong by the Thai-Laos border, said she only makes only about a third of what she used to earn when the Mekong’s waters ran low in the dry season and the … [Read more...] about China’s Mekong dams turn Thai fishing villages into ‘ghost towns’

Vietnam considers the US as one of its most important partners and welcomes the US to support a strong, independent, and prosperous Vietnam. Vietnam aims to enhance the Comprehensive Partnership with the US, focusing on mutually beneficial outcomes that generate employment opportunities and growth for both nations. Overview of the meeting. Photos: Nhat Bac “Such an effort would contribute to supporting global and regional stability, cooperation, and development while promoting peace and harmony.” Prime Minister Pham Minh Chinh stressed the remarks during a meeting with a delegation of the US-ASEAN Business Council (USABC) today [March 22]. At the meeting, Chinh welcomed a delegation of over 50 large US enterprises to visit and work in Vietnam, coinciding with the 10th anniversary of the Vietnam-US Comprehensive Partnership (2013-2023). The Prime Minister expressed gratitude to the US Government and businesses for their support in providing vaccines and … [Read more...] about Vietnam continues to push for stronger ties with US: PM

VPBank last week was rumoured to be close to an agreement to sell 15 per cent of stakes to Sumitomo Mitsui Financial Group, one of Japan’s largest financial companies. The estimated agreement is valued at around $1.4 billion, cited Bloomberg. “The Vietnamese bank will sell more than one billion shares to SMBC Consumer Finance, a unit of the Japanese megabank, for $1.35-1.39 each,” the newswire noted. Banks continue with consolidation game, illustration photo/ Source: Shutterstock VNDirect Securities told VIR that due to a high capital adequacy ratio of 20.5 per cent in 2022, VPBank could receive a higher credit limit from the State Bank of Vietnam this year. In addition, the brokerage predicted that the bank would invest significantly to diversify its products and expand its footprint in other segments, such as VPBank Securities in the securities market or OPES – its new non-life insurance arm. With the 15 per cent stake sale to SMBC, VPBank would consolidate and … [Read more...] about Banks continue with consolidation game

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI