Vietnam life u s fed delivers small rate hike amid global banking turmoil

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

Living in Vietnam can bring moments of total pleasure and those of total wonder. When is a hot dog not a hot dog? Well, that answer came to me through experience some 10 years ago when I began my teaching career here in Vietnam. It was only weeks after I arrived in Ho Chi Minh City to start a new life journey and I had already experienced my first episode of 'Vietnam Belly.' I wasn’t feeling all that great and I found that the local food and cheap beer just weren’t what my body wanted. I met a fellow Australian expat who introduced me to his employer – a major name in Vietnam’s teaching industry. Despite my unreliable health, I interviewed with the company. I was just hoping things would hold themselves together long enough to get the job, and they did. When I found out I got the job, my only thoughts were about how much I hoped I would be able to recover by the time I started classes. Early the next morning, my phone rang. It was the school asking if I could cover a class … [Read more...] about A hot dog that isn’t a hot dog in Vietnam

The State Bank of Vietnam (SBV) last week announced additional adjustments to a series of key interest rates, effective from May 25. This move marks the third round of interest rate decreases within a span of less than three months, signifying its resolute efforts in lowering the interest rate landscape, aimed at providing vital support to businesses and stimulating overall economic growth. The SBV’s rate reduction moves cater specifically to existing customers, Photo: Le Toan The recent decision to lower interest rates has garnered praise from industry experts and leaders who believe it to be an appropriate and well-timed move. Le Quang Vinh, deputy CEO of Vietcombank, deemed it a sound decision that is well-aligned with the current economic landscape. “Looking ahead, we anticipate that lending rates will correspondingly decrease as deposit interest rates uniformly decline,” Vinh said. Pham Nhu Anh, CEO of MB, recognises the difficulties faced by the market in … [Read more...] about Rate reductions deemed well-timed

Latest figures from the central bank show that in late February the on-balance sheet non-performing ratio of the banking system stood at 2.91 per cent, an increase compared to 2.46 per cent in late 2016, 1.49 per cent in late 2021 and most recently, 2 per cent in late 2022. However, according to a State Bank of Vietnam (SBV) assessment, several sorts of debts have the potential to be turned into bad debts in the future, such as investment into corporate bonds for debt restructuring, hard-to-collect receivables, among others. “If such debts were considered, the non-performing loans (NPLs) ratio of the system might reach 5 per cent of total outstanding balances,” said SBV Governor Nguyen Thi Hong. One positive point is that credit institutions have been taking practical measures to ensure operational safety through boosting their loan loss reserve (LLR) funds for their bad debts . Accordingly, credit institutions have maintained a fairly high LLR ratio approximating … [Read more...] about How bad debts influence lending rates

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

The Prime Minister is scheduled to chair a meeting of the National Steering Committee on COVID-19 Prevention and Control this week in order to examine if Vietnam should declare an end to the COVID-19 pandemic, said Minister of Health Dao Hong Lan. Lan told lawmakers at their ongoing National Assembly session in Hanoi on May 29 that the Ministry of Health, authorised by the Prime Minister, is collaborating with other ministries and agencies to review legal provisions, learn about COVID-19 control experiences from other countries, and evaluate practical prevention and control measures locally. The Ministry is now working on a document to downgrade COVID-19 from a Class A infectious disease, classified as ‘especially dangerous’ to Class B ‘common’. She recalled that the World Health Organisation announced in early May that COVID-19 is no longer a global health emergency, although it warned that the disease is not over yet. According to Associate Professor Nguyen Lan Hieu, director … [Read more...] about Vietnam considers declaring end to COVID-19 pandemic

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

The event attracted the participation of more than 100 people from large Korean investment funds, conglomerates, and small- and medium-sized enterprises operating in banking, green energy, green industry, smart city – urban area building and development, 4.0 industry, science and technology, high-tech agriculture, and manufacturing fields. Deputy head of the ministry’s Consular Department Trinh Thi Mai Phuong said that the forum is a highlight of the program to promote Vietnamese localities in the RoK lasting from May 29 to June 1 to foster cooperation and connectivity between Vietnamese localities and RoK localities and businesses. At the forum, VKBIA President Tran Hai Linh stated that the collaboration between Vietnamese and RoK localities plays an important role in fostering economy, trade, and investment between the two countries. Leaders of Can Tho, Bac Lieu, Kon Tum, and Thua Thien Hue informed the forum on their localities’ potential, strength, and socio-economic … [Read more...] about Vietnam, RoK localities step up cooperation

American computational software multinational Cadence Design Systems has inked a deal with the Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City to better workforces in integrated circuit design in Vietnam. Cadence and SHTP announced their partnership in developing a workforce in electronics design and boosting the semiconductor integrated circuit industry in the country on Tuesday. As per the deal, Cadence will provide software for designing integrated circuits and offer related training courses to university students in Ho Chi Minh City. Via these courses, students in the city will be able to gain in-depth knowledge about integrated circuit design and learn how to fix technical errors during the design process, and to produce integrated circuits. Nguyen Anh Thi, head of the SHTP management board, said that the cooperation would foster electronics design, development and research activities, driving up the country’s integrated circuit industry. Students at Ho Chi Minh … [Read more...] about US firm supports Ho Chi Minh City in chip design training

Read what is in the news in Vietnam today: Politics -- Australian Prime Minister Anthony Albanese will pay an official visit to Vietnam from this weekend at the invitation of Vietnamese Prime Minister Pham Minh Chinh, according to the Ministry of Foreign Affairs. -- The Indian government will cooperate with the Vietnam Yoga Federation in organizing the 2023 International Yoga Day across 22 provinces and cities in the Southeast Asian country at the end of June, as part of a range of cultural exchange, tourism, trade, and investment promotion events marking 50 years of diplomatic ties between the two nations, Dr. Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, announced at a press conference on Tuesday. Society -- A court in Thanh Hoa Province, north-central Vietnam sentenced a 44-year-old local woman to 13 months’ imprisonment on Tuesday for “resisting officers on duty” by various actions, including threatening to kiss a traffic policeman to death. -- … [Read more...] about Breakfast @ Tuoi Tre News — May 31