Vietnamese businesses look to further optimise opportunities from CPTPP After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders. Among 14 free trade agreements (FTAs) Vietnam has signed, the CPTPP is a new generation FTA with high standards and the highest level of facilitation. Vietnam has been forecast to be one of the members that benefits the most from the deal. However, the country has experienced challenges in optimising the FTA because of its modest level of development and competitiveness. Due to US-China trade tensions and the impact of COVID-19, the global economy fell into crisis last year with interrupted supply chains. Vietnam also suffered an economic downturn. Therefore, after two years of implementation, the benefits from the CPTPP are still to be seen. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that positive results in the two years of implementation include the reform of institutions and administrative procedures. Explaining the modest benefits so far, Loc said major reasons include the poor competitiveness of Vietnamese enterprises, market instability, and the low capacity of State agencies. Meanwhile, Nguyen Cam Trang, Vice Director of the Import-Export Department at the Ministry of Industry and Trade, said the CPTPP has helped promote Vietnam’s exports. However, its market share and export growth to the six partners that have implemented the CPTPP have been low. She noted that Vietnam’s market share is 3.1 percent in Japan, 1.9 percent in Australia, 1.6 percent in New Zealand, 1.3 percent in Mexico, 1.1 percent in Canada, and 1 percent in Singapore. Growth in exports to CPTPP markets was 12.2 percent in 2018, 13 percent in 2019, and 12.02 percent in 2020, Trang added. She said that, in the future, …
Yuanta asia investment
Grab to stay focused on Southeast Asian markets
Co-founder and CEO Anthony Tan (Photo: asia.nikkei.com) Singapore (VNA) – Singapore's tech unicorn Grab will remain focused on Southeast Asian markets even after it goes public in the US, co-founder and CEO Anthony Tan told Asia Nikkei Review. Noting that investors describe Southeast Asia's most valuable unlisted company as a combination of tech names like Uber Technologies and Ant Financial , Tan stressed Grab will scale up its existing core businesses such as food delivery and digital finance. On April 13, Grab announced that it would go public through a merger with a special purpose acquisition company (SPAC). Tan added the company will use the capital "to build the lowest cost and the most efficient delivery network" by investing in maps and other technology as well as "to revolutionise mobile payments, financial services and digital banking." Through the SPAC, Grab will merge with Nasdaq-listed Altimeter Growth Corp., which was set up under the US-based Altimeter Capital, in coming months. The listing is expected to value Grab at 39.6 billion USD and will provide as much as 4.5 billion USD for the company. Grab's main competitor Sea, Singapore-headquartered and New York-listed online gaming and e-commerce giant, is already beginning to expand into Latin American markets such as Brazil. This poses a question that Grab may also expand out of the region. Tan said that Southeast Asia has nearly double the population of the US, with 670 million people, and its adoption of online services, from mobility to delivery to e-payment, is still low./. VNA …
[Read more...] about Grab to stay focused on Southeast Asian markets
Timo Digital Bank platform appoints Nirukt Sapru to its Global Advisory Board
Hongkong Land continues its 132-year legacy in Viet Nam STEAM for Vietnam and VinUni to coordinate in organizing robotics course for high school students Green Farm fresh milk – an environmentally-friendly product of Vinamilk Ixora Ho Tram by Fusion - A Golden Opportunity For Savvy Investors Activate: The story of a R&D journey for more than two decades HCM City, April 15, 2021 – Timo Digital Bank platform today officially announced that Mr. Nirukt Sapru has been appointed to the Global Advisory Board of Timo with effect from 1 April, 2021. Nirukt has more than 34 years in retail, commercial and investment banking. Nirukt brings deep emerging market experience across Asia, Middle East, Eastern Europe and Latin America coupled with having run businesses in the OECD markets of Australia, Europe and North America. Most recently, he served as Standard Chartered Banks CEO for Vietnam and Cluster CEO for ASEAN and South Asia cluster markets. During his tenure, Standard Chartered Bank Vietnam became one of the leading international banking in Viet Nam and he is in particular credited for building a digital retail franchise. Prior to joining Standard Chartered, Nirukt was Global Head of Emerging Markets and Leverage Finance for ABN AMRO Bank based in London. His extensive knowledge and experience in Viet Nam and other financial markets will allow him to contribute significantly to the long-term domestic and international development of Timo. Nirukt Sapru joins the Global Advisory Board of Timo Digital Bank platform Both Nirukt and the company strongly believe that any strategy must be based on customer-centricity. “Timo has an extraordinary cloud based native digital platform which allows it to provide a truly world class digital solution for its customers. With its obsession on customer outcomes, I am excited to join Henry and the team at Timo to help serve our customers to give them a truly world class …
[Read more...] about Timo Digital Bank platform appoints Nirukt Sapru to its Global Advisory Board