Advertisements Oil prices fell about 2 per cent last night (September 18), continuing the decline from the previous session after Saudi Arabia announced to quickly resume full production and US crude oil reserves unexpectedly increased. Brent crude delivered in November 2019 closed the session on September 18, down 95 US cents or 1.5 per centContinue reading “Gold and oil on the rise after drone attack in Saudi Arabia”
Category Archives: Finance
Vietnam police arrest bosses of real estate firm Alibaba
Advertisements The top bosses of a Ho Chi Minh City-based real estate company being probed for irregularities in land sale have been apprehended by police on Wednesday afternoon. Officers searched the headquarters of Alibaba Real Estate Corporation on Kha Van Can Street in Thu Duc and arrested its chairman and director, a source told TuoiContinue reading “Vietnam police arrest bosses of real estate firm Alibaba”
Vietnam’s new rules for foreign direct investments and foreign exchange control
Advertisements The State Bank of Viet Nam has issued Circular No. 06/2019/TT-NHNN concerning foreign exchange management for foreign direct investment activities in Viet Nam. The Circular, scheduled to take effect since September 6, 2019, regulates such activities like capital contribution, opening and use of foreign currency and Viet Nam Dong direct investment capital accounts, transferContinue reading “Vietnam’s new rules for foreign direct investments and foreign exchange control”
Hong Leong and TPG acquire Columbia Asia hospitals in Vietnam and other countries
Advertisements Parent company of Hong Leong Bank Vietnam, the Hong Leong Financial Group Bhd (HLFG) and private equity firm TPG inked a share purchase agreement to acquire Columbia Asia Hospitals in South East Asia for US$1.2 billion. In total, Hong Leong and TPG will acquire 17 Columbia Asia hospitals with a breakdown of 12 hospitalsContinue reading “Hong Leong and TPG acquire Columbia Asia hospitals in Vietnam and other countries”
International Finance Corporation extends $88m loan to Vietnam-based BIM Land’s tourism properties
Advertisements International Finance Corporation (IFC), a member of the World Bank, is providing a loan of up to $87.5 million to Vietnamese property developer BIM Land to build tourism infrastructure projects in Vietnam and Laos. DSA reports. The financing comprises up to $50 million from IFC’s own account and a trust loan of up to $37.5Continue reading “International Finance Corporation extends $88m loan to Vietnam-based BIM Land’s tourism properties”
The State Bank of Vietnam continues to closely coordinate with The National Bank of Cambodia
Advertisements The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) held a bilateral meeting in Phnom Penh, Cambodia on September 16 to exchange and share experiences on macroeconomic management, especially in finance and banking. Nhandan Online reports. The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) heldContinue reading “The State Bank of Vietnam continues to closely coordinate with The National Bank of Cambodia”
HSBC Vietnam appointed Tim Evans as its new CEO
Advertisements Tim Evans to take over from Pham Hong Hai, who held the role for the last four and a half years. A highly experienced and versatile executive with deep knowledge of HSBC’s franchise in emerging markets, Evans joined the HSBC Group 26 years ago. Since then he has held many senior leadership roles withContinue reading “HSBC Vietnam appointed Tim Evans as its new CEO”
Woori Bank approved to open five branches in Vietnam
Advertisements The State Bank of Vietnam (SBV) has approved the eligibility of the Republic of Korea’s Woori Bank to establish five branches in Vietnam. They will include Hoan Kiem branch, Vinh Phuc branch, Da Nang branch, Bien Hoa branch and Sai Gon branch. The SBV requires Woori Bank to carry out the procedures for openingContinue reading “Woori Bank approved to open five branches in Vietnam”
Vietnam’s central bank cuts official interest rates
Advertisements Vietnam’s central bank said on Friday it would cut several interest rates to support economic growth and control inflation. The annual refinancing rate, rediscount rate, overnight electronic interbank rate, and rate of loans to offset capital shortage in clearance between the central bank and domestic banks, would be cut by 0.25 percentage points eachContinue reading “Vietnam’s central bank cuts official interest rates”
BIDV to use Surecomp’s trade finance solutions
Advertisements Trade finance fintech Surecomp has entered into an agreement with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to implement Surecomp’s DOKA-NG and allNETT solutions for the bank. DOKA-NG and allNETT will serve as end-to-end trade finance solutions, helping BIDV with its ongoing digitalization plans. IBS reports. “We are delighted toContinue reading “BIDV to use Surecomp’s trade finance solutions”
VN stocks make modest gains on mid-cap and small-cap firms
Advertisements Vietnamese shares were mixed on Wednesday as capital was directed into mid-cap and small-cap firms. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched down 0.10 per cent to end at 969.31 points. The VN-Index has lost a total 1.50 per cent since the start of September. The HNX-Index on the Hà NộiContinue reading “VN stocks make modest gains on mid-cap and small-cap firms”
Banks’ profit growth forecast to slow in 2019
Advertisements Profit growth of Vietnamese banks in 2019 is forecast to be lower than last year, but experts say this should not be cause for concern. Analysts from the Viet Dragon Securities Company (VDSC) say despite the dip compared to 2018, results are still positive. In a banking industry report released recently, analysts attributed theContinue reading “Banks’ profit growth forecast to slow in 2019”
Vietnam has initiated anti-dumping investigations on steel imports from China
Advertisements Vietnam has initiated anti-dumping investigations on certain carbon steel imports from China following a request by local producers. VnExpress reports. Local manufacturers Posco Vietnam, China Steel Sumikin and Phu My Flat Steel, all based in the southern province of Ba Ria-Vung Tau, have alleged that certain cold-rolled carbon steel coils and sheets imported fromContinue reading “Vietnam has initiated anti-dumping investigations on steel imports from China”
Da Nang makes great efforts to attract investment in local hi-tech businesses
Advertisements The central coastal city of Da Nang has made great efforts to diversify its solutions to attract investment in local hi-tech businesses. NhanDan Online reports. The Da Nang Hi-Tech Park was established in 2010, covering an area of 1,128 ha in Hoa Lien and Hoa Ninh communes, Hoa Vang district. In recent years, DaContinue reading “Da Nang makes great efforts to attract investment in local hi-tech businesses”
ADB names VIB “Leading SME Trade Bank” in Vietnam
Advertisements Vietnam International Bank (VIB) has been named “Leading SME Trade Bank”” in Vietnam by Asian Development Bank (ADB). This is a prestigious award honoring partner banks of the ADB’s Trade Finance Program with outstanding achievements are . The award ceremony took place on September 3, 2019 in Singapore, as the only awards and dinnerContinue reading “ADB names VIB “Leading SME Trade Bank” in Vietnam”