Advertisements Vietnam’s largest lender by market value, Vietcombank (VCB), has earned approximately VND172 billion ($7.56 million) by offloading its entire stake in Ho Chi Minh City-based Orient Commercial Bank (OCB). A Hanoi Stock Exchange announcement said 667 investors, including eight organizations, participated in the auction of 6.67 million OCB shares that saw the highest bidContinue reading “Vietcombank earns $7.5m by divesting Orient Commercial Bank stake”
Category Archives: Finance
Vietnam Stocks Might Be Getting Too Hot to Handle
Advertisements For investors in Vietnam, discretion is increasingly the better part of valor. You won’t see any sign of caution in the current IPO frenzy, though. Far from slowing down, Southeast Asia’s busiest market for stock offerings over the past year seems to be revving up. GIC Pte, Singapore’s sovereign wealth fund, is spending aboutContinue reading “Vietnam Stocks Might Be Getting Too Hot to Handle”
Banks banned from making transactions involving cryptocurrencies
Advertisements Commercial banks and intermediary payment service providers must intensify their inspections and promptly report any suspicious transactions related to cryptocurrencies. This is the content of Directive No. 02 on measures to strengthen the control of transactions and activities related to cryptocurrencies which has been issued by the State Bank of Vietnam (SBV). According toContinue reading “Banks banned from making transactions involving cryptocurrencies”
High logistical costs place huge burden on Vietnamese businesses
Advertisements In Vietnam, transporting a product can be costlier than producing it High logistical costs, especially mounting freight rates, are putting businesses in Vietnam at a disadvantage with regard to price competitiveness. While goods can be produced cheaply in Vietnam, they are often sold at a much higher price due to added costs of transportation,Continue reading “High logistical costs place huge burden on Vietnamese businesses”
New house tax faces opposition
Advertisements A General Statistics Office of Vietnam economist Bui Trinh has opposed the Ministry of Finance’s proposal to impose a tax on houses valued from VND700m (USD30,700). According to the ministry, a 0.4% tax would raise VND31trn (USD1.3bn) each year for the state budget. In their proposal, the ministry said that asset tax would playContinue reading “New house tax faces opposition”
Real estate loans remain high in some banks
Advertisements Real estate lending continued to remain high at more than 10 per cent of the total outstanding loans in several banks. Online news portal Bizlive.vn reported that the top five banks recording a high proportion of real estate lending by the end of last year were Sacombank, 17.6 per cent; Techcombank, 12.6 per cent;Continue reading “Real estate loans remain high in some banks”
Vietnam’s Da Lat targets breakthrough in flower export
Advertisements Flower farmers in Da Lat City, located in the Central Highlands province of Lam Dong, are overcoming technical challenges to produce export-quality flowers. Situated in a plateau around 1,500 meters above sea level, Da Lat enjoys year-round cool weather which stands in contrast to Vietnam’s tropical climate, making the city ideal for growing high-value flowering plantsContinue reading “Vietnam’s Da Lat targets breakthrough in flower export”
PetroVietnam ready for ‘radical reform’ after prosecution of top executives
Advertisements PetroVietnam (PVN), the country’s state-run oil and gas giant, is preparing for an unprecedented reform of its organization and investments, in the wake of many prosecutions involving its top executives. The reform plan, recently submitted to the Ministry of Industry and Trade, would include a gradual streamlining of PVN’s apparatus and the group’s divestmentContinue reading “PetroVietnam ready for ‘radical reform’ after prosecution of top executives”
More foreign brands franchised to Vietnam
Advertisements More Asian brands, particularly those from Southeast Asia, have been franchised to the Vietnamese market, with seven foreign franchises licensed in Vietnam this year. According to franchise data on the website of the Ministry of Industry and Trade, the most recently licensed company is the U.S.-based KF Tea Franchising LLC, which was licensed onContinue reading “More foreign brands franchised to Vietnam”
Japanese investment in Vietnam on the rise
Advertisements Even not in Top 3 FDI in Q1, Japanese Corporations still invest strongly and long-term in Vietnam Leaving the top 3 FDI inflows in Q1/2018, Japan remains the leading FDI “Asian Tiger” by sectors and clusters, according to FDI market – Foreign Investment Agency (Mistry of Planning and Investment) Industry, processing, manufacturing attract largeContinue reading “Japanese investment in Vietnam on the rise”
Market volatile on international uncertainty
Advertisements Vietnam’s stock market is forecast to struggle due to uncertain market sentiment this week, as external factors increase volatility in the market. The VN Index on the HCM Stock Exchange ended down 1.35 per cent on Friday to finish last week at 1,157.14 points. The benchmark index saw a week-total fall of 2.51 perContinue reading “Market volatile on international uncertainty”
Vietnam will get USD 10 mln loan from ADB to improve trade
Advertisements The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Orient Commercial Bank (OCB) today signed a USD 10 million loan agreement to further support trade in Vietnam. “We look forward to our continued partnership with OCB, especially with this additional trade finance assistance,” said Santosh Pokharel, TFP’s Relationship Manager for Vietnam. “ADB isContinue reading “Vietnam will get USD 10 mln loan from ADB to improve trade”
Banks seek foreign capital, but not foreign strategic shareholders
Advertisements Some Vietnamese banks have revealed they are negotiating with foreign partners on capital contributions. Dang Khac Vy, chair of LienViet Post Bank, said at a shareholders’ general council meeting last week that the bank is talking with five foreign investors based in the US, EU and Japan about the sale of treasury stocks. “ItContinue reading “Banks seek foreign capital, but not foreign strategic shareholders”
Ifan And Pincoin ICOs Duped Vietnamese Investors for $660 Million
Advertisements If the claims are true, these will be the largest ICO scams to date. Scams are nothing new in the world of initial coin offerings (ICO) but recently in Vietnam, the largest alleged scam connected to an ICO has been pulled off by two blockchain firms – Ifan and Pincoin. The two firms togetherContinue reading “Ifan And Pincoin ICOs Duped Vietnamese Investors for $660 Million”
Vietnam calls for tougher measures on cryptocurrency deals amid alleged scam
Advertisements Vietnam to tighten “management of activities related to bitcoin and other cryptocurrency”, the government said. Vietnam on Wednesday urged greater vigilance against cryptocurrency transactions and investments, as officials in its economic hub asked the police to investigate what could prove to be the country’s largest cryptocurrency fraud. In a directive, Prime Minister Nguyen XuanContinue reading “Vietnam calls for tougher measures on cryptocurrency deals amid alleged scam”