Advertisements Both Uber and Grab Taxi have reported losses, with Grab Taxi incurring VND938bn (USD41.3m) in losses due to too much promotion, discount programmes and subsidies to drivers. At a press conference on October 27, Dang Duy Khanh, deputy inspector of the General Department of Taxation, said Grab Taxi has earned VND1.7trn (USD74.8m) from 2014Continue reading “Grab, Uber tax inspection results announced”
Category Archives: Finance
Bitcoin transactions remain illegal in Vietnam
Advertisements The only payment methods allowed in the country are issued or controlled by the State Bank. Cryptocurrencies such as Bitcoin remain illegal in Vietnam, the State Bank affirmed in a statement released on Saturday. “From January 1, 2018, the act of issuing, supplying or using illegal means of payment may be subject to prosecutionContinue reading “Bitcoin transactions remain illegal in Vietnam”
VN Index dips after two-day rise
Advertisements Việt Nam’s benchmark VN Index fell slightly on Thursday as large-cap stocks traded in the negative territory on strong investor selling. The HCM Stock Exchange’s index inched down 0.07 per cent to close at 830.11 points, stepping back from a two-day increase of nearly 1.3 per cent. More than 187.4 million shares were tradedContinue reading “VN Index dips after two-day rise”
Top 500 most profitable firms announced
Advertisements The Vietnam Report Joint Stock Co. has announced the ranking of top 500 companies with the highest profit (Profit500) in 2017. According to the company’s report, the ranking is based on pre-tax profits, revenues and the indexes of return on assets, return on equity and rate of return. Other criteria include the companies’ prestigeContinue reading “Top 500 most profitable firms announced”
SCIC to divest three beverage giants
Advertisements Vietnam’s largest listed company Vinamilk (ticker VNM on the Ho Chi Minh Stock Exchange) has finalised procedures to sell 3.3 per cent of the residual stake on November 10, whilst the two brewery giants Sabeco and Habeco have yet to submit their divestment plans. Renouncing state control over Vinamilk State Capital Investment Corporation (SCIC)Continue reading “SCIC to divest three beverage giants”
Foreign ownership in Techcombank officially at 0%
Advertisements Foreign ownership in the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is officially at zero per cent, the bank announced late last week. Previously, in its announcement to shareholders on August 30, the bank requested shareholders to approve the zero foreign ownership temporarily, following HSBC Bank’s divestment in July. It also expressed itsContinue reading “Foreign ownership in Techcombank officially at 0%”
IDG Ventures Vietnam vice president dies at 40
Advertisements Nguyen Hong Truong, deputy head of IDG Ventures Vietnam and one of the founders of Vietnam’s start-up community, died on October 22 from a stroke. IDG Ventures Vietnam is the first technology venture capital fund in Vietnam and has funded various successful start-up projects including YanTV, Vietnam Communications Corporation and Vat Gia online shoppingContinue reading “IDG Ventures Vietnam vice president dies at 40”
VN’s central bank to keep currency stable: Official
Advertisements Record-high foreign reserves will enable Viet Nam’s central bank to keep the dong, the local currency, stable for the rest of the year, Bloomberg quoted a central bank official as saying. With reserve levels at US$45 billion, “we are confident we will be able to maintain the dong’s value,” in 2017, Nguyen Thi Hong,Continue reading “VN’s central bank to keep currency stable: Official”
Vietcombank appoints former HSBC Vietnam CEO as retail head
Advertisements The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has appointed Thomas William Tobin as head of its retail banking group, marking the first time a foreigner has held senior executive office at the state-owned lender. The appointment of Tobin was announced in a ceremony at the bank’s headquarters in Hanoi onContinue reading “Vietcombank appoints former HSBC Vietnam CEO as retail head”
Central bank policies expand foreign reserves
Advertisements Adoption of appropriate policies by the State Bank of Viet Nam (SBV) has helped it buy a large amount of US dollars to increase the nation’s foreign reserves, industry insiders said. Last week, commercial banks sold a significant amount of dollars to the central bank after the latter used futures trading tools to buyContinue reading “Central bank policies expand foreign reserves”
APEC finance ministers explore the streets of Hoi An
Advertisements The tour of Vietnam’s famous ancient town is part of the three-day APEC Finance Ministers’ Meeting. Delegations from 12 economies attending the APEC Finance Ministers’ Meeting in Hoi An got to tour the streets of the ancient town on Friday afternoon. Hundreds of locals were already waiting to greet them as the delegates startContinue reading “APEC finance ministers explore the streets of Hoi An”
The ‘small kings’ in Vietnam stock market
Advertisements Having smaller charter capital and not being as well-known as big companies like Hoa Phat and The Gioi Di Dong, smaller companies still can make fat profits and become ‘kings’ in their business fields. By the end of September 2017, the number of listed stocks had reached 1,400, being traded on three bourses inContinue reading “The ‘small kings’ in Vietnam stock market”
APEC 2017: Senior Finance Officials’ Meeting opens in Quang Nam
Advertisements Finance officials from the 21 APEC economies gathered in the central province of Quang Nam’s Hoi An ancient city to draft the Joint Ministerial Statement, on October 19. The event also attracted the participation of delegates from the World Bank (WB), the International Monetary Fund (IMF), the Asian Development Bank (ADB) and the OrganisationContinue reading “APEC 2017: Senior Finance Officials’ Meeting opens in Quang Nam”
Son Kim Group confirms plan to bring GS25 convenience chain to Vietnam
Advertisements A multifaceted Vietnamese company will bring South Korean convenience chain GS25 to Vietnam via a joint venture with its parent firm, a representative said on Tuesday, confirming speculation. Son Kim Group, through its retail arm Son Kim Retail, will team up with South Korea’s GS Retail to form a joint venture to develop theContinue reading “Son Kim Group confirms plan to bring GS25 convenience chain to Vietnam”
Dung Quat Oil Refinery IPO attracts foreign investors
Advertisements Seventeen investment funds have shown interest in Dung Quat’s IPO, expected to take place by the end of the year. Besides investment funds, the list of investors gunning for a Dung Quat stake includes the world’s leading conglomerates in the oil & gas sector, including Repsol (Spain), Gazprom (Russia) and Petrolimex, where the JapaneseContinue reading “Dung Quat Oil Refinery IPO attracts foreign investors”