Vietnam Gov’t Seeks to Boost Non-cash Payment
Deputy Prime Minister Vu Duc Dam has urged ministries and sectors to step up efforts to reduce the prevalence of cash payments and encourage the use electronic payment systems, as non-cash payment has grown under the government’s expectation.
Although Vietnam’s e-commerce market has seen certain growth, up to 65% of total payment transactions are made in cash currently, Mr. Dam said at the Vietnam E-Payment Forum 2015 in Hanoi on Dec. 16.
With more than 120 million mobile subscriptions and more than 40 million Internet users in the country presently, electronic transaction processes have a lot of potential, he added.
Vietnam Export Import Bank (Eximbank) has selected Le Minh Quoc, 54, as chairman of the bank after an extraordinary general meeting on Dec. 15, replacing Le Hung Dung.
Mr. Quoc used to assume positions at BNP Paribas Bank in Canada, Singapore, Taiwan and Vietnam, adding to posts at Orient Commercial Bank and Au Lac JSC.
Hong Leong Vietnam Has New CEO
Raymond Sia Say Guan has been appointed to CEO of Malaysia’s Hong Leong Vietnam, substituting Vietnamese Le Minh Tam, who announce resignation in July.
Before Hong Leong Vietnam, Raymond Sia Say Guan worked for Standard Chartered Bank and Usaha Tegas Sdn Bhd.
HSBC Vietnam Liquidates Hanoi Branch
Hongkong and Shanghai Banking Corporation (HSBC) has announced it has consolidated all of its business in the country into (HSBC Vietnam) and liquidated Hanoi branch (HBAP Hanoi), following the approval of the banking regulator.
“The liquidation of the HBAP Hanoi has no impact on the operations of HSBC Vietnam and we are serving customers, both retail and corporate, as normal,” the bank said in a press release.
Vietnam among Top Remittance Recipient Globally
Vietnam is expected to receive overseas remittances of roughly $12.5 billion from overseas Vietnamese this year, ranking among the top 15 remittance recipients in the world, according to a World Bank report.
According to statistics of the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, nearly five million Vietnamese are residing in 103 countries and territories around the world. Remittances to Vietnam were $9 billion in 2011, $10 billion in 2012, $11 billion in 2013 and $12 billion in 2014.
Vietnam: Uber’s Second-Fastest Growing Market
Vietnam has become Uber’s second-fastest growing market across the world after China, one year after it was launched in the country, the Vietnam Economic Times cited the company as saying.
In Hanoi Uber has provided more than 1.5 million rides. Growth in Hanoi over the past year has surpassed that recorded in major cities such as London, Paris, San Francisco, and Singapore.
Thailand’s PTT Suspends $3 Billion Project in Vietnam amid Oil Crash
Thailand’s oil and gas giant PTT Plc is mulling over delaying three oil refinery and facility projects worth an estimated $3 billion each in Vietnam, Myanmar and Indonesia, as oil prices continue to fall, Thai media reported Thursday.
The Bangkok Post cited Chansin Treenuchagron, senior executive vice president for the state-run company’s petrochemicals and refineries, as saying that PTT will decide whether to proceed with the projects in 2017.
In Vietnam, PTT is known for leading a $22-billion refinery, on which it has been working since 2013. Located in the central province of Binh Dinh, the facility is slated to be one of Southeast Asia’s largest with the capacity of 400,000 barrels per day.
Japan Firms Keen on Agro Business in Vietnam
A delegation formed by 52 Japanese businesses operating in the agro-sector has finished a five-day tour to Vietnam, concluding their search for opportunities in the country’s agricultural powerhouses in the northern, central and southern regions.
The delegation showed interest in doing business in the agricultural sector in Vietnam, where they can sell Japanese fertilizers, seeds and agricultural machinery, buy farm produce in Vietnam and can make investments in this sector, according to the Japan Foreign Trade Promotion Organization (JETRO), the organizer of the trip.
Another IP to Arise in Phu Tho Province
Prime Minister Nguyen Tan Dung has approved an investment package worth 2.2 trillion ($97.8 million) for infrastructure development of the Cam Khe Industrial Park in the northern province of Phu Tho, raising the number of IP in the locality to eight.
The project will be divided into three phases, the first of which will complete developing 137 hectares (ha) by the fourth quarter of 2017. The second phase will add another 138.5 ha by the first half of 2020 and the third will finish at the end of 2020.
Once in place, the park will involve several industries including construction materials, electronics and high-end consumer goods, textile equipment, automotive, and agro-forestry machinery and processing.
Techcom Capital Launches 1st Real Estate Investment Trust in Vietnam
Techcom Capital has announced the debut of Techcom Vietnam Real Estate Investment Trust (TCREIT) to the public.
TCREIT is the first public REIT to be launched in Vietnam, with an initial registered capital of 50 billion dong ($2.35 million).
TCREIT focuses primarily on cash flow-generating properties such as office buildings, retail shopping malls, hotels and resorts. The fund is expected to be listed on Hanoi Stock Exchange in 2016.
Malaysia’s Toyo Ink Group and authorities of Vietnam’s Mekong Delta province of Hau Giang have reached an agreement to construct a $3-billion-plus coal-fired power plant in the province after 15 weeks of negotiations.
Song Hau 2 thermal power plant, which will be built under a BOT format on an area of 100 hectares in Chau Thanh district, is designed to have a capacity of 2,000 megawatts. It will help ensure power supply for the Mekong Delta region.
France-based Casino Group, a mass retailer with operations around the world, has said that it could sell the group’s operations in Vietnam, part of a deleveraging plan above EUR2 billion in 2016.
“The disposals of non-core assets include in particular the project to sell the Group’s operations in Vietnam,” the group said in a press release on Dec. 15.
Vietnamese stocks climbed while the financial market was little changed on Thursday after the Fed’s lifted interest rates last night.
The benchmark VN Index of the Hochiminh Stock Exchange ended up 0.8% to 577.11 on Thursday, off from a high of 579.09 at the open, following gains from the previous two days.
The USD/VND rate at banks remained at the upper limit set by the State Bank of Vietnam.