Forum Helps Connect Vietnam, South Korea SMEs
The Vietnam Association of Small and Medium Enterprises and the Vietnam Trade Office in the Republic of Korea Thursday organized a forum in Seoul to connect small and medium-sized enterprises (SMEs) in the two countries, the Vietnam News Agency reported.
President of the Vietnam Coffee and Cocoa Association President Luong Van Tu, who is former chief of Vietnam’s WTO
negotiation delegation, said that the new-generation Vietnam-Korea Free Trade Agreement (FTA), which took effect late last year, opened up opportunities for businesses in the two nations, especially SMEs.
Vietnam Central Bank Asks Banks to Tame Bad Debt
State Bank of Vietnam (SBV) Governor Le Minh Hung has requested local and foreign banks to enhance their credit quality and keep their bad debt ratios below 3%.
Banks will have to submit their plans to handle non-performing loans (NPLs) for 2016 before April 28.
The SBV on April 12 allowed Vietnam Asset Management Company (VAMC) to acquire NPLs at market prices, in a move to speed up the handling of bad debt.
Vietnam Trade Minister Pledges to Perfect Legal Framework
The Ministry of Industry and Trade will focus on building the legal framework and institutions in line with integration commitments to create an optimum environment for investment, business and production, VNA cited new-elected Minister of Industry and Trade Tran Tuan Anh as saying.
He pledged that his ministry would respond to the demands of the business community, the economy and consumers and correct the shortcomings in state management in sectors under the ministry’s supervision.
Transport Ministry to Divest $282 Million from Non-core Operations in Q2
The Ministry of Transport will pull out more than 6.3 trillion dong ($282 million) from 59 non-core enterprises in the second quarter of 2016, VNA reported, citing Deputy Minister Nguyen Ngoc Dong.
In the first quarter, the ministry divested from nine non-core businesses, earning more than two trillion dong (roughly $100 million), he added.
Demand for Mid-Level, Top Managers Rises: Navigos
Recruitment demands for mid-level and senior managers for enterprises nationwide surged during the first quarter of the year, according to a report by Navigos Search, a personnel recruiting agency in Vietnam.
Recruitment requirements sent by clients to the agency in the first quarter of this year increased 48% year-on-year, according to the agency.
HCM City Party Chief Woos U.S. Businesses
Dinh La Thang, head of Ho Chi Minh City
’s party committee, expressed hopes to welcome more U.S. enterprises in the city.
At a meeting with U.S. Ambassador to Vietnam Ted Osius on Thursday, Thang asked the ambassador to encourage U.S. firms to come to the city and make U.S. the biggest investor in HCM City as well as Vietnam.
Generali Vietnam Life Appoints Tina Nguyen as CEO
Generali Vietnam Life Insurance Co., Ltd has announced the appointment of Nguyen Thi Hong Thanh (Tina Nguyen) as its new CEO.
Tina Nguyen took over the CEO position from Chung Ba Phuong, who is said to move to Hong Kong to take the position of general manager for Generali’s businesses there.
Victoria Kwakwa Promoted to Regional Vice President for East Asia and Pacific
World Bank (WB) Group President Jim Yong Kim has appointed Victoria Kwakwa, previously the World Bank’s country director of Vietnam, as the new regional vice president for East Asia and Pacific, WB said in a press release today.
Kwakwa will lead the bank’s advisory and lending operations in the region and oversee strategic engagement with the region’s 23 member countries. The bank’s lending in East Asia Pacific is expected to be over $7 billion in the fiscal year ending June 30.
Le Minh Hung, who was elected last week as governor of the State Bank of Vietnam (SBV), will have to tackle a number of challenges to aid businesses and boost economic growth, which showed signs of stagnation in the first quarter of this year.
Some 428,000 enterprises ceased operations or closed down in Vietnam while 692,000 firms were formed in the 2007-2015 period, bringing the number of businesses formations to 941,000 since 2000, according to a report by the Vietnam Chamber of Commerce and Industry.
South Korea’s securities firm Mirae Asset Securities Co. will spend 400 billion won (roughly $350 million) to acquire Keangnam Hanoi Landmark Tower, the highest building in Vietnam, according to Korean media.
The securities will join hands with global investment company AON BGN, a former AON Holdings, to take over the skyscraper, where Intercontinental Hotel, offices of Korea’s large companies, 922 apartments, serviced residence hotel and stores are located.