[Round-up] Vietnam Mulls Allowing Foreigners to Deposit Cash at Banks

Tuan Minh

21:29 16/07/2017

BizLIVE - The Vietnamese central bank has proposed allowing banks to accept deposits from foreigners in an attempt to reduce the risk of cash speculation.

[Round-up] Vietnam Mulls Allowing Foreigners to Deposit Cash at Banks

Vietnam plans to allow banks to accept deposits from foreigners. Photo: Internet

Vietnam Mulls Allowing Foreigners to Put Cash in Banks
The State Bank of Vietnam, the country’s central bank, has proposed allowing banks to accept deposits from foreigners in an attempt to reduce the risk of cash speculation.
The bank’s proposal includes foreigners who are visiting, studying or working in Vietnam, and would allow them to deposit Vietnamese dong or foreign currencies at commercial banks in Vietnam.
Iran Ready to Meet Vietnam’s Energy Demands: Vice President  
Iranian First Vice-President Eshaq Jahangiri expressed the country’s readiness to satisfy Vietnam’s demands for oil and gas.
In a meeting with Vietnamese Minister of Agriculture and Rural Development Nguyen Xuan Cuong in Tehran on Saturday, Jahangiri said Tehran is prepared to satisfy Vietnam’s demands for oil and gas and provide the Southeast Asian nation with technical and engineering services.
Vietnam Fastest Growing Stock Market in SE Asia
The Vietnamese stock market has surpassed its counterparts in the Philippines, Indonesia and Thailand to become the fastest-growing market in the region in the first six months of the year.
The VN-Index has increased 17% over the beginning of the year, approaching the 780 point threshold, the highest peak since 2008. The index increase in the first six months was even higher than the increase for all of last year.
Foreign Investors Flock to Metro Projects
An increasing number of foreign investors are eager to invest in metro projects in Vietnam to cash in on the country's growing public transportation demands.
Not only Keximbank and Siemens, but also Lotte Engineering & Construction Co., Ltd. a subsidiary of the fifth-biggest corporation in South Korea, Lotte Group, is venturing further into the Vietnam transport infrastructure segment, with metro lines in Hanoi and Ho Chi Minh City among the focuses of operation expansion.
Tenova Wins Big Vietnamese Steel Contract
Pomina 2 Steel Corporation, part of Pomina Steel, one of the largest steel manufacturers in Vietnam, has awarded a new cold rolling mill complex to Tenova.
The cold complex layout in Ba Ria Vung Tau province of Vietnam, has been designed to optimize coil storage, material flow and facility productivity to meet the needs of an expanding company.
Total premiums collected by insurance companies in Vietnam reached 47.17 trillion dong ($2.07 billion) in the first half of this year, representing an increase of 20.77% from a year earlier, according to the Insurance Supervisory Authority under the Ministry of Finance.
Of the sum, non-life premiums were 19.34 trillion dong ($852 million) and life insurance premiums stood at 27.83 trillion dong ($1.22 billion).
Military-run enterprises in Vietnam posted a combined pre-tax profit of 22 trillion dong (nearly $1 billion) in the first half of this year, meeting 52% of this year’s target, the Ministry of National Defense said at a press meeting earlier this week.
They raked in combined revenue of 189 trillion dong ($8.32 billion) in the six-month period, or 51% of the year’s plan.
Vietnam currently has around 64 million Facebook users, accounting for 3% of global Facebookers. A 40% percent jump this year has helped Vietnam surpass Thailand and Turkey to secure the seventh place worldwide, according to a report by social media marketing agency We Are Social.
Vietnam to Face Bigger Cement Oversupply: Association
Vietnam's cement oversupply will increase in the next few years, reaching dozens of million tons by 2020, the Vietnam National Cement Association said on Friday.
While the Vietnamese cement industry's current production capacity is 86 million tons per year, domestic consumption is estimated at 60 million tons this year.
Mercedes-Benz to Recall 1,000 Cars in Vietnam
Mercedes-Benz Vietnam is about to recall nearly 1,000 cars after fires were reported in some countries due to a defective fuse, Vietnamese media reported on Friday.
German firm Daimler, which announced in March that it would recall a million Mercedes-Benz models in the world, has just revealed that some 1,000 cars are in the Vietnamese market are affected by the global recall.

TUAN MINH