Vietnam Expects to Get More Support from World Bank: SBV Chief
Vietnam wants to receive more financial and technical aid from the World Bank (WB) so as to boost poverty reduction and socio-economic development, Nguyen Van Binh, governor of the State Bank of Vietnam, told a delegation led by director of the WB’s South East Asia (SEA) Group at a meeting on November 9.
Besides the International Development Association (IDA), Vietnam wants to access to funding from other WB groups such as MIGA, IFC and IBRD, Mr. Binh added.
The International Finance Corporation (IFC), the World Bank’s private lending arm, hopes to increase capitalization for Vietnamese commercial banks, an IFC official said.
IFC expects to receive more support from the State Bank of Vietnam (SBV), the country’s central bank, Kyle Kelhofer, IFC country manager for Vietnam, Cambodia and Laos, told SBV Governor Nguyen Van Binh on Monday.
Da Nang City Lures Japan Giant Investors
The central city of Da Nang is holding an investment promotion week for 15 members of the Japanese Business Association (Keidanren) and 120 other Japanese businesses, in Japan from November 9 to November 12.
The city calls for investment from Japan in the high-tech, tourism and real estate sectors, said Da Nang’s People’s Committee Chairman Huynh Duc Tho told Kyohei Takahashi, chairman of Showa Denko, and Kuniharu Nakamura, chairman of Sumitomo.
Hai Phong Attracts $10.7 Billion in Investment So Far
Vietnam’s northern city of Hai Phong has attracted more than $10 billion worth of investment in 450 projects to date, Le Thanh Son, vice chairman of the city’s People’s Committee said at a seminar in Hanoi on November 10.
The city, which is home to several major hi-tech projects rolled out by leading companies such as LG Electronics Co., Bridgestone Tire Manufacturing Vietnam Co. and NIPRO Pharma Vietnam Co., has led the region in term of foreign direct investment, the official said.
The event, which was organized by Japan External Trade Organization (JETRO
), Korean Trade Investment Promotion Agency (KOTRA), Hai Phong People’s Committee and Dinh Vu Industrial Zone JSC, drew the participation of over 100 embassies, organizations, businesses and agencies.
Thailand Bank SCB Gets License to Open Branch in Vietnam
Siam Commercial Bank PCL (SCB), Thailand’s third largest banks by assets, has won a license from the Vietnamese central bank to set up a branch in Ho Chi Minh City next year.
To establish the branch, SCB will acquire a 67% stake for some $46 million in Ho Chi Minh City-based Vinasiam Bank (VSB), a joint venture owned by Vietnam’s Agribank and two Thai firms Siam Commercial Bank and Charoen Pokphand Group (CP Group).
Three Vietnam Firms Enter Forbes’ “Best Under A Billion” List
Three Vietnamese companies namely CII Bridges & Roads Investment, Dien Quang Lamp and Vinasun have been named in Forbes Asia’s “Best Under A Billion” list.
The list highlights 200 leading public companies in the Asia Pacific regional with annual revenue under $1 billion.
Vietnam Banks Reap $400 Million from Non-core Divestment
Banks in Vietnam booked proceeds of nearly nine trillion dong ($400 million) from non-core businesses between 2012 and June 2015.
The State Bank of Vietnam has demanded credit institutions to handle violations in ownership limits and cross-holdings via stake transfer, divestment, consolidation, merger and appointing personnel to run the institutions.
Chinese Tourist Arrivals to Vietnam Seen to Rise in 2016
An increasing number of visitors from China will come to Vietnam next year as a result of recent marketing and promotion programs held in China and meetings between travel operators, said Nguyen Van Tuan, head of the Vietnam National Administration of Tourism (VNAT).
Danang, Nha Trang, Phu Quoc and Ho Chi Minh City are among the destinations expected to lure large numbers of Chinese in the time to come.
More than 1.9 million Chinese tourists visited Vietnam last year, equivalent to one fourth of the total number of foreign arrivals in Vietnam in the same year.
Savills Vietnam has appointed Humphrey Morgan to National Head of Commercial Leasing for Savills Vietnam from November 2015.
“This national appointment is the important long-term strategy of Savills Vietnam in order to strengthen the high quality services already provided to Savills’ corporate clients and commercial property owners,” the property consultant said in a press release.
The National Assembly (NA), Vietnam’s supreme legislative body, has allowed the government to issue $3 billion at most worth of sovereign bonds abroad in 2015 and 2016 to restructure domestic debts.
The NA also permitted the government to sell less-than-five-year bonds to make bond sales more attractive.
The State Bank of Vietnam (SBV), the country’s monetary authority, could weaken the local currency by 3%-4% further in 2016 as the U.S. Federal Reserve (Fed) is poised to hike interest rates soon, Ho Chi Minh City Securities Corp. (HSC
) said in a recently-issued report.
The Vietnamese government has allocated over 11 trillion dong ($489 million) to increase the base salary of state employees by 5% to 1.21 million dong ($53.8) per month, effective May 2016.