TPP Will Force Vietnamese Bank to Look Outside: VinaCapital Economist
Once the Trans-Pacific Partnership (TPP) enters into force, Vietnamese banks will need to look outside and study how foreign banks serve customers and reduce their lending ratio, said Alan Pham, chief economist of VinaCapital Group.
“The banking sector is in a transitional period and long existing problems like bad loans will be resolved thanks to foreign investors’ capital and experience. This is one thing we can learn from foreign investors,” he told the Vietnam News Agency (VNA).
Vietnam, Russia Sign Oil Cooperation
Vietnam and Russia signed an inter-governmental agreement on oil and gas survey and exploration in Russia under Rusvietpetro joint venture company in Hanoi yesterday.
The two sides also signed a revised protocol of inter-governmental agreement on oil and gas survey and exploration in Vietnam under Vietsovpetro joint venture on December 27, 2010.
Korean Firms Seek Vietnam Links
Executives from 10 companies in Korea’s Hamyang County Wednesday met with 50 Vietnamese counterparts in HCM City
to exchange information and explore business opportunities.
Im Changho, mayor of Hamyang, said through the meeting his county sought to promote its quality agricultural products and wild ginseng, VNA reported.
Vietnam PM Thanks Kumho Asiana Investment
During a meeting with Kumho Asiana Chairman Park Sam Koo on Wednesday, Vietnamese Prime Minister Nguyen Xuan Phuc appreciated the group’s contribution to the development of trade, investment, culture and education in Vietnam.
The PM expressed hope that Kumho Asiana would continue expanding its investment while increasing cooperation in culture and education.
CIMB to Start Ops in Vietnam by Year-end
CIMB Group Holdings Bhd, received in-principle approval from Vietnam’s central bank to offer its services in the country in August 2015, expects to commence operations in Vietnam by the end of 2016.
The approval allows it to establish and operate a 100%-owned subsidiary, offering a comprehensive range of wholesale, commercial and consumer banking products and services.
JX Nippon Oil Eyes Investment in Nam Van Phong
JX Nippon Oil and Energy Corp (NOE) and Petrolimex have signed a memorandum of understanding to start a joint study for the construction of a refinery in Van Phong Economic Zone, the Vietnam Investment Review cited NOE President Tsutomu Sugimori as saying.
The statement came after the Japanese oil and gas giant signed a share subscription agreement to buy into Vietnam’s largest distributor of petroleum products.
The $8-billion Nam Van Phong oil refinery project, which is expected to go online by mid-2020 at the earliest, will produce approximately five million tons of crude oil per year.
More Foreign Garment Firms Pour Capital in Binh Duong after TPP Signing
More than $400 million in foreign direct investment (FDI
) has been pumped into the garment-textile sector in the southern province of Binh Duong after the signing of the Trans-Pacific Partnership (TPP) agreement, according to VNA.
According to the provincial Department of Industry and Trade, most of new apparel projects focus on support industry and fabric material, a positive signal to support the domestic garment-textile industry.
VinaFor Reaps $11 Million from IPO
Hanoi-based Vietnam Forest Corporation (VinaFor) booked proceeds of 246.2 billion ($11 million) from selling out 24.3 million shares at its initial public offering (IPO) on the Hanoi Stock Exchange (HNX) on Thursday.
The state ownership will be cut to 51% after the IPO.
U.S. Deputy Secretary of State Antony Blinken talks about the potential of startups in Vietnam and U.S. investors’ excitement about opportunities in the country.
U.S. investors and businesses are very excited about Vietnam. They see tremendous potential. Already U.S. investments in Vietnam have gone up significantly. I think when the Trans-Pacific Partnership is finalized, that will open up more doors and investment opportunities.
Foreign direct investment (FDI) committed for export processing zones (EZs) and industrial parks (IPs) in Ho Chi Minh City plummeted 69.5% year-on-year to $116 million in the first three months of this year, according to the HCM City Export Processing and Industrial Zone Authority (Hepza).
The fall in FDI has stemmed from the addition of two large apparel and textile projects in the same period of last year, including the capital hike of $160 million by British Virgin Islands-based Gain Lucky Limited, a Hepza representative explained.