RoK airline to launch route to Nha Trang in December An aircraft of Air Seoul (Photo: Yonhap news agency) Air Seoul is wholly owned by the Republic of Korea (RoK)’s Asiana Airlines Inc. Starting December 18, Air Seoul plans to offer seven flights a week to Nha Trang as it strives to strengthen services on routes to Southeast Asia to offset declining demand on Japanese routes, the company said in a statement. Since early July, RoK airlines have halted or reduced services on their Japanese routes, while expanding flights on non-Japanese ones after the neighbouring country implemented export restrictions of key materials to the RoK./. Banks forecast strong performance despite credit slowdown Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week. In the … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 15
Bank of america business line of credit
Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
As of September 24, the M2 money supply had increased 8.58 percent while outstanding loans provided for the economy had grown 8.64 percent from the end of 2018 (Photo: VNA) Hanoi (VNA) – Credit has been provided for production and business activities and the priority fields while loans for high-risk areas have been further tightened so far this year, the State Bank of Vietnam (SBV) reported. At a press conference in Hanoi on October 1, SBV Deputy Governor Dao Minh Tu said the central bank has kept steering the monetary policy in a proactive, flexible and prudent manner, and coordinating it with the fiscal policy and other macro-economic policies to control inflation, support economic growth, and stabilise the monetary and forex markets. As of September 24, the M2 money supply had increased 8.58 percent compared to the end of 2018. The liquidity of the credit organisation system has been ensured. For 2019, the SBV targets that the M2 money supply and credit will grow … [Read more...] about Capital funneled into priority fields: central bank
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Businesses complain they find it difficult to access loans, while banks say many businesses don’t have feasible business plans and cannot use capital effectively. As many as 97 percent of Vietnam’s businesses are small and medium sized. Many of these businesses die after several years of development, a report says. SMEs that meet difficulties are mostly in the production sector. The lack of capital, management skills, and problems in business environment and policy have been cited as reasons why SMEs cannot develop strongly. Tran Ngoc Liem, deputy director of the Vietnam Chamber of Commerce and Industry (VCCI) HCM City Branch, also cited a report on provincial competitiveness index (PCI) as showing that accessing bank loans is a big problem for SMEs. Linh Ha Vietnam’s businesses urged to gear up for digital transformation Nine out of 10 businesses are involved in digital transformation and three of 10 say the transformation has brought big benefits, … [Read more...] about In Vietnam, many businesses close after several years of development