Bank

Credit by the end of last month increased by 7.18 per cent compared to the beginning of this year. VNA/VNS Photo HÀ NỘI — Banks will lend more than VNĐ100 trillion (US$4.3 billion) with preferential interest rates of 3-4 per cent per year to support the economy, according to Nguyễn Tuấn Anh, director of State Bank of Vietnam (SBV)’s Credit Department of Economic Sectors. The rate cut is estimated to be worth VNĐ3 trillion, Anh said at a preferential interest rate event held last week by Vietnam Economic Review . In addition to this support package, the banking industry has also implemented many other support policies for firms and individuals, Anh said, adding the banking industry had restructured VNĐ520 trillion in loans for borrowers and cut interest rates of VNĐ16 trillion since the outbreak of the COVID-19 pandemic. "The very large number has shown the banking industry has tried its best in recent times to share difficulties with firms and … [Read more...] about Banks to lend $4.3 billion preferential interest rate loans

Vietnam continues to remain an attractive investment destination in the long term. Foreign Direct Investment (FDI) commitments during the first nine months of 2021 rose by 4.4% year-on-year to US$22.15 billion, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at YPE VINA in Binh Xuyen 2 Industrial Park, Vinh Phuc Province. Photo: Hoang Hung Meanwhile, the serious Covid-19 situation in southern provinces/cities has led to temporary disruption of production and a reduction of 3.5% year-on-year in FDI disbursement to around $13.28. billion. Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong said the pandemic and subsequent restriction measures are wreaking havoc on businesses as a whole, including foreign companies. Cuong, however, noted for foreign businesses, any investment decision into a country would take into account long-term considerations, and they are rarely fazed by … [Read more...] about FDI commitments to Vietnam rise nearly 5% in 9-month period

The speed of economic recovery would largely depend on the scale of the vaccination program, although testing remains a key solution to prevent the spread of the pandemic. The serious Covid-19 situation, slow progress in the vaccination program, and strict requirements on movements are among issues that downgraded Vietnam’s rank among the world’s fastest-growing economies. Chairman of the National Assembly Vuong Dinh Hue at the meeting. Source: quochoi.vn World Bank’s lead economist Jacques Morisset stressed the view in a social-economic consultation conference held today [September 27] under the chair of the Chairman of the National Assembly Vuong Dinh Hue. In this regard, Morisset called for more efficient management of movement limitations by simplifying procedures and a smooth data-sharing mechanism between agencies. To stabilize the macro-economic condition, the World Bank expert suggested the Government keep a balance between monetary and fiscal … [Read more...] about Solutions for Vietnam to claim spot among world’s top economic prospects

The event gathered heads of N.A. agencies, ministries, and ministry-level agencies; representatives of some international organisations in Vietnam such as the U.N. Development Program (UNDP), the World Bank, the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the International Labour Organization (ILO); along with economic experts and enterprises. N.A. Vice Chairman Hai said opinions raised at the consultation are a precious source of information for the law-making body to make decisions on important socio-economic issues. The forum is also a place for experts, scientists, and officials to express their in-depth, independent, and constructive viewpoints to boost quality and sustainable socio-economic development. He stressed that Vietnam has taken a number of measures to curb the COVID-19 pandemic, but the prolonged social distancing in many localities, including provinces and cities in key economic regions, industrial parks, and export processing zones, … [Read more...] about N.A., Gov’t officials consult with experts on socio-economic affairs

Citi Vietnam donated 14 ICU beds to Thong Nhat Hospital in Ho Chi Minh City The equipment comprised of 14 intensive care unit (ICU) beds, which offer critical care to patients who require close and constant monitoring. "The ongoing COVID-19 wave is challenging and there is a critical need to establish ICUs at hospitals in Ho Chi Minh City to improve the treatment of patients and save lives. As one of the long-standing US-headquartered banks operating in Vietnam for decades, we are pleased that our contribution of 14 ICU beds will help Thong Nhat hospital increase its capacity to be able to effectively treat patients who are battling the virus," said Ramachandran A.S, Vietnam Citi country officer designate. In August, the Tan Binh COVID-19 Treatment Field Hospital managed by Thong Nhat Hospital opened in Ho Chi Minh City. It was the first field hospital in the city to provide treatment to COVID-19 patients regardless of whether they had mild, moderate, or serious symptoms. … [Read more...] about Citi Vietnam donates 14 ICU beds to Thong Nhat Hospital to support COVID-19 treatment

Dai-ichi Life Group sailing through the fog of uncertainty Dai-ichi Life Group has reported stellar performance thanks to successful crisis response efforts. As of March 31, the group reported a total premium income of around $43 billion, with investment income reaching nearly $24.65 billion. Thanks to cost-effective operations and concerted strategic business plan, Dai-ichi Life Insurance Co., Ltd.’s ordinary profit was recorded at nearly $5 billion while net income per share was around $3, 11 times higher than that of last year. The group owns total assets of more than $578 billion. This year also marks an important tour de force for the Japanese group, when TAL Dai-ichi Life Australia Pty., Ltd. acquired Westpac’s life insurance business in Australia for a cash consideration of around $660 million plus adjusted net worth on completion. Westpac is Australia’s first bank and oldest company, and Dai-ichi Life was delighted to be partnering with one of Australia’s largest and … [Read more...] about Dai-ichi Life Group sailing through the fog of uncertainty