Asia News China to scrap business curbs on foreign banks, brokerages The Saigon Times Daily Thursday, Oct 17, 2019,17:20 (GMT+7) China to scrap business curbs on foreign banks, brokeragesThe Saigon Times Daily China's Premier Li Keqiang makes a speech during the closing ceremony of the 2019 International Horticultural Exhibition in Beijing, China October 9, 2019 – PHOTO: REUTERS BEIJING (REUTERS) - China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organization (WTO), could have limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to … [Read more...] about China to scrap business curbs on foreign banks, brokerages
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Since the enactment of the Law on Foreign Investment in December 1987, one of the first achievements of ‘Doi Moi’, Vietnam has attracted FDI to its economy for over 30 years. Hence, FDI is becoming an important economic sector of Vietnam. A long road To date, more than $182 billion in FDI has been invested in almost all industries and sectors of the economy, significantly contributing to the development and restructuring of the economy. The FDI sector accounts for about 25% of total investment nationwide, and generates over 70% of total export turnover of the country. However, many experts believe that FDI is dominating too many fields and occupations, taking opportunity away from home-grown businesses, and above all, making the economy dependent on foreign investment. To adequately analyse the effect of FDI, Dr. Nguyen Dinh Cung, Director of the Central Institute for Economic Management, explains that one cannot only focus on FDI enterprises alone, but must make a … [Read more...] about Will FDI adversely affect Vietnamese businesses?
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
Mekong Delta, HCMC warned of tidal flooding in lowland, riverside areas The Southern Regional Hydrometeorological Center has warned the Mekong Delta and Ho Chi Minh City of flooding in lowland and riverside areas as a high tide is forecast to occur and reach its peak in the next couple of days. According to the center, water level in the Saigon and Dong Nai rivers on October 12 highly increased. It is predicted to continue surging in the next few days. The peak of the high tide might occur on October 15-16, the 17th and 18th day of the ninth lunar month. The National Hydro Meteorological Forecasting Center also issued the same warning, saying that the water level in the Mekong and Saigon Rivers will reach alarming levels 2-3 under influence of the high tide. Low lying and riverside areas in HCMC and the Mekong Delta might be flooded. In the meantime, the meteorological station in Can Tho city said that tide level in canals in the city will continue moving up to reach 1.95-2 meters and … [Read more...] about VIETNAM NEWS HEADLINES OCTOBER 15
Prime Minister Nguyen Xuan Phuc and Prime Minister Mohathir Mohamad have an open and candid detailed discussion conducted in the spirit of mutual understanding. Photo: VGP >>> VN, Malaysia pledge to coordinate closely in ensuring maritime security, freedom 1. At the invitation of H.E. Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Viet Nam, H.E. Tun Dr. Mahathir Mohamad, Prime Minister of Malaysia paid an official visit to Viet Nam from 26 to 28 August 2019. The Prime Minister of Malaysia was accompanied by a high level official delegation, which included the Minister of Foreign Affairs, senior officials from the Prime Minister’s Office, the Ministry of Foreign Affairs and the Ministry of International Trade and Industry. 2. The official welcoming ceremony for Prime Minister Mahathir Mohamad was held at the Presidential Palace on 27 August 2019. During the visit, Prime Minister Mahathir Mohamad held bilateral talks with … [Read more...] about VN, Malaysia issue Joint Statement expressing serious concerns over developments in East Sea