Memorandums of understanding being signed at the ‘Overseas Vietnamese Join Hands with HCM City Business People conference in HCM City on October 9. — Photo HCM City Remittances to HCM City by overseas Vietnamese in the first nine months of this year were worth at US$3.8 billion, a 7 per cent increase year-on-year, according to figures from the State Bank of Viet Nam’s city branch. At a conference titled ‘Overseas Vietnamese Join Hands with HCM City Business People’, Phung Cong Dung, chairman of the HCM City Association for Overseas Vietnamese, said the figure could reach $5 billion for the full year. The remittances are increasing as more Vietnamese, especially guest workers, go and live in countries around the world, he said. Members of Overseas Vietnamese communities seek investment opportunities in their homeland, which has achieved significant economic growth in the last few decades, he said. The Government has also simplified procedures for overseas … [Read more...] about Remittances to HCM City by overseas Vietnamese top US$3.8 billion
Citi revamps investment bank and reshuffles management
Up to September 2019, the United Kingdom was one of the major investors in Ho Chi Minh City with 153 valid projects and total investment of over US$ 600 million. Most of the country's investment projects focus on the fields of education, banking - finance, hotels, real estate and service businesses. At the conference, the British businesses informed many questions related to taxation, immigration management, labor contracts, representative offices, real estate and construction or changing regulations of the temporary residence cards for foreign employees, etc. The two sides hoped that the success of the first conference would be the foundation for maintaining roundtable conferences between the Ho Chi Minh City leaders and the BBGV in the coming years. As this reason, the city will continue to collaborate with the British businesses to build clean and attractive business environment. The Ho Chi Minh City Trade and Investment Promotion Center (ITPC) and the British Business … [Read more...] about HCMC has 153 large- scale investment projects of UK
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?
Wishing the 21 diplomats a successful term, Phong expressed his hope that they will be dynamic ambassadors helping to popularise HCM City’s image as a friendly and liveable destination among foreigners. He pledged that the city will always listen to and be a firm support for the overseas representative agencies to fulfill their assigned tasks, thus helping with national development. The official stressed external work plays a crucial role in attracting and optimising external resources in terms of capital, knowledge and technology for developing the city into a modern, sustainable and liveable place for all people. Over the past years, HCM City has carried out external work via all channels of the Party, administration and people, and in the pillars of politics, economy, culture, people-to-people diplomacy. The work has helped not only promote the role, stature and socio-economic development of HCM City but also realise the Party and State’s foreign policy and … [Read more...] about New Vietnamese ambassadors hoped to help with HCM City’s development
The Vietnamese government is trying to lure investors to the country’s infrastructure development projects amid limited public funding and experts believe the investors will come if the government can create a sound legal and regulatory environment. The key for Vietnam’s infrastructure upgrade is a well-crafted PPP law Currently, only 10% of Vietnam’s infrastructure is funded by the private sector, much lower than many other middle-income countries in Asia. However, experts at the Asian Development Bank (ADB) said that a well-structured law on private-public partnerships (PPP) is a key opportunity to upgrade Vietnam’s infrastructure as it will attract the investors. According to experts, the country’s current PPP investment regulations are not sufficient to create a comprehensive framework for investments. Naoyuki Yoshino, dean of ADB Institute, said that private investors, especially foreign investors, remain skittish about investing in … [Read more...] about Well-structured law to channel foreign investment into Vietnam’s infrastructure