The survey was done last May for the "Assisting Vietnamese businesses with increased access to credit through improving governance and financial transparency" project of the Vietnam Chamber of Commerce and Industry (VCCI). Releasing the survey results last month, the VCCI said businesses have difficulty proving their creditworthiness to banks and other credit institutions. Nguyen Thi Mui, an economist, acknowledging the need to provide banks with collateral for loans, also pointed out that only a small proportion of businesses can fully meet banks’ requirements. The Government and the State Bank of Vietnam have in the past tried various programs to ease credit access but with no great success. The VCCI has three possible solutions but stressed banks have a major role in remedying the problem. Firstly, bank staff should devout time and effort to assist customers seeking loans. More importantly, banks should fully understand the challenges that businesses face. They should be able … [Read more...] about VCCI’s 3 solutions to resolve businesses’ credit crunch
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BUSINESS NEWS IN BRIEF 31/8
Mitsubishi plans to make electric cars in Viet Nam Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday. At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country. Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products. The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant. The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment … [Read more...] about BUSINESS NEWS IN BRIEF 31/8
BUSINESS NEWS IN BRIEF 20/8
Deutsche Bank appoints new chief country officer for Vietnam Deutsche Bank has just announced the appointment of Hans-Dieter Holtzmann (49) as chief country officer and head of Global Transaction Banking (GTB) in Vietnam, effective from August 16, 2018. In his capacity as chief country officer, Holtzmann will report to Werner Steinmueller, member of the Management Board and APAC Head of Deutsche Bank, and in his GTB capacity, to Kaushik Shaparia, head of Global Subsidiary Coverage, GTB Foreign Exchange and Corporate Cash Management for Asia. Announcing the appointment, Steinmueller said, “We are pleased to have a colleague of Hans-Dieter’s caliber in this role. As one of our key markets in Southeast Asia, our Vietnamese franchise has shown profitable growth and we are excited about the country’s outlook. This is why last year we significantly increased our capital base in this market, providing the bank with more resources to support our clients’ … [Read more...] about BUSINESS NEWS IN BRIEF 20/8
BUSINESS NEWS IN BRIEF 17/8
Masan takes full ownership of tungsten processing facility Masan Resources Corporation (UPCoM: MSR), one of the world’s largest integrated industrial tungsten mineral and chemical producers, announced that Nui Phao Mining Company Ltd. (NPMC), a wholly-owned subsidiary of the company, has acquired H.C.Starck GmBH’s (HCS) 49 per cent stake in Nui Phao-H.C.Starck Tungsten Chemicals Manufacturing LLC (NHTCM) for the total cash consideration of $29.1 million, and now owns 100 per cent of this company. NHTCM, previously a joint venture between NPMC and HCS, was established in 2013 and is a leading producer and global supplier of tungsten chemicals (ammonium paratungstate [APT], blue tungsten oxide [BTO], and yellow tungsten oxide [YTO]). NHTCM processes tungsten concentrate (TC), the main product of NPMC, into higher value-added tungsten products. In consideration of NHTCM’s contribution to the development of Vietnam’s high-tech industries, the Vietnamese Ministry of … [Read more...] about BUSINESS NEWS IN BRIEF 17/8
Prosperity Beckons in Viet Nam: Are Canadian Businesses Ready to Take the Leap?
The article by Elizabeth McIninch is posted on the Asia Pacific Foundation of Canada on June 4, 2018 As Canada prepares for the 2018 G7 Summit, all eyes are focused on the picturesque region of Charlevoix, Quebec where the leaders of the industrialized world will gather June 8-9. Canada, which holds the G7 presidency for 2018, has extended a first-ever invitation to Viet Nam, and Vietnamese Prime Minister Nguyễn Xuân Phúc will be attending. The overture is an acknowledgement of Viet Nam's rising status on the world stage, and a fitting tribute by Canada to a bilateral relationship which this year records its 45th anniversary. Devastated by the destruction of a long and tragic war that reduced it to one of the world's poorest nations 30 years ago, today Viet Nam is the rising star of Southeast Asia. The data is spectacular. In the wake of the county's first quarter expansion this year, we might ask ourselves: How often in recent years have full-time G7 … [Read more...] about Prosperity Beckons in Viet Nam: Are Canadian Businesses Ready to Take the Leap?