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About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19

In a resolution issued Monday on buying Cuba’s Abdala vaccine, produced by the Center for Genetic Engineering and Biotechnology (CIGB), the government said the doses will be procured by a contractor chosen in line with the Law on Bidding for "special cases." The resolution accepts the usual disclaimers for emergency use vaccines and that any contract dispute will be handled in accordance with Cuban law. In case the two parties in the contract cannot reach an agreement, the settlement shall be based on the Arbitration Rules of the International Chamber of Commerce (ICC) in Paris, France. The purchase decision follows the Health Ministry granting emergency use approval for Cuba’s Abdala Covid-19 vaccine Friday. The vaccine employs a traditional approach by using a part of the spike protein, which the virus uses to bind to human cells, to build up the immune reaction. Cuba approved emergency use of the Abdala vaccine on July 9 after manufacturers announced it was more than 92 … [Read more...] about Vietnam to buy 10 million Covid-19 vaccine doses from Cuba

Since August, Vietnam’s export sector has started to feel the devastating effects of the pandemic and strict social distancing measures in many localities nationwide plus the disruption of supply chains and production. According to a report by the Ministry of Industry and Trade (MIT), Vietnam’s export sales in August 2021 were estimated at US$26.2 billion, a decline of 6% from July. Of this, the domestic sector gained US$6.94 billion, down by 9.7% from the previous month, while the foreign investment sector—including crude oil—reached US$19.26 billion, down by 4.5%. Compared with the same period of last year, August export value fell by 5.4%, of which the domestic sector saw a drop of 13.9% and the foreign investment sector, including crude oil, suffered a slight decline of 1.9%. During the Jan. – Aug. period, goods export sales reached US$212.55 billion, a rise of 21.2% year on year. Also in August, the annualized revenues of the three key export groups all dropped, of … [Read more...] about Export begins suffering from Covid-19

Thailand's SCG Packaging Pcl (SCGP) on Monday announced an 11.8 billion baht ($353.93 million) expansion in its packaging paper business in Vietnam, anticipating growth in demand. A new facility will be built in Vinh Phuc province in northern Vietnam, to begin operations in early 2024, which will raise total production capacity to 870,000 tonnes of packaging paper per year, up from 500,000, SCGP said in a statement. It will be run by Vina Kraft Paper, a joint venture between SCG Packaging and Japan's Rengo Company, of which SCGP holds 70%. "Vietnam has strong domestic consumption and is an important export base in the region, a big draw for multinational companies to invest their operations there," chief executive Wichan Jitpukdee said. Wichan anticipated Vietnamese demand growth of 6% to 7% annually until 2025. SCGP, a unit of Thailand's largest industrial conglomerate, Siam Cement Pcl, said it would use cash and debt to finance the expansion. The facility is the latest … [Read more...] about Thailand’s SCG Packaging plans $353 mln Vietnam expansion