A group of 48 developing economies, known as the V20, together with development banks this week announced plans for new financial instruments aimed at lowering the cost of capital and unlocking large capital flows for green development. The effort could help safeguard the prosperity gains of at least 1 billion people as the planet warms, V20 finance ministers said in a statement. "The moment calls for a robust response to protect economic growth from the risks of climate change and secure continued progress," said V20 chair Benson Wase, finance minister of the Marshall Islands, in a statement issued during the spring meetings of the World Bank and International Monetary Fund. The V20 economies include Barbados, Cambodia, Costa Rica, Ethiopia, Honduras, Lebanon, Morocco, Nepal, the Philippines, Rwanda, Senegal, Sudan, Tanzania, Tunisia, Tuvalu and Vietnam. A 2018 report commissioned by U.N. Environment calculated that the V20 countries had coughed up an additional $62 billion in … [Read more...] about Shunned by investors, poorer nations seek to climate-proof growth
How is economic growth calculated
Most local banks reported their business performance for 2018 during the opening month of the new year. Despite the central bank’s tightened monetary policy, Vietnam’s banking sector closed last year on a strong financial footing after overall pre-tax profit surged around 40 per cent year-on-year as local banks’ intensified their efforts to resolve bad debts, with double-digit earnings growth and rising income from services. The State Bank of Vietnam (SBV) recently set a credit growth target for 2019 of 14 per cent, focusing on priority fields to ensure risk control and support economic growth. The restructuring of credit institutions and the settlement of bad debts have had a positive effect and created a positive outlook for the local banking sector this year. The SBV will also continue to set credit growth quotas for each bank, depending on its health, to regulate overall credit growth and support government targets. Profits high In mid-January, Vietcombank … [Read more...] about Room remains for credit growth
The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Norwegian solar companies seek cooperation opportunity in Vietnam A group of Norway’s leading solar companies attended a Norwegian Solar Seminar in Hanoi on October 15 to look for cooperation opportunities with local partners in the solar energy sector. The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of … [Read more...] about BUSINESS NEWS IN BRIEF 19/10
Workers unload bags of chemicals at a port in Zhangjiagang in China’s eastern Jiangsu province.— AFP/VNA Illustrative Photo Viet Nam News LONDON — Escalating trade wars "pose real risks" to the global economy, potentially threatening millions of jobs, head of the World Trade Organisation (WTO) Roberto Azevedo warned in a London speech on Wednesday. US President Donald Trump is locked in a trade war with China, rolling out billions of dollars in tariffs in a bid to tackle its trade deficit and rein in what Washington considers unacceptable Chinese trade practices. Trump has also targeted the EU, and WTO director general Azevedo told business heads at the Mansion House speech that there appeared to be "no end in sight" to the tit-for-tat action, pleading with world leaders to negotiate. "A continued escalation of tensions would pose real risks," he warned. WTO economists calculate that a complete breakdown in international trade co-operation would see a sharp rise … [Read more...] about Global trade wars risk ’millions of jobs’: WTO chief