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Long beach real estate market

SBV continues tightening control over property loans due to credit growth

April 14, 2021 by english.thesaigontimes.vn

SBV continues tightening control over property loans due to credit growth

The Saigon Times

An overall view of an online conference on credit on April 14. SBV pledged to continue to tighten control over property loans due to credit growth – PHOTO: VNA

HCMC – The central State Bank of Vietnam (SBV) has pledged to tighten control over credit for some risky sectors, including property, it was announced at a teleconference on credit activities held by the central bank on April 14.

As of March, credit had grown by 2.93% against the end of 2020 and by 1.3% year-on-year. The demand for credit is expected to rise in the coming months, said Nguyen Tuan Anh, head of the Department of Credit Policies for Economic Sectors at SBV.

Between January and February, credit for the agro-forestry-fishery sector and the industry and construction sector amounted to VND777 trillion, up 0.16%, year-on-year, and VND2,615 trillion, up 1.13%, respectively.

As for risky sectors, as of February, loans for the real estate sector had reached 1,835 trillion, up 2.13% against 2020, while credit for the securities business dropped by 6.9%.

Apart from the tight control over credit for risky sectors, including property, securities and Build-Transfer transport projects, the central bank also continued to enhance the credit risk management of consumer loans and lending for personal needs to ensure the safety of banking operations, Anh said.

As of March 15, real estate outstanding loans growth at 2.13% was higher than the banking sector’s credit growth rate, so the central bank has monitored and issued warnings to credit institutions.

Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, said that since the beginning of 2021, credit for the property sector in HCMC had risen by 2%, with outstanding loans amounting to VND350 trillion, some 13.5% of the total outstanding loans.

Capital flows into the risky sector were controlled, the local media reported, citing Minh.

To enhance control over the risky sectors, risk management of BOT and BT transport projects and consumption, the central bank has adopted certain regulations, including applying the risk coefficient imposed on the real estate sector at 200% and on the securities business at 150% and revising up the risk coefficient on consumer loans worth VND4 billion or more.

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Billionaire Pham Nhat Vuong plans billion-dollar IPO in the US

April 14, 2021 by vietnamnet.vn

Vingroup’s billionaire Pham Nhat Vuong is taking an unexpected step entering the world’s largest electric car market.

Tỷ phú Phạm Nhật Vượng tính thương vụ tỷ USD ngay trên đất Mỹ

Vingroup’s billionaire Pham Nhat Vuong

Bloomberg has cited a source as saying that Vingroup Group (VIC) of billionaire Pham Nhat Vuong is considering an initial public offering (IPO) in the US for its VinFast auto company, which is expected to mobilize about $2-3 billion.

VinFast expects a valuation of at least $50 billion or even up to $70-75 billion. With this valuation, the capitalization of VinFast will surpass the famous car maker Ferrari (capitalization at $52 billion), Honda ($51 billion), Ford ($49 billion), Kia ($30 billion) … and only behind some famous brands such as Tesla, Toyota, Volkswagen, Mercedes Benz, GM, BMW and others.

This is an unexpected move, but it is in line with his aim of conquering the top market in the world.

The information was released when Vuong’s VinFast company began receiving the first orders for electric cars in Vietnam last month and had models shown on CNN, paving its way into the US market.

VinFast has also registered two electric car models in the US and will sell a number of models in Vietnam, the US, Canada and Europe from late 2021.

In the trading session on April 12, Vingroup shares (VIC) – VinFast’s parent company – increased by 5.7% to VND132,000/share, helping the group’s capitalization reach more than $19 billion to be the largest capitalized enterprise in Vietnam’s stock market.

During the morning session of April 13, Vingroup shares continued to rise by more than 4 percent, to nearly VND138,000 per share.

As the price for VIC shares soared, Vuong’s assets rose to over $9 billion and he became the 262nd richest person in the world.

If the IPO is successful, VinFast will set a new record, surpassing the record of $1.4 billion in capital mobilization in 2018 of Vinhomes (Vingroup’s real estate management company).

At that time, VinFast was also the first Vietnamese company listed in the US.

VinFast is Vingroup’s company that manufactures motorbikes, and gasoline- and electric-powered cars. The business, only a few years old, began delivering gasoline fueled cars (using engines licensed by BMW) in 2019.

In the mobile phone segment, Vingroup has achieved many positive results, with the sale of Vsmart phones in the country increasing over the past year, even though the No. 1 private corporation in Vietnam just entered the smartphone market in 2018. Vingroup has become the 3rd largest smartphone manufacturer in Vietnam, behind only Samsung Electronics and Oppo.

On the website of the leading US carrier – AT&T – an image of the first Vingroup smartphones has appeared, a testament to the group’s plan to enter the American smartphone market.

Pham Nhat Vuong has great ambition in the field of technology and industry, with Vsmart phones, Vinfast cars and electric cars.

In recent years, Vuong’s Vingroup had to withdraw from many fields, selling the retail segment to billionaire Nguyen Dang Quang and recently presenting the Youth Football Training Center to Van Lang Education Group, even though it had many achievements in these fields.

V. Ha

Filed Under: Uncategorized Pham Nhat Vuong, Vinfast, Vingroup, IPO, US, stock market, electric car, Vietnam breaking news, Vietnam news, Vietnam latest news, Pham..., Billion Dollar Shave Club, one billion dollars, billion dollars, billion dollar babies, Billion Dollar Industry, 1 billion dollar house, 1 billion dollar bill, pham nhat vuong family, billion dollar buyer, Billion Dollar Roundtable, Nhat Vuong

Healthcare focus for Brit investors through UVFTA

April 14, 2021 by www.vir.com.vn

1539 p12 healthcare focus for brit investors through uvfta
Representatives of Vietnam and the UK hand over notes confirming the date when the UKVFTA comes into force. Photo: VNA

Emily Hamblin, UK consul general in Ho Chi Minh City and trade director for Vietnam, said that May 1 is the next milestone to celebrate in the United Kingdom and Vietnam’s timeline of implementing the free trade deal (UVFTA), when the agreement will legally enter into force.

However, the benefits of it have already been in place for several months, being provisionally applied from January 1. Some 65 per cent of all tariffs have already been eliminated and this will increase to 99 per cent over the next six years. This equates to tariff savings of $134.65 million per year on Vietnamese exports to the UK by full implementation, and of $42.52 million per year on UK exports to Vietnam.

Among them, there are huge cooperation opportunities in the field of healthcare. Hamblin said that in an age of growing challenges from non-communicable diseases, and emerging threats from infectious diseases such as COVID-19, digital health has the potential to offer new solutions and alleviate pressure on overstretched health systems. Digital health technology can empower patients to actively participate in their care, improve clinical outcomes, and enhance operational efficiency.

Innovation and technology have touched many aspects of life in Vietnam and healthcare is no exception. In a concerted effort to embrace Industry 4.0, the Vietnamese government has committed to a national agenda that seeks to harness the potential of digital solutions across the healthcare system. This has set a solid foundation for digital transformation in Vietnam, and the UK shares many of the same aspirations.

“We seek to utilise digital innovation to expand equitable access to quality care, in line with United Nations Sustainable Development Goal 3 on good health and wellbeing. At the early stage of digital transformation, Vietnam has plenty of opportunities to avail of innovative solutions from the UK,” Hamblin stressed.

Meanwhile, Nitin Kapoor, chairman and general director of AstraZeneca Vietnam, said, “As AstraZeneca continually strives to put patients first, we appreciate the UVFTA that is helping to ensure continued access to our innovative and high-quality medicines for millions of Vietnamese patients.

British pharmaceuticals like AstraZeneca can enjoy the increased protection and enforcement of intellectual property rights, internationalised standards and technical regulations, and enhanced transparency of policies on government procurement and reimbursement, which in turn will allow us to better serve local patients.”

Kapoor stressed that the UVFTA entering into force is especially meaningful when the UK and Vietnam are looking forward to another decade of bilateral strategic partnership, cooperating ever more closely in numerous areas, including healthcare, to strengthen the livelihoods and economic prosperity of the people.

Indeed, a number of UK healthcare investors have started to set up their presence in Vietnam. Last year London-based Real Capital London launched a $156 million Hong Anh Medical Campus project in Ho Chi Minh City. The facility will be a state-of-the-art healthcare system incorporating a 462-bed hospital, a medical training centre, a network of general practice clinics and pharmacies, and senior residencies and nursing homes, adding much needed facilities and services to Vietnam’s healthcare system.

The project is divided into four stages, with the final phase expected to be completed by 2030. The fund’s vision is to build a state-of-the-art medical campus under British standards, offering the highest standards of healthcare in Vietnam

As of present, British investors have poured $3.87 billion across over 400 projects in Vietnam and is the 15th-largest foreign investor in the country. Established British actors already here include financial services companies like HSBC, Standard Chartered Bank, and Prudential; Jardines in real estate; and healthcare companies such as AstraZeneca, GSK, and Reckitt.

In the past decade, Vietnam and the UK already enjoyed a strong growth cycle – with bilateral trade growing on average 12 per cent per year. The UVFTA is built upon that strong basis and is opening the doors to increase capital flow between the two nations, according to Hamblin.

She stressed that the UVFTA provides better market access for services, as Vietnam has committed to opening up markets beyond that set out within the World Trade Organization’s baseline, which delivers greater market access for UK service providers. These and other measures set out in the FTA represent real benefits for both businesses and consumers.

In the same vein, Kenneth Atkinson, executive chairman of Grant Thornton Vietnam and a board member of Britcham Vietnam, said that the UVFTA is one of the first signed and entered into by the UK, after leaving the European Union last year. The agreement reflects the importance both the UK and Vietnamese government place on the strategic partnership and the growing importance of the bilateral relationship.

Atkinson expected that a reduction in regulatory barriers and red tape will attract UK investors to Vietnam, particularly in the healthcare space.

By Thanh Van

Filed Under: Uncategorized Healthcare, UVFTA, UK-Vietnam Free Trade Agreement, British healthcare investors, ..., riady scion steadies lippo with focus on property healthcare, focus on healthcare

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