More than 4.15 billion USD of foreign investment was poured into Myanmar in the fiscal year 2018-2019 (Photo: AFP) Hanoi (VNA) – Myanmar attracted more than 4.15 billion USD of foreign investment in the fiscal year 2018-2019 that ended in September. The figure declined by over 1.5 billion USD from FY 2017-2018, when over 5.7 billion USD of foreign investment was poured into the country, according to the Directorate of Investment and Company Administration of Myanmar. From October 1, 2018 to September 30 this year, the Myanmar Investment Commission approved projects of over 282 foreign enterprises. The transport and communication sector topped the list with over 1.53 billion USD channeled into, followed by the manufacturing sector with over 1.34 billion USD, and other services with 650 million USD. From FY 1988-1989 to FY 2018-2019, Myanmar attracted 81.8 billion USD from 1,837 foreign businesses. Singapore, China and Thailand were the three leading investors./. VNA … [Read more...] about Myanmar draws over 4.15 bln USD of foreign investment last fiscal year
Myanmar investment and commercial bank
Korean commercial banks are showing a steady growth in Vietnam (Photo: vietnambiz.vn) Hanoi (VNS/VNA) – The Republic of Korea’s banks are focusing more on Vietnam as the market emerges as a major source of earnings for them amid their slowdown from China. RoK banks are seeing their earnings in China decrease due to the prolonged trade between China and the US and the slowdown in economic growth rates. However, they are showing higher profits in the Southeast Asian region, including Vietnam, thanks to the RoK government’s New Southern Policy, the Business Korea newspaper reported. Korean commercial banks are showing a steady growth in Vietnam. Their net profits in Vietnam came to 131.80 million USD in 2018, showing a 116 percent rise (70.80 million USD) from 61 million USD in 2017, according to the data from the Financial Supervisory Service (FSS). Woori Bank Vietnam also saw its net profits surge 130 percent year-on-year to 8.17 billion won (6.83 … [Read more...] about RoK banks focus more on Vietnam for impressive growth
GIC/AHK: Stable, transparent and reliable legal framework needed Marko Walde, Chief Representative, Delegation of German Industry and Commerce Vietnam (GIC/AHK).Photo: GIC/AHK We perceive the business and investment environment consisting of economic and non-economic factors and the results could be an increase in economic output and thereby economic growth. If we look at the economic results of Hanoi, we would say that 2019 will be a successful year of Hanoi with a number of positive developments and perspectives. Hanoi expects 7.4 – 7.6% economic growth for 2019 and according to the Ministry of Planning and Investment, this city attracted more than US$5.3 billion in foreign direct investment projects in the first half of 2019, establishing itself as the country’s top FDI destination this year. Hanoi encourages and promotes innovation and start-ups as well as shows its commitment to become a smart city by implementing green and clean energy as well as … [Read more...] about Hanoi’s investment climate in the eyes of foreign businesses
Large banks as well as smaller ones are seeking foreign investors in today's competitive market. BIDV has confirmed that it will issue 603 million shares to KEB Hana Bank, a deal which is expected to bring VND20.3 trillion. The bank from South Korea will acquire 15 percent of BIDV’s shares. LienVietPostBank, SHB, OCB, VPBank, TPBank and Techcombank have received hundreds of million dollars from foreign partners, including JPMorgan Chase Bank, IIB, IBEC, IFC and Deutsche Bank. Analysts say that Vietnam’s good economic performance has helped banks gain satisfactory business results. Besides, the open policy on attracting foreign investments, stable monetary policies and the strong rise of bank shares, which are leading the stock market, have prompted foreign investors to pour money into Vietnam’s banks. Thanh Lich Vietnam's OTC-traded bank shares too cheap for purchases Lack of disclosed information, listing plans and risks of non-performing loans are … [Read more...] about Foreign capital flows to Vietnamese banks
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?