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Packaging industry

Viet Nam’s exports to the US expected to rise sharply

April 18, 2021 by bizhub.vn

Lychee being canned for export to the US. Viet Nam’s exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports. VNA/VNS Photo Vu Sinh

Exports for the year as of March 15 were worth US$62.01 billion, a year-on-year increase of 22.7 per cent, according to the General Department of Viet Nam Customs.

Exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports.

In recent years the US has become Viet Nam’s biggest market. Last year, for instance, at $76.4 billion it accounted for 27 per cent of the latter’s total exports.

Than Duc Viet, general director of Garment 10 Joint Stock Company, said there were several factors behind Viet Nam’s rapid growth in exports including to the US.

Primarily, he said, the COVID-19 pandemic has gradually been controlled around the world, especially after several countries started vaccinating their populations, enabling many of them to reopen their borders and trade to resume.

Businesses in the country, hit badly for the last year or so by the pandemic, are making strenuous efforts to bounce back, he pointed out.

Many countries around the world have rolled out large stimulus packages to spend their way out of the economic slump, and this has revived trade, he added.

Many analysts concurred with these views, saying the US recently launched a $1.9 trillion package to make direct payments of $1,400 to individuals earning up to $75,000 a year starting in April.

This is the third and largest stimulus since the COVID-19 pandemic broke out.

Viet Nam, one of the US’s major exporters, supplying essential items like fisheries products and garments and electronics, is expected to benefit from this relief package.

Viet of Garment 10 told Dau Tu Chung Khoan magazine that Vietnamese exporters hope to get orders from the US.

Americans are known as big spenders, and if they get the money from the Government consumption would surely rise, he said.

His own company’s exports to the US saw relatively high growth in the first quarter and are expected to grow further due to the huge new stimulus package.

Bui Viet Quang, general director of Red River Garment Joint Stock Company, said his company had enough export orders for until August this year, 80 per cent from the US.

“The US’s $1.9 trillion stimulus package will surely affect enterprises that export to the market. We expect to see robust growth [in US export orders] in the fourth quarter.”

Analysts said a recovery in the US economy would help Vietnamese exporters, especially those in the textile and garment industry.

However, analysts also sounded a warning saying while the US stimulus packages would benefit Viet Nam’s exporters in the short term, loose monetary policies could cause high inflation, which would increase their costs whereas they would not be able to increase prices immediately, affecting their margins.

Besides, the inflation would also hurt demand, they added.

Why property companies want to own banks

Nguyen Tuan Anh, director of the State Bank of Viet Nam’s department of credit for economic sectors, said growth in bank lending to the property sector in 2020 was 9.97 per cent, lower than the overall credit growth rate of 12.13 per cent.

This is becoming an emerging trend.

Enterprises in the sector have found it difficult to borrow from banks after the central bank issued a circular in 2019 prescribing limits and prudential ratios for banks.

It reduced the use of short-term deposits for medium- and long-term loans from 40 per cent to 37 per cent from October 2021 and to 30 per cent from October 2022.

This was aimed at controlling credit to high-risk sectors like real estate.

In the event, the only option real estate companies have is to themselves acquire stakes in banks.

They also target owning a piece of securities firms since that would enable them to mobilise capital from the market by issuing stocks and bonds.

Thus, Tran Thi Thu Hang, the CEO of Sunshine group, became vice chairwoman of the Kien Long Joint Stock Commercial Bank in 2018 and chairwoman of KS Joint Stock Company (KS Securities) around the same time, indicating that Sunshine or related parties had become major shareholders in the two.

Analysts said the finance and property sectors always have a symbiotic relationship since the latter is highly capital intensive with slow returns.

Thus, Vingroup has tied up with Techcombank, MIKGroup with VPBank, Dat Xanh Group with Viet A Bank, and TNR Holdings Viet Nam with MSB.

While the Government’s efforts to control lending to the property sector have had some effect, banks remain an important source of funding for real estate development projects.

This trend is expected continue in future, analysts said. VNS

Filed Under: Business Beat Viet Nam’s exports, COVID-19 pandemic, BUSINESS BEAT, ..., viet nam airlines, viet nam news, an ninh viet nam, sapa viet nam, hanoi viet nam, viet nam travel, le viet nam, viet nam nam, Viet Nam Viet Nam, expected rise in 7th pay commission, Viet Nam Export, Viet Viet Nam

Vietnam gov’t plans 7% GDP growth in 2021 – 2025

April 14, 2020 by hanoitimes.vn

The target remains a challenging task, given growing uncertainties in the global and domestic economies, including the complicated evolution of the Covid-19 pandemic.

Vietnam is expected to set an average GDP growth target of 7% in the five-year socio-economic development plan for the 2021 – 2025 period, according to Prime Minister Nguyen Xuan Phuc.

Illustrative photo.

The target remains a challenging task, given growing uncertainties in the global and domestic economies, including the complicated progression of the Covid-19 pandemic, Phuc said in a directive dated April 13 instructing the formulation of the upcoming five-year socio-economic development plan.

The 2021 – 2025 socio-economic development plan must be based on a comprehensive review of Vietnam’s performance in realizing the previous five-year plan, as well as on prediction of Vietnam and international economic outlooks.

PM Phuc suggested the economy would face tremendous difficulties during the 2021 – 2025 period, mainly due to unresolved internal weaknesses of the economy.

Additionally, socio–environmental issues such as aging population, income gap, natural disaster, climate change, and saltwater intrusion are putting pressure on socio-economic development.

The PM stressed priorities for the next socio-economic development plan would include:

(1)   Improving the institutions of the socialist-oriented market economy, with a view for rapid and sustainable economic development on basis of macro-economic stability and inflation under control.

(2)   Continuing to push for economic restructuring associated with transforming the growth model towards higher productivity, competitiveness and economic resilience; promote a comprehensive digital transformation and the establishment of digital firms with international competitiveness; improve the business environment and help spur economic recovery in the post-pandemic period.

(3)   Pushing for development of economic zones and supporting industries, with a view to meeting the need of the basic production inputs of the economy.

(4)   Establishing synchronous infrastructure systems in transportation, seaports, energy, IT, urban and agriculture, among others, while continuing to realize the national housing development strategy and national program of modernized farming.

(5)   Utilizing efficiently investment resources for economic development; developing new economic models with the application of digital technologies; enhancing efficiency in public debt management and utilization; accelerating construction progress for project of national priority.

(6)   Enhancing quality and efficient use of human resources to take advantage of the Fourth Industrial Revolution and contribute to economic modernization and integration.

Filed Under: Uncategorized Vietnam, socio-economic development plan, GDP growth, Covid-19, coronavirus, ncov, pandemic, potential gdp growth, asia pacific gdp growth, annual us gdp growth, quarterly gdp growth rate, gdp growth france, forecasting gdp growth, projected gdp growth, eurozone gdp growth rate, mongolia gdp growth, projected gdp growth by country, quarterly gdp growth rate of india, quarterly gdp growth us

Vietnamese businesses look to further optimize opportunities from CPTPP

April 18, 2021 by en.qdnd.vn

Among 14 free trade agreements (FTAs) Vietnam has signed, the CPTPP is a new generation FTA with high standards and the highest level of facilitation. Vietnam has been forecast to be one of the members that benefits the most from the deal.

However, the country has experienced challenges in optimizing the FTA because of its modest level of development and competitiveness.

Due to US-China trade tensions and the impact of COVID-19, the global economy fell into crisis last year with interrupted supply chains. Vietnam also suffered an economic downturn. Therefore, after two years of implementation, the benefits from the CPTPP are still to be seen.

Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that positive results in the two years of implementation include the reform of institutions and administrative procedures.

Explaining the modest benefits so far, Loc said major reasons include the poor competitiveness of Vietnamese enterprises, market instability, and the low capacity of State agencies.

Meanwhile, Nguyen Cam Trang, Vice Director of the Import-Export Department at the Ministry of Industry and Trade, said the CPTPP has helped promote Vietnam’s exports.

However, its market share and export growth to the six partners that have implemented the CPTPP have been low.

She noted that Vietnam’s market share is 3.1 percent in Japan, 1.9 percent in Australia, 1.6 percent in New Zealand, 1.3 percent in Mexico, 1.1 percent in Canada, and 1 percent in Singapore.

Growth in exports to CPTPP markets was 12.2 percent in 2018, 13 percent in 2019, and 12.02 percent in 2020, Trang added.

She said that, in the future, State agencies should enhance their capacity to implement the CPTPP while continuing to complete legal policies, strengthen communications regarding the deal, support macro-, small-, and medium-sized enterprises to improve their capacity, encourage investment in material production, and design measures to reduce logistics costs.

Businesses should also be more active in seeking opportunities from the deal, while changing their mindset and exploring demand in CPTPP markets to design suitable business strategies and plans, she added.

A survey by VCCI showed that about three-quarters of businesses said they will adjust their business plans to optimise the opportunities from the CPTPP and other FTAs.

Source: VNA

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VietinBank Securities bags $90 million syndicated loans from international banks

April 16, 2021 by www.vir.com.vn

vietinbank securities bags 90 million syndicated loans from international banks
International lenders signing the credit facility to support VietinBank Securities

VietinBank securities has received additional funding support with the recent signing of $60 million of syndicated loans, following a $30 million facility just a month ago.

On April 15, a consortium of major international lenders operating in Vietnam – Woori Bank Vietnam (Bac Ninh Branch), Taipei Fubon Commercial Bank Vietnam, and Cathay United Bank Vietnam – has inked an agreement to facilitate $60 million for the additional financial needs of VietinBank Securities.

In particular, Woori Bank Vietnam (Bac Ninh Branch) specifically provided $50 million, while Taipei Fubon and Cathay United provided $10 million altogether.

Last month, a group of four Taiwanese lenders – the Union Bank of Taiwan, Taichung Commercial Bank Co., Ltd.’s Labuan branch, Taishin International Bank, and Huanan Commercial Bank – also rolled out a $30 million syndicated loan with a 12-month tenure for VietinBank Securities.

“We firmly believe that $90 million of high-profile syndicated loans would bring about more additional capacity for us to increase our foothold in Vietnam’s equity market and access to more potential customers,” noted Ho Thi Thu Hien, chairwoman of the board at VietinBank Securities.

On the same note, Lee Myoung Ho, Woori Bank Vietnam (Bac Ninh Branch) director and chief representative, applauded the brokerage’s vast potential and how the syndicated loans could pave the way for the company to bolsters its strength thanks to the competitive capital.

“Woori Bank is one of the largest South Korean banks with extensive years of experience in providing top-notch financial services. With our vast experience, we believe in VietinBank Securities’ strong standing and impressive performance in the past year,” he told VIR .

The deal is envisaged to lay concrete foundations for the company to boost its activities related to international loan advisory and financing arrangements.

vietinbank securities bags 90 million syndicated loans from international banks

At the signing ceremony, VietinBank Securities also connected businesses in various areas, such as Novaland Group, Minh Phu Seafood Group, Viet Hung Industrial Investment JSC, Louis Agro Group JSC, and other enterprises.

As one of the eldest, most experienced seven brokerage companies in the country, VietinBank Securities – as a part of state-owned lender VietinBank – has a proven customer-centric approach, with a wide range of tailored financial services such as underwriting-capital raising, mergers and acquisitions advisory, and asset management, to name a few.

By Luu Huong

Filed Under: Uncategorized VietinBank Securities, VietinBank, bank, loan, Money, security bank personal loan, banks offering 90 percent home loan, secured loans 90 ltv, syndicated bank loans, security bank loan, secured loan 90 ltv, security offered for loan to bank, syndicate bank education loan application form, syndicate bank education loan calculator, syndicate bank education loan procedure, syndicate bank education loan scheme, education loan calculator syndicate bank

Vietnam GDP growth in 9-month period estimated at 1.76%

September 11, 2020 by hanoitimes.vn

The country’s economic expansion in the third quarter is expected to be in a range of 1.04 – 1.69%.

Vietnam’s GDP growth in the first nine months of this year is estimated at 1.51 – 1.76%, according to the Ministry of Planning and Investment (MPI).

Vietnam’ GDP growth in the third quarter is expected at an upper limit of 1.69%.

Meanwhile, the country’s economic expansion in the third quarter is expected to be in range of 1.04 – 1.69%.

The MPI also set up two growth scenarios for the fourth quarter, with a baseline scenario at 2.06% and at 2.86% for positive ones.

In 2020, Vietnam targets an economic growth rate of 2% in normal conditions and 2.5% if favorable factors emerge, while uncertainties could lower the country’s GDP growth to 1.69%.

In a government meeting on September 4, Minister of Planning and Investment Nguyen Chi Dung said out of 12 socio-economic development goals in 2020, seven are highly likely to be achieved and potentially exceed their set targets.

The Vietnamese government remains steadfast in ensuring macro-economic stability and focusing on three major growth driving forces, namely investment, export and domestic consumption, added Mr. Dung.

Mr. Dung forecast negative impacts from the Covid-19 pandemic to persist for the whole 2021.

With growing global uncertainties, Vietnam’s major economic partners are predicted to take at least two to four years to return to their pre-Covid-19 levels. However, Vietnam’s GDP growth could rebound to around 6.7% in 2021, for which the government is set to continue to look for a rapid and sustainable economic growth rate, Mr. Dung suggested.

The MPI’s GDP forecast for this year is not vastly different from that of World Bank in July with 2.8%, making Vietnam the fifth fastest-growing economy globally, while HSBC also expected the country to reach growth of 2.9%.

In the first half of 2020, Vietnam’s GDP expanded 1.81% year-on-year, the lowest six-month growth rate in the past 10 years, but is still a spotlight in Asia.

Filed Under: Uncategorized Vietnam, GDP, Covid-19, coronavirus, ncov, MPI, forecast, growth scenarios, potential gdp growth, asia pacific gdp growth, annual us gdp growth, quarterly gdp growth rate, gdp growth france, forecasting gdp growth, projected gdp growth, eurozone gdp growth rate, mongolia gdp growth, projected gdp growth by country, quarterly gdp growth rate of india, quarterly gdp growth us

Fresh CEO rush shakes up Vietnam’s banking arena

April 15, 2021 by www.vir.com.vn

1539 p26 fresh ceo rush shakes up vietnams banking arena
Fresh CEO rush shakes up Vietnam’s banking arena, photo Le Toan

In February, Shinhan Bank Vietnam named Lee Taekyung, former CEO of Shinhan Bank Cambodia, as new CEO of the local franchise. With 29 years of experience under his belt, Taekyung has been in charge of various positions of strategy, planning, risk management, and marketing, among others.

He previously took the helm as head of the Global Business Division of Shinhan Bank Korea and gained working experience at Shinhan Bank America and Shinhan Bank Cambodia. In the latter, Taekyung doubled the size of the bank, including assets, profits, the number of branches, and employees in just two years.

“In the ever-evolving financial landscape, customers’ needs will change quickly. We must be a bank that keeps pace with customer changes with customer-oriented value as the top priority,” he noted. “Vietnam is the most important country globally for Shinhan Financial Group, and we sincerely appreciate all of the customers. Shinhan Bank Vietnam will continue to expand corporate social responsibility activities in Vietnam and contribute more to society.”

Standard Chartered Vietnam also appointed a new CEO in February. Michele Wee, a seasoned banker with over 25 years of industry experience, joined Standard Chartered in 2011 as global head of E-commerce Sales to build a business distribution channel for the bank’s Financial Markets (FM) clients.

Prior to her appointment as CEO in this country, she was the head of FM for Singapore, Australia, and Brunei, in which she was responsible for the development and execution of these markets’ FM strategy.

“Vietnam is an important market for our global network with significant opportunities to develop our businesses with universal banking capabilities. My key focus will be on providing valuable support and benefits to our clients, regulators, and the communities, building on our unrivalled local knowledge and international expertise,” Wee said.

She takes over the reins from Nirukt Sapru who was appointed as CEO for Vietnam, Laos, and Cambodia in 2013, and in 2015 took on the expanded role as the regional CEO for ASEAN and South Asia cluster markets including Australia, Brunei, Nepal, the Philippines, and Sri Lanka.

Last year, the Vietnamese subsidiary of Deutsche Bank appointed Huynh Buu Quang, former CEO of Maritime Bank (MSB), as its acting CEO. Quang had served as the CEO of locally-invested bank MSB for four years. He has 25 years of experience in the banking and financial sector and had previously held senior positions at HSBC.

Deutsche Bank’s Asia-Pacific CEO Alexander von zur Muehlen said, “With Vietnam a key growth market for our bank in ASEAN, we are delighted to have an individual of Quang’s calibre and experience leading the next phase in the expansion of the local franchise.”

In the region, Deutsche Bank AG has a long track record in providing corporate finance and advisory solutions to Vietnamese corporates, leading a number of notable capital market transactions. The bank’s expertise in loans and structured finance is also well known. Since 2017, Deutsche Bank has raised more than $1 billion in debt, loan and equity capital annually for Vietnamese corporates. The German lender confirmed its commitment in Vietnam to support higher trade flows from Europe, which are expected to increase following the recently ratified EU-Vietnam Free Trade Agreement.

Specifically, major Thai bank Kasikornbank received approval from the State Bank of Vietnam to open its Ho Chi Minh City branch in February. Kasikornbank aims to serve Thai business customers and clients of all shapes and sizes who have invested in Vietnam, as well as local retail customers. It targets lending of 10 billion baht ($318 million) in its first year of operation while also investing in startups with the aim of scouting advanced digital technologies for increased business opportunities.

“Kasikornbank has used the knowledge gained from services offered at its two representative offices in Hanoi and Ho Chi Minh City in order to upgrade the representative office in Ho Chi Minh City to a bank branch. It will focus on offering services to Thai, Chinese, Japanese, and South Korean companies wishing to expand their businesses in Vietnam for international trade and investment, as well as local entrepreneurs, especially those conducting business with Thai corporate customers of Kasikornbank,” the bank stated.

Elsewhere, Mizuho Financial Group, one of Japan’s largest financial groups, appointed managing executive officer of its banking unit Masahiko Katoas the new CEO of the bank in February.

By Celine Luu

Filed Under: Uncategorized financial, foreign-invested banks, corporate, Shinhan Bank Vietnam, Standard Chartered Vietnam, Shinhan Bank..., the fresh beat bank, fresh beat bank, hotels near pinnacle bank arena, bank vietnam, mizuho bank vietnam tuyển dụng, far east national bank vietnam, bank rush, m&t bank arena, ashley banks fresh prince of bel air, commerce bank ceo

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