Azerbaijani investors eye Vietnamese marketAzerbaijani investors with strong financial capacity and professional performance are keen on landing investments in Vietnam, has said Anar Imanov, Azerbaijani Ambassador to Vietnam.In his remarks at a recent workshop themed “Meet Azerbaijan” in Hanoi, the Azerbaijani Ambassador highlighted Azerbaijani enterprises' advantage of plentiful capital and practical experience in implementing projects in Europe, adding that many are seeking investment opportunities in Vietnam.As one of the world’s leading crucial oil and gas producers and suppliers, Azerbaijan also has great potential to boost its bilateral cooperation with Vietnam in three key fields, including tourism, logistics, and agriculture. The diplomat cited a FAM tour jointly held by the Azerbaijan Embassy in Vietnam and Qatar Airways last year as a big effort to bolster tourism cooperation between the two countries.The FAM tour provided many Vietnamese tourism … [Read more...] about BUSINESS NEWS IN BRIEF 15/1
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A banker’s woe: Chinese wealth may get harder to snag for global bankers
A banker's woe: Chinese wealth may get harder to snag for global bankersThe Saigon Times Daily An investor watches a board showing stock information at a brokerage office in Beijing, China October 8, 2018 – PHOTO: REUTERS HONG KONG/SHANGHAI (REUTERS) - News of a foreign wealth manager being denied exit from China last week is raising concerns for global private banks, as they seek to tap trillions of dollars of wealth offshore in the face of Beijing’s growing curbs on overseas investments and outflows. The banker, a Singapore-based member of UBS wealth management business, was prevented from leaving Beijing and asked to meet local officials this week. Her identity is not known yet. Although the purpose of the meeting is not publicly known, the news still led several banks including UBS, Citigroup, JPMorgan, Standard Chartered and BNP Paribas to ask private bankers to reconsider travel to China, people familiar with the matter said on Monday. The Swiss bank on … [Read more...] about A banker’s woe: Chinese wealth may get harder to snag for global bankers
Plan for new era fosters M&A market
Investors met with Deputy Prime Minister Vuong Dinh Hue (right) at Vietnam M&A Forum 2018 with the focus of discussing the future growth of Vietnam’s M&A market, Photo: Le Toan Choosing the right investors At last week’s Vietnam M&A Forum 2018 in Ho Chi Minh City, senior officials, experts, businesses, and investors discussed the future growth of Vietnam’s mergers and acquisitions (M&A) market. After 10 years of booming M&A activities in the country and 30 years of foreign direct investment attraction, many believe that now is the time for Vietnam to map out a plan for the next phase of growth. According to Minister of Planning and Investment Nguyen Chi Dung, in the new era, Vietnam will become much more selective about M&A inflows from overseas. Specifically, foreign investors should be willing to help with Vietnam’s environmental preservation plans and protecting Vietnam’s natural resources. “We’d like to attract … [Read more...] about Plan for new era fosters M&A market
Foreign bankers reconsidering local partnerships
More than a decade after Vietnam tried to increase the efficiency of local banks without disrupting the human capital and knowledge embedded in existing structures, under a policy of “strategic partnerships”, divestitures of minority stakes in important local banks by several foreign investors last year put an end to the hotly-debated policy. Despite the shifts in mission among these foreign lenders, with their long-term commitments reportedly remaining unchanged, consecutive divestments by foreign banks in a single year raised many questions, especially when the easing of restrictions on foreign bank ownership and the positive track taken towards resolving bad debts added to the dynamism in Vietnam’s banking sector over recent years. Illustrative photo Different tastes Vietnam has seen a growing number of foreign banks withdraw from its under-banked economy, the latest indication that all might not be as well as bankers often claim. Last July, the … [Read more...] about Foreign bankers reconsidering local partnerships
Banks begin tightening screws on property credit
The central bank has instructed commercial banks to maintain credit growth in these sectors within safe limits.— Photo zing.vn Huynh Quang Khanh invests in real estate by leveraging credit. Seventy per cent of his investment comes from banks. He has borrowed VND1 billion at an interest rate of 9.5 per cent from a bank in Tan Phu District and also asked some of his relatives to borrow on his behalf from that bank. Khanh, 54, of HCM City’s Tan Phu District, said he was told by the lender that the interest rate had been increased to 12 per cent. “I am looking to sell some of my land to reduce the loans because I am afraid the interest rates would continue to rise and I will be unable to afford,” he said. While Khanh complains about the increase in the rates, Nguyen Cong Tang of Thu Duc District is unhappy that a bank refused to lend him 70 per cent of the value of a house he wants to buy. He said in the past the bank was always ready to lend him the money but now … [Read more...] about Banks begin tightening screws on property credit