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Public investment remains priority for Vietnam economy’s post-pandemic recovery

April 13, 2020 by hanoitimes.vn

The Hanoitimes – Amid a slowdown in private investments and consumption, expert suggested public spending is essential to spur economic growth and ensure decent living standards for the people.

Due to growing impacts of the Covid-19 pandemic, an increase in public spending with a focus on greater disbursement of public investment is a key measure to help Vietnam’s economy recover in the post-pandemic period, local economists have said.

Illustrative photo.

In the first quarter, total investment capital of the economy stood at VND367 trillion (US$15.73 billion), up 2.2% year-on-year, or 31% of the nation’s GDP.

Upon breaking down, investment capital from the private sector accounted for 45.2%, up 4.2% year-on-year, and foreign invested capital made up 24.3%, representing a decline of 5.4%. Meanwhile, public investment recorded the highest growth rate of 5.8% among economic players, contributing 30.5% of the total.

As the pandemic is slowing trade and services, an acceleration of public investment would help boost aggregate demand and motivate enterprises to resume operations.

Moreover, investments in basic infrastructure via public spending would set the stage for long-term development by exerting a positive spill-over effect.

Amid a slowdown in private investments and consumption, expert suggested public spending is essential to spur economic growth and ensure decent living standards for the people.

In a recent cabinet meeting, Prime Minister Nguyen Xuan Phuc requested government agencies to accelerate public investment in various fields of the economy.

Do Thien Anh Tuan, lecturer at Fulbright University Vietnam said public investment not only helps offset declining investment capital from the private sector in the short term, but also create a foundation for economic recovery once the pandemic is contained, in turn enhancing competitiveness of the economy.

Tuan suggested in the time of crisis and with limited funding, the government should focus on projects with high spillover effects while requesting government agencies, provinces to focus on disbursement plans with the same intensity as in the fight against the coronavirus.

As of February 29, disbursement of public investment reached 7.38% of the target set by the National Assembly at VND34.74 trillion (US$1.47 billion), nearly doubling the rate of 3.89% recorded in the same period last year,

The rate, however, remains low compared to this year’s plan, which is, according to financial expert Can Van Luc, attributable to inefficient legal framework and the lack of responsibilities from government agencies.

Among measures to speed up disbursement of public investment, Luc said, it is important to simplify investment procedures and ensure efficient decentralization between various levels of government agencies in implementing state budget-sourced projects.

According to Luc, leaders of ministries, cities and provinces should be more responsible in this regard. A higher disbursement rate should be considered a task for each individual, ministry, province and city.

At an online national conference held on April 10, both Minister of Finance Dinh Tien Dung and Minister of Planning and Investment Nguyen Chi Dung agreed more urgency is needed to realize this year’s disbursement target of VND700 trillion (US$30 billion), more than double the actual amount in 2019 at VND312 trillion (US$13.4 billion), in a bid to maintain economic growth and stimulate social investment.

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Hanoi People’s Council approves $9 billion for 2021-25 public investment plan

December 8, 2020 by hanoitimes.vn

The Hanoitimes – Hanoi will not allocate funds for fields and projects subject for the participation of private sector.

Members of Hanoi People’s Council on December 7 approved the mid-term public investment plan for the 2021-25 period.

Director of Hanoi’s Department of Planning and Investment Nguyen Manh Quyen at the session.

“In the next five year, Hanoi is set to allocate VND206.75 trillion (US$8.93 billion) for public investment,” said Director of the Hanoi Department of Planning and Investment Nguyen Manh Quyen before the voting.

“During this period, the city expects to ensure greater efficiency in the use of public fund for economic development, focusing on upgrading essential socio-economic infrastructure systems,” stated Mr. Quyen.

This is especially important for projects with high spill-over effects for socio-economic development in 11 priorities areas that the city has identified as the focus of investment in 2021-25, he noted.

“Hanoi will not allocate funds for fields and projects subject for the participation of private sector, while pushing for greater mobilization of investment capital from other economic components,” stressed Mr. Quyen.

In the first 11 months of this year, Hanoi’s  progress of public fund disbursement reached an all-time high of 89% of the target for this year or VND40.4 trillion (US$1.74 billion).

Seen as Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era, the city aims to disburse 100% of the target amount this year.

Prime Minister Nguyen Xuan Phuc in a government meeting late August urged local authorities to realize their disbursement targets for this year, otherwise they would face strict punishment.

This year, the government aims to disburse the full amount of VND470.6 trillion (US$20.32 billion) to aid economic recovery, and the progress as of October met 68.3% of the target, or VND321.5 trillion (US$13.8 billion).

Filed Under: Uncategorized Vietnam, Hanoi, People's Council, public investment, Covid-19, coronavirus, ncov, pandemic, private sector, infrastructure

Quick disbursement of public investment essential to boost Hanoi’s economic growth

August 31, 2020 by hanoitimes.vn

The Hanoitimes – To ensure the dual target of containing the pandemic and simultaneously boosting economic growth, Hanoi remains steadfast in disbursing 100% of the target amount of public funds.

A high disbursement rate of public investment capital is essential to boost Hanoi’s economic growth, especially in the current Covid-19 crisis, according to Phung Thi Hong Ha, vice chairwoman of the municipal People’s Council.

Overview of the meeting. Photo: Thanh Hai.

For many years, Hanoi has identified public investment a key source for the capital city’s socio-economic development, which in turn lays a solid foundation to attract social investment capital, Ms. Ha said at a meeting discussing the disbursement progress for public projects in Hanoi in the 2016 – 2020 period on August 31.

During the five-year period, total social investment capital was estimated at VND1,740 trillion (US$75 billion), 1.65 times as much as that in 2011 – 2015 and equal to 43.9% of the city’s gross regional domestic product (GRDP).

Public projects after completion have timely addressed social issues, traffic congestion and gradually modernized urban and rural infrastructure, especially roads connecting Hanoi with other provinces and cities.

In 2020, Hanoi allocated VND28 trillion (US$1.2 billion) for 581 projects. To ensure the dual target of both containing the pandemic and boosting economic growth, Hanoi remains steadfast in disbursing 100% of the target amount, in turn boosting socio-economic development, Ms. Ha stressed.

At the meeting, Vice Chairman of the Hanoi People’s Committee Le Hong Son informed as of the end of July, Hanoi had disbursed VND14.64 trillion (US$631.26 million), or 36% of the target set by Prime Minister Nguyen Xuan Phuc.

By the end of this year, the city is expected to complete 546 out of 551 construction projects at city-level, and 851 out of 856 at district-level.

In the first seven months of this year, the Vietnamese government disbursed VND203 trillion (US$8.83 billion) worth of public investment, equivalent to 42.7% of the year’s target and up 27.7% year-on-year.

This year, Vietnam is expected to disburse VND700 trillion (US$30 billion), more than double the actual amount in 2019 of VND312 trillion (US$13.4 billion).

Filed Under: Uncategorized disbursement, Hanoi, Vietnam, Covid-19, coronavirus, ncov, pandemic, public investment, economic growth, recovery, dual target, fdi domestic investment and economic growth a theoretical framework, why sustainable development is essential for economic growth, why investment is important for economic growth, how are saving and investing related to economic growth, how compounding boosts dividend growth investing, why sustainable development essential for economic growth, increased investment alone will guarantee economic growth, how equal rights can boost economic growth, investment to economic growth

Vietnam PM warns of punishment for sluggish public investment

August 21, 2020 by hanoitimes.vn

The Hanoitimes – The Vietnamese government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery.

Officials would face disciplinary actions if their ministries and localities fail to realize their respective disbursement targets of public investment funds for this year, Prime Minister Nguyen Xuan Phuc has warned.

The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion).

The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery, and this requires the active participation of the entire political system, Mr. Phuc said at a government meeting today [August 21].

Priority should be given to major infrastructure projects to avoid any delay, including the North-South Expressway, Long Thanh International Airport, and My Thuan – Can Tho expressway, among others, Mr. Phuc stressed.

Minister of Planning and Investment Nguyen Chi Dung said the most challenging issue in public disbursement is the site clearance process, including the verification of the origin of land and the compensation for affected households.

Mr. Dung pointed to the site clearance as a major obstacle for the Eastern North-South expressway project in the 2017 – 2020 period, in which 13 provinces and cities are involved.

As of July 31, the disbursement amount stood at VND193.04 trillion (US$8.32 billion) or 40.98% of the government’s target. The figure is estimated to reach VND221.76 trillion (US$9.56 billion) or 47% of the total estimate by August 31, higher than the 41.39% recorded in the same period last year.

To date, 39 ministries, ministerial-level agencies and six provinces have disbursed 35% of plans or less, with 15 agencies and one province disbursing even less than 15%.

Filed Under: Uncategorized Vietnam, public disbursement, investment, disciplinary action, Prime Minister Nguyen Xuan Phuc, economic recovery, Covid-19, coronavirus, ncov, pandemic, punishment in public, public punishment, pms investment, pm investments, investment warning, public investment cooperation, investment warnings, public investment banking, public corporal punishment, saudi arabia public investment fund, public investments corporation, vietnam travel warnings

Kenanga Investment Bank Acquires Stake in Licensed Crypto Exchange

February 8, 2021 by bizhub.vn

KUALA LUMPUR, MALAYSIA - Media OutReach - 8 February 2021 - Accelerating its digital agenda, Kenanga Investment Bank Berhad via its wholly-owned private equity arm, Kenanga Private Equity Sdn Bhd, today entered into a conditional agreement to acquire 19.0% equity interest in Tokenize Technology (M) Sdn Bhd (Tokenize Malaysia).

Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad

Operating under the brand, Tokenize Xchange, it is one of the three licensed Digital Asset Exchanges (DAX) by the Securities Commission of Malaysia (SC), and is currently the second largest DAX in the country by traded market share. Tokenize Xchange is an online exchange that allows trading of cryptocurrencies (crypto) such as Bitcoin and Ethereum, and operates 24X7, whole year round.

 

“We have been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets. The emergence of digital assets including cryptocurrencies have been gaining acceptance globally in the last few years. While we are keen on crypto as an asset class, we are aware of the volatility and the proliferation of unregulated players in the market. We are therefore very pleased to be given the opportunity to invest in one of the three licensed digital asset exchanges in Malaysia. We applaud the Securities Commission as one of the first in Asia to introduce regulations in this area,” said Datuk Chay Wai Leong, Group Managing Director of Kenanga Investment Bank Berhad.

 

Tokenize Xchange was initially launched in Singapore by tech savvy founder Hong Qi Yu in 2018 and it has since captured a customer base of over 100,000.

 

Hong had later on set up Tokenize Malaysia to focus on the Malaysia market. In June 2019, Tokenize Malaysia was awarded a Recognized Market Operator (RMO) license to operate by SC and its platform, Tokenize Xchange, went live on 1 April 2020.

 

“Our interest in digital assets goes beyond Bitcoin and other commonly traded cryptocurrencies. We believe that the technology behind digital assets is very powerful and the emergence of digital assets in the future is inevitable. We are hopeful that fund raising through the tokenization of businesses and assets will be a significant part of the capital markets in the future for Malaysia. We believe that through Tokenize Malaysia we can be a key player in the digital capital market space in Malaysia,” he added.

 

“We are very pleased to welcome onboard, Kenanga Investment Bank Berhad, one of the leading investment banks in Malaysia, as a key investor. The combined reach, expertise and resources is game-changing and will allow us to scale our presence in Malaysia. Together we will shape the digital asset landscape and build an exciting path forward for investors in the country,” remarked Hong Qi Yu, Chief Executive Officer, Tokenize Malaysia.

 

Currently, the market capitalisation of the global crypto market stands at USD1.007 trillion*, a spike of three folds from four months ago. Relative to the global equity market capitalisation which is estimated to be nearly in the hundred trillion worth, there is still ample upside to the crypto market.

 

This investment in Tokenize Malaysia adds to the line-up of digital initiatives Kenanga Investment Bank has embarked on over recent years. This includes the successful joint-venture, with Japan based Rakuten Inc, to introduce the first fully online stock trading platform in Malaysia, Rakuten Trade, which has since seen remarkable record volume growth.

 

It also recently acquired a stake in Merchantrade Asia Sdn Bhd (Merchantrade), Malaysia’s leading e-money player and the country’s largest Money Services Business operator, following Kenanga’s recent collaboration with them to introduce Malaysia’s first stockbroker e-wallet, Kenanga Money. Kenanga has also announced a partnership with award-winning digital supply chain financing company, Bay Group Holdings Sdn Bhd, to transform the traditional factoring market in Malaysia.  In the pipeline this year is the rollout of a robo-advisory platform that will automate investment portfolio for clients, taking another step closer towards the creation of a robust ecosystem that provides complete and forward-facing financial solutions to our customers.

For more information on Kenanga Investment Bank Behad, please visit www.kenanga.com.my, and for more on Tokenize Malaysia, www.tokenizemalaysia.com

*as of 2-Feb-21, according to coinmarketcap.com

About Kenanga Investment Bank Berhad 197301002193 (15678-H)

Established for more than 45 years, Kenanga Investment Bank Berhad  (the Group) is a leading financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Today, it is an award-winning leading independent investment bank in the country with a continuous commitment towards driving collaboration, innovation and digitalisation in the marketplace.

Kenanga Investment Bank Berhad is the largest independent investment bank* in Malaysia by equity trading volume and value, as well as, one of the top brokerage houses with the largest network of remisiers. Its fast-growing client base enjoys convenience through more than 30 locations throughout Malaysia.

The Group has garnered a host of awards and accolades reflecting its strong market position. It was awarded under the categories of Best Overall Equities Participating Organisation by Bursa Malaysia, Best Retail Equities Participating Organisation, Best Institutional Equities Participating Organisation; along with Best Trading Participant Equity and Financial Derivatives for 17 consecutive years. The Group was also accorded the title of Best Institutional Derivatives Trading category by Bursa Malaysia.

The Group continues to be a regular and repeat recipient of distinguished industry accolades, such as the Lipper, Fundsupermart and Morningstar awards. For its continued efforts towards community outreach and employee volunteerism, the Group was awarded the coveted company of the year award for environmental awareness and sustainability at the Sustainability & CSR Malaysia Awards 2020.

* year to date based on Bursa Malaysia’s Participating Organisations (POs) Trading Summary.

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Filed Under: Uncategorized Media OutReach, investment banking media, agc investment bank, investment bank hiring, oil and gas investment banks, oil and gas investment banking, oil and gas investment bank, oil & gas investment banking, oil gas investment bank, oil and gas investment banking salary, m&t bank investment banking, bitcoin crypto exchange

Public investment a strong pillar for economic growth

March 3, 2021 by en.nhandan.org.vn

On March 2, the government enacted a resolution to implement the National Assembly Standing Committee’s Resolution No.1213/NQ-UBTVQH14 dated February 2 on turning the investment form of the two sections of National Road 45-Nghi Son (43km) and Nghi Son-Dien Chau (50km) from public-private partnership (PPP) into public investment. These two sections are parts of the eastern cluster of the North-South Expressway project which is considered to be vital to transport and traffic in the economy.

Earlier, in June 2020, the National Assembly Standing Committee also converted the construction of three out of eight expressway projects, which are also parts of the eastern cluster of the North-South Expressway project, from PPP into public investment. These three projects, whose construction has been expedited, are Mai Son-National Highway No.45 (63.4km), Vinh Hao-Phan Thiet (106km), and Phan Thiet-Dau Giay (98km).

According to the Project Management Unit No.6 under the Ministry of Transport, the shift from PPP into public investment for these projects will help boost the disbursement of public investment, lure private investment, and spur on local production, as well as generate employment for local labourers. This will also help expand economic growth rate, which the government is targeted at 6.5% for this year.

Need for expanding public investment

Last November, the National Assembly passed a plan for boosting public investment for 2021. Accordingly, total capital from the state budget for 2021 will be VND477.3 trillion (US$20.75 billion), up 1.4% against the similar plan for 2020. In which, money from the central budget will increase 0.9% year-on-year, and money from the local coffers will climb 1.9% year-on-year.

The VND477.3 trillion (US$20.75 billion) public investment capital will be used for many types of projects. For instance, as much as VND16 trillion (US$695.65 million) will be earmarked for national target programmes, some VND15.038 trillion (US$653.82 million) will go to the project on constructing the North-South Expressway; VND4.66 trillion (US$202.6 million) will be used for the project on land compensation and resettlement for the Long Thanh International Airport; about VND2.8 trillion (US$121.74 million) will be for developing coastal roads; and around 4.7 trillion (US$204.34 million) for supporting localities in deploying a number of key new infrastructure projects.

According to the Ministry of Planning and Investment (MPI), in 2021, these new investment capital sums, in addition to capital attracted from private investors, will help to complete the construction of the eastern cluster of the North-South Expressway project, the national coastal road line, connection road lines, airports, and seaports.

An MPI leader stated that in the context of numerous difficulties induced by the health crisis, expanding public investment “will be among the most feasible measures to develop the economy and facilitate it to reach the economic growth in 2021.”

“Normally it would take several years to complete procedures for a PPP project, so public investment is now a more feasible solution,” he said.

According to the Asian Development Bank, the government should accelerate public investment as one of the key pillars for economic growth in this year and beyond.

Figures from the Ministry of Finance showed that by late 2020, close to VND390 trillion (US$16.95 billion), tantamount to 82.8% of the plan allocated, was disbursed. This has been the highest disbursement rate in the 2016-2020 period – with 80.3% in 2016, 73.3% in 2017, 66.87% in 2018, and 67.46% in 2019.

Reality has shown that since early 2020, a slew of state-funded projects, mostly infrastructure ones, have come into operation, facilitating national socio-economic development.

For example, in early January 2021, the first-phase construction for the Long Thanh International Airport project in Dong Nai province was kicked off. The port is estimated to cost VND336.63 trillion (US$14.64 billion), with over VND109 trillion (US$4.74 billion) to be needed for the first phase.

In another case, in October 2020 the 5.37 km Mai Dich-South Thang Long flyover at Pham Van Dong street in Hanoi was opened to traffic, helping reduce heavy traffic jams in the area.

Another project of the type was inaugurated in August 2020, costing about VND560 billion (US$24.3 million), crossing Hoang Quoc Viet and Nguyen Van Huyen streets in the capital city.

A big direction

At the recent 13th National Party Congress in Hanoi, the Central Party Committee passed a hallmark report on assessing the results of the implementation of socio-economic development tasks for the 2016-2020 period and socio-economic development orientations and tasks for the 2021-2025 period. The report stated that public investment will be “effectively restructured and reduced in the total development capital structure.”

“Public investment will be concentrated into key sectors of the economy, key works and projects which have spillover effects and can create socio-economic development momentum, and create breakthroughs in wooing investment capital from local and foreign private sources under the PPP form,” the report stated.

According to the World Bank, Vietnam’s main instrument for macromonitoring has been the speedier implementation of the public investment programme, which has been plagued by slow disbursement in the last few years. As a result, total public investment disbursements increased from VND192 trillion (US$8.34 billion) in the first three quarters of 2019 to VND269 trillion (US$11.7 billion) during the same period in 2020 – a rise of 40%.

“Such effort, principally from the central government, has translated into an increase of investment expenditures from 4.8% of GDP to 6.5 of GDP between the first nine months of 2019 and 2020, supporting aggregate demand through the multiplier effects on suppliers and jobs over time,” stated a World Bank report on Vietnam’s economy 2020. “With any stimulus programme, the role of public investment is not just to directly stimulate the economy, but also to crowd in private investment.”

Vietnam’s economic growth hit 2.91% last year, significantly fueled by an expansion in public investment, which has helped create massive employment and consumed a great volume of materials and inputs in the economy, such as electricity, steel, and cement.

For example, figures from Electricity of Vietnam (EVN) showed that the group’s produced and imported electricity output in 2020 was 247.08 billion kWh, and its commercial electricity output reached 216.95 billion kWh, up 2.9 and 3.42%, respectively, as compared to 2019.

In the first 11 months of 2020, its public investment disbursement reached VND521.2 billion (US$22.66 million), hitting 73.6% against the initial plan allocated by the government.

According to the MPI, in such a number of big projects as the eastern cluster of the North-South Expressway project, the disbursed capital as of late December 2020 totalled VND9.96 trillion (US$433 million) out of VND10.8 trillion (US$470 million) for 11 sub-projects in last year, equal to 92.21%.

Some sub-projects (Cao Bo-Mai Son, Cam Lo-La Son, My Thuan 2 Bridge, and two leading roads) in public investment form expensed VND2.64 trillion (US$115 million) out of VND2.81 trillion (US$122 million) in 2020’s capital plan, tantamount to 94.18%.

Filed Under: Uncategorized vietnam news, vietnam business, vietnam travel, vietnam culture, vietnam sports, vietnam politics, hanoi, saigon, ho chi minh city, apec, da nang, hue, hoi an, ..., development as economic growth, volunteers for economic growth alliance, corruption and economic growth, kenya economic growth, inflation and economic growth, how gdp related to economic growth, costs and benefits of economic growth, smes and economic growth, factors for economic growth, limits to economic growth, distinguish between economic growth and economic development, economic growth and economic development

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