About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19
Regional business news
Lack of human resources, funds prevents businesses from reopening
Many businesses in the southern region are unable to resume operations due to lack of human and financial resources. — Photo vov.vn Many businesses in the south have been allowed to reopen a few days ago but a worker shortage is preventing them from doing so. The owner of an organic rice production business in District 7, Tran Huu Tin, was happy when the city began to loosen social distancing requirements and allow businesses to resume. But after two weeks of trying to recruit and posting messages, he has not received any job applications, and he is now very worried. At the end of June four of his employees first tested positive for COVID-19, and a week later the number jumped 10-fold, and his business lost nearly half its workforce. Hiring has not been easy with the epidemic still raging. "People are very reluctant to go to work since they have to live on the premises and also fear the risk of COVID-19 infection," he said. Le Xuan Tan, a director of Hanh Phuc Wood Co., … [Read more...] about Lack of human resources, funds prevents businesses from reopening
Foreign-invested enterprises urge prompt action to prevent recession
Foreign invested enterprises (FIEs) have suggested a strategy on controlling the pandemic in every area so as to safely restore production and business activities. A number of associations of enterprises, including AmCham Vietnam, the US-ASEAN Business Council, EuroCham and KoCham have made proposals related to the PM. They believe Vietnam needs to act promptly to maintain its competitiveness in the region and the globe, while avoiding lagging behind in economic recovery. The enterprises said they want to join forces with the PM, Government and localities’ leaders, especially HCMC, the southern economic zone and Da Nang, to reopen the economy in a safe way and establish the new normal status. They need to know clearly the roadmap for the reopening of the economy. Some surveys conducted by the associations found that 20 percent of their members have relocated some production activities to other countries. Believing that Vietnam is missing investment opportunities, the … [Read more...] about Foreign-invested enterprises urge prompt action to prevent recession
What’s on September 20-26 (Daily updated)
MUSIC & ENTERTAINMENT Online Premiere: Split Until Oct 23, 11 pm From Goethe Institut: When confined to a small space, with no contact with the outside, encounters are not any more, everything just takes place in a space so familiar that it seems boring, will we cut off all associations? Or is it the time to connect to oneself – something that we occasionally forget? Each time like that, people “split” themselves. “Split” is the breaking in piece, angled deeply inwardly. When outer space is limited, people discover emotions hidden deep within themselves, observe themselves under different beings, both separate and mixed, sometimes very confusing. “splitting” without separation, split to open, for stopping but clarifying, for reflection and for connecting. The contemporary dance performance consists of three parts: ‘Stop’ – ‘Confide’ – ‘The cover’ Dancer: BAYDANC (Lê Trần Thảo Nhi, Hoàng Lan Phương, Phạm Ngọc Toàn) Musician: Nguyễn Thị Thùy Linh … [Read more...] about What’s on September 20-26 (Daily updated)
Vietnam to waste investment opportunites due to slow reopening: foreign associations
Foreign businesses in Vietnam have expressed their concerns over the prolonged social distancing measures applied throughout the country to stall the coronavirus spread, warning that it would miss many investment opportunities given slow economic reopening. Foreign business associations including AmCham Vietnam, the U.S.-ASEAN Business Council, EuroCham, and KoCham recently sent a joint letter to the central government to propose a strategy on ‘localized pandemic prevention and control,’ aimed at restoring safe production and business activities in a 'new normal.' It is important that Vietnam take action now to maintain its regional and global competitiveness, and not to lag in economic recovery, the letter wrote. The business associations said they support the strategy to adapt to living with the virus safely and wish to joint hands with the government and localities to reopen the economy safely and enable economic recovery. Businesses need a clear road map and an exact date … [Read more...] about Vietnam to waste investment opportunites due to slow reopening: foreign associations
