Renewable energy

UOB headquarters in HCM City. — Photo courtesy of the bank The United Overseas Bank (UOB) has increased its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), following approval from the State Bank of Viet Nam earlier this month. “This fresh injection of capital demonstrates UOB’s commitment to deepening our presence in Viet Nam, and contributing to the country’s ongoing development," said Wee Ee Cheong, UOB Deputy Chairman and CEO. "UOB Vietnam has grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53 per cent compounded annual growth rate in assets. This increased capital will allow us to continue supporting both new and existing customers in Viet Nam, through progressive solutions and the connectivity we can offer across UOB Group’s regional network,” he said. UOB Vietnam is focused on meeting the financial needs of … [Read more...] about UOB raises charter capital in Viet Nam

Post-pandemic cooperation prospect of Vietnam, Hong Kong The Vietnamese Ministry of Industry and Trade and the Commerce and Economic Development Bureau of the Hong Kong Special Administrative Region Government (China) jointly held a teleconference on post-pandemic economic recovery – Vietnam-Hong Kong partnership on September 20. Speaking to Vietnam News Agency's correspondents, Anthony Lam, Executive Deputy Chairman of the Federation of Hong Kong Industries (FHKI) and CEO and Vice Chairman of the Golden Resources Development International Ltd., said a number of Hong Kong manufacturers have recently expanded production out of Hong Kong and to ASEAN, including Vietnam, for different reasons. About the potential of cooperation between Vietnamese and Hong Kong firms, Lam said Hong Kong is focusing resources on health care and pharmaceuticals so its businesses could consider investment in those fields in Vietnam. He stressed that Vietnam boasts a young, hardworking, … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 20

Carolyn Turk and Kyle Kelhofer The country’s robust and sustained economic growth was driven by open trade, sector liberalization, and an export-oriented growth model, in which the private sector played a leading role. With success comes confidence, and Vietnam set a goal of becoming a high-income country by 2045. Then came Covid-19, though, even before the pandemic, some of the forces fueling Vietnam’s growth had evolved. For example, while technological change is reshaping the country’s manufacturing-led export strategy, other challenges include an aging population, the need for improved regulations, enhanced competition, upgraded infrastructure, skilled workforce, and better access to finance. During the first wave of Covid-19, Vietnam set a global example by taking swift action to contain the virus. The country was one of the few economies globally to register growth in 2020, and its output was well above its pre-pandemic level by the end of the second quarter of 2021. … [Read more...] about Strengthening the private sector can get Vietnam back in the fast lane