KPMG NEXT, one of the CSR programmes of KPMG in Vietnam, aims to support small- and medium-sized enterprises (SMEs) in developing and taking their business to the next level, not only in the region but also in the world. KPMG accompanies Vietnamese SMEs in Economy 4.0 Accounting for 97 per cent of all businesses operating in Vietnam, SMEs play an important role in the Vietnamese economy as they make up about 45 per cent of the GDP and 31 per cent of the total revenue. However, the sector is facing many barriers and challenges, especially in the current context of Economy 4.0. Explaining this issue, Lam Thi Ngoc Hao, partner cum head of Private Business at KPMG in Vietnam, highlighted that most local SMEs are having difficulties in maintaining their growth rate after the first steps of development, which leads to the reduction of enterprises’ competitiveness. In addition, in today’s business environment, the evolution of Industry 4.0 has clearly showed that … [Read more...] about KPMG accompanies Vietnamese SMEs in Economy 4.0
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Credit continues to tighten in real estate sector in 2019
Credit will continue tightening for non-manufacturers, especially the real estate market, in 2019, according to experts from the annual seminar on the Vietnamese economy held on March 12 in Ho Chi Minh City. According to the State Bank of Vietnam, in 2019, credit growth is expected to be kept at 14 per cent and investment flows into real estate and securities will continue to be controlled tightly, and interest rates will also be stable. In addition, in 2019, foreign credit will also be reduced, except for export and short-term loans. Doctor Ha Huy Tuan, deputy chairman of the National Financial Supervisory Commission (NFSC), said that the interest rate is expected to be stable for the rest of 2019, as oil prices and the USD exchange rate will not change much. Credit will be tightened in the real estate sector in 2019 Together with the stable interest rate, in 2019, the pressure on the foreign exchange is not expected to be too strong because the international and domestic … [Read more...] about Credit continues to tighten in real estate sector in 2019
Automobile sector accelerates economy in 2018
Besides record-breaking achievements, the automobile industry was a growth highlight of Vietnam’s economy in 2018, particularly with the introduction of a made-in-Vietnam branded car. Despite being a new enterprise, VinFast has its own advantages upon entering the market, such as owning the first automobile manufacturing technologies from Germany in Vietnam. With a sound vision and high-quality human resources, the company has quickly come to own large manufacturing factories and a nationwide distribution system. Contrary to the acquisition of domestic enterprises by foreign conglomerates in the field of fast-moving consumer goods in the automobile industry through merges and acquisitions, Vietnamese enterprises have expanded their activities, increasing competitiveness both at home and in foreign countries. According to experts, Vietnam’s automobile enterprises have many choices in choosing projects to invest in and cooperate with. There remains huge potential with a … [Read more...] about Automobile sector accelerates economy in 2018
Cuban president defends role of private sector in national economy
"Self-employed workers are not enemies of the Revolution. They have emerged as a result of updating our economic model," said Diaz-Canel during his speech concluding the ordinary session of Cuban Parliament, while emphasizing they must operate in accordance with the law. The president said it is necessary to create the proper conditions for the private sector to operate according to the new regulations implemented two weeks ago, and that the law officials must act "with fairness, rigor and ethics." On December 7, the Cuban government put into force a series of modified regulations regarding the activities of the private sector in the Caribbean nation. Private work re-emerged in Cuba in 2010 as part of the reforms initiated by former President Raul Castro, with the aim to improve efficiency and productivity. According to figures from the Cuban Labor Ministry, almost 600,000 small entrepreneurs are currently running private businesses on the island. They employ about 1.3 million workers, … [Read more...] about Cuban president defends role of private sector in national economy
Fintech primed to boost financial services sector in Vietnam
Adrian Chng, GoBear CEO: Fintech primed to boost financial services sector in Vietnam Vietnam is setting records. Notably, at the end of last year, it was named one of the world’s Top 20 internet users with 64 million connected people and in January this year, Vietnam claimed the title of the world’s fastest growing wealth hub, clocking in 210 per cent wealth growth between 2007 and 2017. This is the reason that Forbes declared the country ‘every keen investor’s must-watch’ for 2018. Besides, It means that Vietnam sits at the beautiful intersection where personal finance meets inevitable innovation. In the last five years alone, Vietnam has experienced the entry of over 40 new fintech players, such as online payment platforms Mobivi and Momo, as well as the country’s first fully digital bank Timo. One of these is financial products comparison platform GoBear, one of Asia’s fastest growing startups that has recently undergone leadership … [Read more...] about Fintech primed to boost financial services sector in Vietnam