A customer at an ABBank branch. The SBV said the extension of the credit growth quota will be implemented at an appropriate time and the adjustment will depend on the financial health of each bank. Photo ABBank HÀ NỘI — Banks are forecast to have a credit expansion at the end of the third quarter of 2022, according to Saigon Securities Incorporation. As demands for bank loans have increased rapidly this year after the pandemic has been controlled, banks have already used up most of their assigned quota this year. The banks have therefore proposed the State Bank of Vietnam (SBV) to appropriately expand their credit growth quota to continually lend to customers. Under the current regulations, the State Bank of Việt Nam (SBV) sets credit growth limits for each commercial bank at the beginning of the year depending on the bank’s health, including capital adequacy ratio, financial strength, risk governance and operational status. This was done to control credit growth of the entire … [Read more...] about Banks to have credit expansion at end-Q3 2022
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Russian Foreign Minister Sergey Lavrov, who is scheduled to visit Vietnam on July 5-6 (Photo: AFP/VNA) Moscow (VNA) - Grigory Lokshin , an expert from the Centre for Vietnam and ASEAN Studies under the Russian Academy of Sciences’ Institute of Far Eastern Studies, has highlighted Vietnam's important role in stable ties between between Russia and the Far East in particular and Southeast Asia. Lokshin made the comment on July 5 while being interviewed by Russia’s Independent newspaper at the outset of Russian Foreign Minister Sergey Lavrov ’s visit to Vietnam. According to the Russian expert, the cooperation in the field of military technology and energy, particularly oil and gas development projects, plays an important role in the bilateral relationship and is always a key topic at working sessions between the two countries' politicians. The Independent newspaper said Lavrov's Asia tour shows that Russia is reorienting its political and diplomatic resources with … [Read more...] about Vietnamese studies expert highlights Vietnam’s role in Russia – Southeast Asia ties
There will be another VIR talk show on blockchain application on July 8, Photo: Shutterstock Earlier this year William Do, CEO of Hobbit Investment, explained that exponential benefits and fast payback time are making blockchain projects a 4.0 trend that is replacing the wave of startups that flourished in previous years. “The blockchain model with its transparent, speedy, and bold projects has solved the problems that pioneering startups of the past could not answer,” he said. According to Do, just a handful of projects launched during the 2017-2020 entrepreneurship wave were able to establish themselves in the international market. The remainder struggled to survive without the support of major players in their industries. In more recent times, Hobbit has successfully raised capital for blockchain game Fight of the Ages (FOTA), and Do will appear on a VIR talk show on July 8 to share his own personal experience as well as the general status of innovation funds for … [Read more...] about Building innovative funds in blockchain biz
Patrick Lenain - Former assistant director Organisation for Economic Co-operation and Development Schools and universities will need to adopt new technologies. Public transportation networks will need to be upgraded. Large-scale logistical hubs will be required to remain integrated in global supply chains. Old-age citizens will need welfare support. Electricity generation will need to decarbonise. Coastal cities will need to adapt to rising sea levels. Military spending will need to protect the country. And it is obvious that health spending remains a priority. Unfortunately, tax revenue is at present too limited to finance these large investments. Vietnam’s government collected tax revenue equivalent to 16 per cent of GDP last year, according to the International Monetary Fund. This is less than Malaysia (18.3 per cent), Singapore (18.5 per cent), India (19.7 per cent), Thailand (20.3 per cent), and China (27 per cent). This is also less than before the pandemic, reflecting … [Read more...] about Tax for development: Does Vietnam need tax reform?
Steven Jacob - Of counsel, Indochine Counsel The draft decree broadly applies to two types of technology: that used by credit organisations that act as banks according to the Law on Credit Institutions; and independently developed tech in the banking sector from financial institutions. While the draft applies to technology, there is a further restriction on which companies can participate in the sandbox, namely credit institutions and fintech companies that receive authorisation from the State Bank of Vietnam (SBV). Fintech in banking consists of innovative creations and current financial services on tech apps. Related companies are organisations that are not credit institutions, branches of foreign banks with authorisation to act in Vietnam, those which independently provide fintech or information cooperation with credit institutions, and foreign banks that provide fintech to the market. If a company is an eligible company as defined, it must also demonstrate that they … [Read more...] about Digesting fintech sandbox draft rules
Vietnam's economy is predicted to grow by 6.9% this year, according to the latest Vietnam At A Glance report by HSBC. (Photo: VNA) HCM City (VNA) – HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region. In the Vietnam At A Glance report in July, HSBC Global Research noted that decreasing risks posed by the Omicron variant and eased restrictions have paved the way for Vietnam to return to the normality. Thanks to widespread recovery, the country recorded an impressive GDP growth rate of 7.7% in the second quarter compared to the same period last year. The service sector, which has suffered from severe economic impacts, have bounced back strongly while manufacturing has continued growing and exports hit historic highs. However, the growth forecast for 2023 was revised down to 6.3% from 6.7% due to growing risks, especially in the energy sector, according to the … [Read more...] about HSBC upgrades Vietnam’s growth forecast to 6.9%