VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8
Startup business loans
A project worth VND239.2 billion (US$ 10 million) to help graduates start their business was initiated by the Ministry of Education and Training yesterday.The project aims to encourage higher education facilities to increase information of start-up business amongst students before graduation and assist graduates to set up their business.Each school will have one or two career orientation staffs to consult students on starting their own business.The project will set up three pilot centers in universities to connect demand and supply for startup students; build a website to provide information of business, idea for new business and employment opportunity for startup students. The centers will support all students’ start-up project and connect students’ startup project with enterprises or investment funds.Furthermore, a fund to help startup students will be set up in schools. By 2025, all freshmen will receive information of startup business. There will be ten centers which … [Read more...] about Over US$10 million for startup students
A target of one million startups by 2020 is going to need some serious funding. Vietnam recently launched an ambitious plan to transform the country from an offshore manufacturing hub for foreign companies into a major player in the global digital economy. In doing so, the government has adjusted business policies to pivot around small and medium-sized companies and encouraged the startup boom. There is no question that one of the challenges facing startups is to find the capital they need to get their ideas off the ground. There have been mixed opinions about whether or not the Vietnamese government should turn itself into a venture capitalist to support early-stage startups. Some experts don’t think that putting the government in charge of deciding which business ideas get funding and which don’t is a good idea. The Becamex Technology Innovation Center (TIC) in Binh Duong Province, just north of the country’s commercial hub Ho Chi Minh City, was launched in … [Read more...] about Should the Vietnamese government invest in startups?
Opportunities abound for agriculture startups Duc Tam By Duc Tam - The Saigon Times Daily HCMC – Newly established businesses in the agricultural sector can have a lot of growth opportunities as demand for food is rising as a result of growing populations at home and abroad, according to experts at a forum in the Mekong Delta city of Can Tho last week. Huynh Quang Vinh, deputy general director of An Giang Fruit-Vegetables & Foodstuff JSC, told a discussion at the Mekong Connect CEO Forum that the Mekong Delta is in dire need of solutions and equipment to preserve post-harvest farm produce. Meirav Eilon Shahar, Israeli Ambassador to Vietnam, said in a video clip shown at the discussion that domestic business startups are mainly in the cell phone and Internet-related sectors. This is normal but more startups in the agricultural sector should be encouraged in Vietnam where 70% of its population is active in farming, aquaculture and related sectors. The world’s … [Read more...] about Opportunities abound for agriculture startups
Startups fall sharply Quoc Hung and Minh Tam By Quoc Hung and Minh Tam - The Saigon Times Daily HCMC - The business registration agency reported that 6,598 new businesses came into existence in the month ending July 20, down a staggering 29.4% month-on-month. These business startups registered total capital of nearly VND38.87 trillion (over US$1.78 billion), falling 38.4% versus a month earlier, according to the agency under the Ministry of Planning and Investment. The number of newly established businesses in July alone was 4,091 with total registered capital of VND23.1 trillion. Notetably, there were only four new foreign direct investment (FDI) firms worth over VND370 billion approved this month when the revised Enterprise Law took effect. The average capital registered for a fresh enterprise in July was VND5.9 billion, down 12.6% from a month earlier and the number of people employed by the startups was 92,051, down a staggering 30.8% month-on-month. The drop in startups this … [Read more...] about Startups fall sharply