Time Out reporter explores how Vietnam is maximising its venue capacity to become the fastest-growing luxury MICE destination in Asia.
Vietnam’s globalisation process has been spearheaded by trade, and financial integration has lagged. Time to catch up.
Vietnam’s retail sector is forecast to be stable in the coming years, attracting investment from many foreign enterprises thank to its large population, brighter economic outlook and greater purchasing power.
When banks work with technology companies or startups, what often comes out are fintech products or services that can offer customers convenience and control over their financial lives.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on October 20 appointed Thomas William Tobin as Retail Banking Director, the bank’s first foreign senior executive.
HSBC has revised its growth forecast for Vietnam this year up to 6.6 percent, days after data from the General Statistics Office showed the economy grew 7.46 percent in the third quarter year-on-year; its strongest third-quarter growth since 2010.
Problems with healthcare, culture, and finances make Vietnam a less favorable second home for foreigners, according to HSBC’s latest Expat Explorer survey.
A high credit growth target of 21 per cent could be achieved this year, but with it come risks on credit quality and the potential for unevenly distributed loans, privileging large private firms instead of smaller ones.
Though global trade growth is on the wane and protectionism walls are up in some areas, Vietnam is still in good position to overcome the trade slowdown, with potential to further boost manufacturing and room to grow the services sector.
After separating from HSBC, Techcombank plans to spare no room for foreign investors, and VP Bank, which has been prospering in the last four years, is no longer eager to seek foreign partners.
As the Government is striving to obtain credit growth of 20% to 22% this year, many economic experts voiced their concerns over possible adverse impacts of high credit growth on businesses and the economy.
Vietnam’s economy is well positioned for growth in international trade and will continue to experience high growth over the next three to five years, said Chief Executive Officer (CEO) of HSBC Vietnam, Pham Hong Hai.
The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has no foreign stakeholder following HSBC Bank plc’s divestment in July, and has requested shareholders to approve zero foreign ownership temporarily.
While a renewed focus on equitizing State-owned enterprises (SOEs) has been exhibited following the leadership transition in April last year, equitization alone is not a short-term solution to reducing the government’s fiscal deficit.
Capital movements across the Southeast Asian region have begun to take shape, evidenced by the growing interest in international investment.
From early 2017 till now, many commercial banks have almost reached the lending growth cap set by the State Bank of Vietnam (SBV) and are now requesting SBV to set a higher credit growth limit to ensure more room for lending.
Some large foreign banks operating in Vietnam have recently scaled down their business or withdrawn capital from Vietnamese banks. What is happening with the banking sector?
Both foreign and domestic banks are racing to develop retail sale strategies in Vietnam, the 93-million-people country-a fertile land for banking retail business.
To obtain a 6.7% GDP growth rate in 2017, Vietnam needs to change its economic structure, experts say.
Enterprises across Vietnam contributed their ideas to making breakthrough policies in service of the efficient enforcement of the Government’s resolution on supporting and developing businesses until 2020 during the ongoing conference between the Prime Minister and businesses in Hanoi.