HSBC has issued VND600 billion (US$25.7 million) worth of bonds, becoming the first foreign bank to do so in Vietnam.
Vietnam is expected to continue growing its share of global exports despite decline amid the resurgence in the COVID-19 pandemic after three months of no local transmissions, according to an HSBC report.
Vietnam’s effective COVID-19 control measures to date and gradual yet prudent reopening has enhanced its attractiveness as a business destination, HSBC said in its Navigator report themed “Building Back Better”, released on July 21.
Emerging economies are chasing companies to get more FDI, but companies are chasing Vietnam to move there, said HSBC.
The landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership has been in force for more than a year now, influencing the trade activities of member economies.
Rising foreign investment flow in Vietnam has prompted overseas banks to expand operation in the country.
HSBC expected Vietnam’s economic outlook to remain positive and GDP to grow 6.6% in 2020.
Economists are upgrading their growth projections for Vietnam after the latest data showed the economy surged more than 7 percent in the third quarter, according to Bloomberg.
The State Bank of Vietnam (SBV) has given the go-ahead approving the eligibility of the Republic of Korea’s Woori Bank to establish five branches in Vietnam.
Resident and non-resident foreigners in Vietnam are still permitted to make term deposits at local banks despite some banks saying they would not accept savings deposits from individual foreign customers, the State Bank of Vietnam has said.
After recording its slowest pace in more than three year last month, Vietnam’s inflation is forecast to hit only 2.7 percent in 2019 after standing at 3.5 percent last year.
Many receive salary increases which, given the relatively low cost of living, provide them with far more spending power to enjoy everything the country has to offer.
The State Bank of Vietnam has issued a new circular relaxing regulations on bank deposit services for foreigners and nonresidential organizations in Vietnam, a move designed to attract idle funds from the expat community in the country.
Korean investors are keen to invest in renewable energy due to its potential and the incentives that Vietnam has offered to foreign investors, an HSBC official has said.
However, to convert its much-touted supply chain potential, Vietnam needs to build more visibility and credibility amongst international firms.
It is estimated that the EU-Vietnam FTA (EVFTA), the “most ambitious” FTA the EU has ever concluded with a developing country, will add 0.1 percentage point (ppt) on average to Vietnam’s real GDP growth each year based solely on its trade impacts.
Vietnam’s economy will grow at 6.6 percent this year, slightly down from last year’s 7.1 percent, HSBC has forecast in a report it released this week.
The threat of macro-economic headwinds dragging global growth should be the impetus ASEAN needs to push its reform agenda harder in 2019, according to a report recently released by the HSBC Group.
Vietnam has climbed eight places to 18th in the world as the best place for a career for expatriates, according to HSBC’s Expat Explorer survey.
Vietnamese enterprises are among the world’s most optimistic about international trade prospects and most confident when it comes to succeeding in the current environment, according to an HSBC report.