Viet Nam News HÀ NỘI — The US Federal Reserve Board announced on its website early this week that it had approved the application by Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) to establish an office in New York City. According to the Federal Reserve Board’s order, the representative office would act as a liaison with Vietcombank’s clients and prospective clients in the US. The office would also engage in other representational activities such as providing analysis of the banking sector and financial services market, acting as a liaison with banks in the US and participating in business conferences. Vietcombank wrote on its website that this strategic step made it the first joint stock commercial bank of Việt Nam approved to open a representative office in the US – the country with the most transparent legal framework and rigorous supervision in the world. Vietcombank’s target is to become one of the … [Read more...] about Vietcombank’s application to establish a New York office approved
Approved project finance
ODA-funded project approval process time-consuming: NA deputy
ODA-funded project approval process time-consuming: NA deputyBy Vu Dung Minister of Planning and Investment Nguyen Chi Dung speaks at a National Assembly session – PHOTO: VNA HANOI – While the country is in dire need of capital for development projects, the time needed to approve projects financed by official development assistance (ODA) loans is woefully long, affecting the efficiency of capital usage. At a National Assembly (NA) question-and-answer session today, October 31, deputy Nguyen Thi Kim Thuy from Danang City said it takes an average of six months to complete the approval process for each of the 90% ODA-funded projects of State enterprises and agencies and 12-16 months for each project of the private sector. In response, Minister of Planning and Investment Nguyen Chi Dung said ODA capital must be kept within the limit set by the NA. The project approval process has four steps: project proposal, proposal approval, investment decision making … [Read more...] about ODA-funded project approval process time-consuming: NA deputy
Vietnam report on Japanese ODA projects inaccurate: JICA
In a recent report to the Vietnamese government, the Ministry of Finance noted that the monthly salary for Japanese consultants working on projects funded by Japanese official development assistance (ODA) loans was above $30,000 per person. The ministry said this was 20-25 percent higher than the average foreign consultant’s salary for projects funded by ODA loans and other preferential loans. In response, JICA said that the figure of $30,000 per month was inaccurate, as a consultant's monthly salary is based on the result of the contractor selection process through competitive bidding. "We offer guidelines on the price to help with cost estimation, but this price cannot be outside the permitted range. Additionally, both the Vietnamese side and JICA always carefully review the price during assessments," a JICA representative said. In JICA's guidelines, the salary of a consultant should be determined based on the person's level of expertise and global experience, and is therefore … [Read more...] about Vietnam report on Japanese ODA projects inaccurate: JICA
Hà Nội authorities to revoke licences of long-delayed projects: Chairman
Viet Nam News HÀ NỘI — Authorities in the capital plan to get tough on slow construction projects. Hà Nội People’s Committee Chairman Nguyễn Đức Chung recently said 47 construction projects running behind schedule will be discontinued and have their licences revoked. He was speaking at a hearing on the delayed progress and legal violations plaguing projects implemented with Government capital, held by the city People’s Council yesterday. Nguyễn Thị Bích Ngọc, chairwoman of Hà Nội People’s Council, said land is one of the most important resources for the development of the city. The council’s inspection of eight municipal departments and 30 localities found vast tracts of land idle where construction is supposed to be happening, “affecting people’s lives and production activities,” Ngọc said. From the beginning of the year to August 10, the city … [Read more...] about Hà Nội authorities to revoke licences of long-delayed projects: Chairman
40 BOT road projects face toll collection time cut of 120 years
40 BOT road projects face toll collection time cut of 120 years Vehicles wait to pay fees at a BOT road tollgate. The State Audit Office of Vietnam (SAV) has proposed slashing the toll collection time of 40 BOT road projects by 120 years - PHOTO: TL HCMC – The State Audit Office of Vietnam (SAV) has proposed the Government slash the toll collection time of 40 build-operate-transfer (BOT) traffic infrastructure projects by 120 years, news website VnEconomy reports. The SAV said in a 2017 auditing report submitted to the National Assembly that the Ministry of Transport has implemented a total of 75 traffic infrastructure projects through the public-private partnership (PPP) since 2002. They comprise 68 BOT, four build-transfer (BT), one build-own-operate (BOO), and two BOT and BT projects with a total adjusted investment of VND233.7 trillion. By March 2016, 57 of the projects had been put into operation, according to the report. They have helped ease traffic … [Read more...] about 40 BOT road projects face toll collection time cut of 120 years
Investor pulls out of Rach Mieu 2 Bridge project
Investor pulls out of Rach Mieu 2 Bridge projectLe Anh A view of Rach Mieu Bridge which faces frequent overload and congestion on national holidays - PHOTO: ANH QUAN HCMC – HCMC Infrastructure Investment JSC (CII) has announced to withdraw from the Rach Mieu 2 Bridge project after working with the government of Ben Tre Province, according to the Ministry of Transport. It is explained that the company has not yet mobilized enough capital to date and voiced concern over a big amount of money and a long period of capital recovery. Besides, CII is focusing on funding Trung Luong-My Thuan Expressway project worth VND9,668 billion in total investment for phase one. The investor has reportedly poured a limited VND1,542 billion, or 16% of the total, into the project. After CII’s refusal to continue the project, the province has asked the central Government for approval to finance the project for expanding and upgrading four sections of National Highway 60, then construct … [Read more...] about Investor pulls out of Rach Mieu 2 Bridge project
Review mid-term foreign-loaned projects: Deputy PM
Deputy Prime Minister Phạm Bình Minh speaks at a meeting to review and find solutions for the implementation of 26 projects that are using loans from the World Bank (WB) and the Asian Development Bank (ADB) in the 2017-2018 phase. — Photo VGP HÀ NỘI — Approved projects using foreign capital in the period of 2017-18 must be reviewed after the signing of credit agreements to optimise the effectiveness of foreign loans. This was the instruction given by Deputy Prime Minister Phạm Bình Minh at a meeting aimed at reviewing and finding solutions for the implementation of 26 projects that are using loans from the World Bank (WB) and the Asian Development Bank (ADB) in the 2017-2018 phase, which were not listed in the mid-term public investment plan. Representatives of the ministries of finance, planning and investment, health, industry and trade, agriculture and rural development, and natural resources and environment, as well … [Read more...] about Review mid-term foreign-loaned projects: Deputy PM
NA finance committee frets about higher budget deficit
NA finance committee frets about higher budget deficitTu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The National Assembly (NA) Financial and Budgetary Committee has voiced concerns over a steady increase in budget deficit in an assessment report on the implementation of the State budget plans in the past years. In the report on the result of the 2015 budget plan and the 2016 budget estimate, the committee said overspending always beat limits. Public debt has kept mounting and almost touched the ceiling approved by the legislature. Government debt had exceeded the cap, reaching 50.3% of gross domestic product (GDP), by the end of last year. The State budget has not disbursed funding for many programs, particularly those for social welfare. Regular expenditures have snowballed while development investments have dwindled. The ratio of budget deficit to GDP was 4.4% in 2011, 5.4% in 2012, 6.6% in 2013, 5.64% in 2014 and 6.11% in 2015. Regarding the 2015 budget expenditures, the … [Read more...] about NA finance committee frets about higher budget deficit
Masan Group takes over world-class tungsten project
Masan Group takes over world-class tungsten projectBy Hai Ly - The Saigon Times DailyHCMC – Masan Group Corporation cut a deal last Friday to acquire control of Nui Phao Mining Joint Venture Company Ltd. (Nuiphaovica) from Tiberon Minerals Pte. Ltd., a company owned by funds managed by Dragon Capital, a Vietnam-based asset manager. “Our philosophy has always been about partnerships with Vietnamese companies. Masan has the scale and skills to add substantial value to Nuiphaovica. In addition, we are delighted to become a significant and long-term shareholder in the Masan Group,” he said. The transaction is subject to regulatory approvals and other customary closing conditions.When fully operational, the mine will also be one of largest single point producers of bismuth and acid-grade fluorspar in the world. Over US$130 million has already been invested in the project and production is expected to begin in 2013.Financial observers believe that the transaction is the … [Read more...] about Masan Group takes over world-class tungsten project
CONSUMER FINANCE BOOST CENTERED ON TECHNOLOGY
CONSUMER FINANCE BOOST CENTERED ON TECHNOLOGYReported by Thu Nguyet Home Credit Vietnam has hardened its resolve in recent years in order to keep pace with the fast-changing need on the financial market. The consumer finance company last week launched a new logo in the Vietnamese market as a crucial part of its transformation. Dmitry Mosolov, CEO of Home Credit Vietnam, gives more details in the following interview. Q.: Redesigning the company logo often signifies innovative meaning and purpose behind the decision. How about the new logo of Home Credit? A.: The entire Home Credit group has been gone through the brand transformation, starting at the end of 2016 in the Czech Republic, and spreading to other markets. Our previous rectangular logo included the company’s name and a white refrigerator, symbolizing the availability and ease of purchases of home appliances by credit from the company. As consumers are nowadays shoppers with a positive, can-do outlook in life, they believe … [Read more...] about CONSUMER FINANCE BOOST CENTERED ON TECHNOLOGY