Consumer credit has grown by five times in the last five years, according to the State Bank of Vietnam. The Financial Times newspaper noted that Vietnam’s consumer lending field remains ‘young’. Vietnam has great potential to develop the field thanks to the young population (70 percent of people are 15-64 years old) and the high economic growth rate (over 6 percent). It's easy to access consumer loans In late 2012, total consumer loans were VND230 trillion, accounting for 8 percent of total outstanding loans of the economy. By late 2017, the figure had reached VND1,100 trillion, or 4.8 times higher than 2012, accounting for 18 percent of total outstanding loans. As of December 31, 2018, the total assets of finance and finance leasing companies had reached VND167.822 trillion, up by 18.27 percent over the end of 2017, while their chartered capital had increased by 17.2 percent and regulatory capital by 39.4 percent. The consumer lending market includes … [Read more...] about Consumer credit: risks loom large
Bankruptcy who pays debt
President of VFF Central Committee Tran Thanh Man (third from left) in Can Tho Diocese (Photo: VNA) Can Tho (VNA) - President of the Vietnam Fatherland Front (VFF) Central Committee Tran Thanh Man paid a pre-Christmas visit to Can Tho Diocese in the Mekong Delta city of Can Tho on December 14. Man wished the Bishop of Can Tho Diocese Tri Buu Thien, local priests and Catholic followers a warm and merry Christmas season and urged them to make more contributions to national development. He underlined the contributions made by Catholic followers nationwide and those in Can Tho Diocese in particular to the country’s important achievements in the past year. The VFF leader expressed his hope that with his prestige, Bishop Thien will continue calling on priests and Catholic followers to join social activities, national emulation campaigns, and movements launched by the VFF, contributing to the success of the party congresses at all levels and action plans set by the ninth … [Read more...] about VFF leader pays pre-Xmas visit to Can Tho Diocese
The country has seen a soar in investment this year (Photo: soha.vn) Hanoi (VNA) - Venture capital funding pouring into Vietnamese fintech companies accounted for 36 percent of the total fintech investment in Southeast Asia. The country has seen a soar in investment this year compared to 0.4 percent last year, according to the Fintech in ASEAN report released by the United Overseas Bank (UOB). Singapore took the leading position with 51 percent, down from 53 percent last year. Indonesia stepped down one place to third with 12 percent, compared to 37 percent last year. Thailand, Malaysia and the Philippines accounted for less than 2 percent of Southeast Asia's total fintech investment, down sharply from about 10 percent last year. In Vietnam, the leading field attracting venture capital in fintech companies was payment. VNPay, a Vietnamese e-payment solutions provider, took the lead in the report with total capital revealed to be 300 million USD this year. Singaporean insurance company … [Read more...] about Vietnam ranks second in fintech investment in Southeast Asia
Vietnam is considered an ideal destination for investing in motorcycle ride-hailing services as it has a population of 90 million and 45 million registered motorcycles. Besides, operating expenses in Vietnam are cheaper than in markets like Singapore and Malaysia. Last year, Go-Jek opined that Vietnam will be the company’s second destination in Southeast Asia, following the Philippines, and its third overseas market in Asia. According to Go-Jek, investing in Vietnam will open up opportunities for it to develop the Go-Pay payment application. Established in 2010 as a phone-based motorcycle ride-hailing service, Go-Jek has evolved into an on-demand mobile platform and a cutting-edge app, providing a wide range of services that includes transportation, logistics, mobile payments, food delivery, and many other on-demand services. Go-Jek is valued at $5 billion. Entering Vietnam, Go-Jek will have to compete with heavyweight competitors like GrabBike and UberMotor. In late September … [Read more...] about Go-Jek to set foot in Vietnam?
An overview of Bac Giang province (Photo: VNA) Bac Giang (VNA) – The northern province of Bac Giang is working out measures in an effort to attract 2 billion USD in domestic and foreign investment in 2018. Priority will be given to projects in the fields of transport, energy, key urban area development, supporting technology for garment-textile and footwear sectors, hi-tech industry, spare parts, hi-tech agriculture, and farm produce preservation and processing. The province will also focus on developing various forms of tourism such as spiritual tourism, eco-tourism, and resort tourism with hi-end hotels. To realise the target, the local authorities have requested investors of industrial parks to speed up the completion of technical infrastructure. The province is accelerating the compensation payment for land clearance at Hoa Phu industrial park and selecting investors to build infrastructure at Vietnam-Korea industrial park. It also asked the Embassies of Japan and the … [Read more...] about Bac Giang aims to draw 2 billion USD in investment this year