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Profit of Vietnam banking sector predicted to grow 22.5% in 2020

The Hanoitimes - In 2020, the credit growth is expected to be in range of 13 – 13.5%, down from 13.7% last year. Pre-tax profit of Vietnam’s banking sector is predicted to expand 22.5% in 2020, slightly lower than a 23% growth rate in 2019, thanks to strong recovery of some banks, higher revenues from bancassurance and fees, according to SSI Research. Data: SSI. Chart: Hai Yen. Banks that are set to have the strongest profit growth in 2020 include Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Prosperity Bank (VPBank), Military Bank (MBBank), and Vietnam Technological and Commercial Bank (Techcombank), VnExpress reported. In 2020, the credit growth is expected to be in range of 13 – 13.5%, down from 13.7% last year. According to SSI, such target growth is suitable in the context of tightening lending procedures and the development of corporate bond market. … [Read more...] about Profit of Vietnam banking sector predicted to grow 22.5% in 2020

How Vietnam builds up soft power

The Hanoitimes - Throughout recent decades, Vietnam has been making progress in accumulating soft power. In the past few decades, the government of Vietnam has been taking numerous actions toward building up and maintaining the country's soft power. Vietnam makes efforts in accumulating soft power Vietnam ranked 50th among the world’s 60 most influential countries in the first-ever Global Soft Power Index released in 2020 by London-based consultancy Brand Finance. Harvard professor Joseph Nye who initiated the idea of “soft power” in the mid-1990s said it is “getting others to want the outcomes that you want.” It can also be understood as the ability to shape the preferences, shaping the agenda of the discussions. Nye identified three main sources of soft power, including culture, domestic policies and values that the country is seeking after, foreign policies and goals of the country abroad. In the Vietnam case, researchers argued that developing soft … [Read more...] about How Vietnam builds up soft power

Vietnam’s economy to be Southeast Asia’s growth leader in 2021: Nikkei

In its article, the leading financial newspaper of Japanese media giants Nikkei Inc., said Vietnam is targeting a growth rate of 6.5% this year. The agency stated Vietnam’s exports will likely continue to be supported by US tariffs on Chinese goods and that in order to avoid US tariffs, importers have shifted demand from China to alternative suppliers, with this trend likely to continue. According to the agency, before the pandemic, Southeast Asia achieved collective annual growth of about 5% for many years, making it one of the world's best-performing regions. The region also became an attractive investment destination, with a relatively young population driving demand and providing plenty of labour. These advantages remain in place, but first the region needs to stamp out COVID-19. Nikkei also reported that Southeast Asian economies are aiming to this year regain the growth momentum they had before the COVID-19 pandemic caused historic declines in 2020. A look at early … [Read more...] about Vietnam’s economy to be Southeast Asia’s growth leader in 2021: Nikkei

US companies continue to see tremendous investment opportunities in Vietnam

The Hanoitimes - On the occasion of the 25th anniversary of the US-Vietnam diplomatic relations, US companies shared with Hanoitimes their expectations about opportunities for their investment expansions in Vietnam. Dr. Mason Cobb, chairman of Victoria Healthcare International Clinics After Vietnam achieved the middle income status and ODA decreased, the Vietnamese government became more accommodating for investment and that continues to this day. Dr. Mason Cobb, chairman of Victoria Healthcare International Clinics However, it is still not a truly level playing field with local companies. The attitude and perception, and spirit of cooperation has become much warmer and more understanding than during that difficult middle period. More importantly, the company’s mission in healthcare as primarily helping Vietnam build a world-class healthcare system. To that end, the company brings Vietnamese to the US and bring educational and other assets to Vietnam to … [Read more...] about US companies continue to see tremendous investment opportunities in Vietnam

Universal Robots: Leveraging automation to reduce workplace injuries

Automation technology can reduce most common causes of injury in manufacturing environments Automation technology can help increase productivity and reduce up to 72 per cent of the common causes of injury in manufacturing environments. According to the Ministry of Labour, Invalids and Social Affairs, Vietnam recorded 3,349 occupational accidents from January to June 2020 with total deaths numbering 378. The accidents were most prevalent in the manufacturing sector (27.41 per cent), construction (23.24 per cent), and services (12.35 per cent) while the remaining 37 per cent was spread across other sectors. Most local manufacturers are currently facing a growing skilled talent shortage which strains their overall productivity and growth. At the same time, employers are also facing immense costs associated with workplace-related injuries. “Cobots can perform tasks that may be dangerous or injury-prone for humans. With built-in safety features that slow the robot arm when a … [Read more...] about Universal Robots: Leveraging automation to reduce workplace injuries

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