Business
Banks deny involvement in Tan Hoang Minh’s bond issuance scandal
Vietinbank and Saigon Hanoi Commercial Joint Stock Bank (SHB) said that they do not provide securities and payment guarantee services, do not invest and distribute bonds issued by Tan Hoang Minh Group.
On Wednesday, Vietinbank released an announcement related to nine bond issuances of companies under Tan Hoang Minh Group that have recently been canceled by the State Security Commission (SSC) of Viet Nam.
The bank affirmed that it does not provide underwriting securities and payment guarantee services, and does not distribute bonds of these issuances.
Vietinbank provides account and asset management services for the bond issuances of Soleil Hotel Service and Investment Joint Stock Company, Viet Star Real Estate Investment Company Limited and Winter Palace JSC, with a total value of VND6.53 trillion ($285.6 million).
Service provision is carried out on the basis of the Law on Credit Institutions 2010 and Operation License No. 142/GP-NHNN dated July 3, 2009 issued to Vietinbank by the State Bank of Viet Nam (SBV), whereby Vietinbank is allowed to provide account and asset management services.
For account management services, Vietinbank provides account opening services to serve the receipt and payment of the issuer’s obligations related to bonds under the Bond Account Management and Holding Contract and in accordance with the law.
For asset management services, Vietinbank is only responsible for managing collateral, checking and monitoring the status of collateral and dealing with investors with bonds with collateral under the collateral management contract and in accordance with the law.
Also on Wednesday, SHB said that it only provides account and collateral management services for bond issuances of Soleil and Viet Star, each worth VND800 billion. The provided services are in accordance with the law.
The bank asserted that SHB does not provide underwriting securities and payment guarantee services, and does not invest and distribute bonds from these two issuances.
It commits to taking all responsibilities in providing account and collateral management services for these issuances.
Meanwhile, SBV has just issued an official dispatch to credit institutions and foreign bank branches requesting to strictly implement some steps to guarantee safe operations, including controlling the credit extension offerings in some risky industries.
Accordingly, the state bank requests credit institutions to tighten control the credit growth in line with targets assigned by the SBV in 2022, and in accordance with monetary and credit policy stances, and banking activities of the Government and the state bank.
For industries with potential risks or affected by the COVID-19 pandemic, SBV requires credit institutions to strictly control the increase of outstanding credit and credit quality. This includes tightening the control of credit extension offerings for customers borrowing capital to participate in land auctions to ensure compliance with the provisions of the law, and promptly reporting to SBV when detecting signs of legal violations.
In the document, the state bank also demands credit institutions prepare to restructure the system of credit institutions in the 2021-2025 period.
Source: vietnamnet
Source: https://e.nhipcaudautu.vn/real-estate/banks-deny-involvement-in-tan-hoang-minhs-bond-issuance-scandal-3344983/
Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday.
The Australian side strongly believes that Vietnam will further improve transparency and the investment climate.
The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia.
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| An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre |
Australia picks Vietnam as an investment destination thanks to political security
Eliza Chui, a representative of Austrade, said that many factors had encouraged Australian firms to do business in Vietnam, including the country’s political security, rapid post-COVID-19 recovery, golden population, anti-corruption efforts, and transparency.
“Vietnam is Southeast Asia’s sixth-largest economy, while the nation is home to 291 industrial parks, making it more attractive to foreign investors,” said Chui.
“After the COVID-19 pandemic, Vietnamese people tend to pay attention to their health, so they are willing to seek high-quality products, smoothing the path for Australian exports.”
Bilateral trade between Vietnam and Australia totaled some 23.5 billion Australian dollars (US$15.6 billion) in 2022, making Australia Vietnam’s seventh-largest trade partner.
Meanwhile, Vietnam became Australia’s 10th-biggest trade partner.
Furthermore, Vietnam is Australia’s fifth-largest education partner, sending 27,000 Vietnamese students to Australia and seeing over 8,000 students pursuing degrees at Australia-invested universities in the Southeast Asian country.
Two-way trade in the agro-forestry-fishery sector reached a new record of six billion Australian dollars (US$3.9 billion) last year.
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| Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, delivers a speech at the seminar. Photo: Duy Linh / Tuoi Tre |
Australia set to import Vietnamese grapefruit, passion fruit
Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, told Tuoi Tre (Youth) newspaper on the sidelines of the seminar that the event was not only aimed at introducing Australian products to Vietnamese customers, but also at creating a chance for Australian firms to learn more about and buy Vietnamese farm produce.
Many Vietnamese agricultural products are being shipped to Australia, including dried, frozen, and fresh produce.
The Vietnamese shrimp is a much sought-after product in Australia and has gained a dominant position on the market, said Harman.
“We are working to import grapefruit and passion fruit from Vietnam to diversify fresh fruits on the Australian market and provide Australian customers with Vietnam’s high-quality products,” he revealed.
Australia is focusing on marketing honey products, kangaroo meat, deer meat, peaches, cranberries, and baby formulas to the Vietnamese market. In addition, Australia will make life easier for the import of Vietnamese shrimp, passion fruit, and grapefruit, while issuing certificates to Vietnam’s food irradiation and disinfection facilities.
In response to a topic about the memorandum of understanding (MOU) signed by the two countries last year on sending Vietnamese workers to Australia for work in agriculture, Harman said that both sides were stepping up efforts to implement the memo, and will issue further notice in the near future.
As per the MOU signed in March last year, Australia will issue agricultural visas and receive nearly 1,000 farm workers from Vietnam each year.
However, in September last year, Australia announced the suspension of agricultural visas. Instead, the Australian government shifted to a program with a focus on workers from Pacific island nations and Timor Leste.
|
|
| Representatives of Australian firms have a discussion with their partners on the sidelines of the seminar. Photo: Duy Linh / Tuoi Tre |
The Australian Department of Foreign Affairs and Trade has been committed to continuing to follow all agreements with Vietnam, while the two countries are in the process of discussing the implementation of these deals.
The series of seminars on Vietnam-Australia education, culture, and cuisine promotion is part of the activities to celebrate 50 years of the two countries’ relations.
After the event in Hanoi, other seminars will kick off in Hue and Da Nang in March, and in Ho Chi Minh, Nha Trang, and Can Tho in September.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday.
The Australian side strongly believes that Vietnam will further improve transparency and the investment climate.
The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia.
|
|
| An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre |
Australia picks Vietnam as an investment destination thanks to political security
Eliza Chui, a representative of Austrade, said that many factors had encouraged Australian firms to do business in Vietnam, including the country’s political security, rapid post-COVID-19 recovery, golden population, anti-corruption efforts, and transparency.
“Vietnam is Southeast Asia’s sixth-largest economy, while the nation is home to 291 industrial parks, making it more attractive to foreign investors,” said Chui.
“After the COVID-19 pandemic, Vietnamese people tend to pay attention to their health, so they are willing to seek high-quality products, smoothing the path for Australian exports.”
Bilateral trade between Vietnam and Australia totaled some 23.5 billion Australian dollars (US$15.6 billion) in 2022, making Australia Vietnam’s seventh-largest trade partner.
Meanwhile, Vietnam became Australia’s 10th-biggest trade partner.
Furthermore, Vietnam is Australia’s fifth-largest education partner, sending 27,000 Vietnamese students to Australia and seeing over 8,000 students pursuing degrees at Australia-invested universities in the Southeast Asian country.
Two-way trade in the agro-forestry-fishery sector reached a new record of six billion Australian dollars (US$3.9 billion) last year.
|
|
| Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, delivers a speech at the seminar. Photo: Duy Linh / Tuoi Tre |
Australia set to import Vietnamese grapefruit, passion fruit
Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, told Tuoi Tre (Youth) newspaper on the sidelines of the seminar that the event was not only aimed at introducing Australian products to Vietnamese customers, but also at creating a chance for Australian firms to learn more about and buy Vietnamese farm produce.
Many Vietnamese agricultural products are being shipped to Australia, including dried, frozen, and fresh produce.
The Vietnamese shrimp is a much sought-after product in Australia and has gained a dominant position on the market, said Harman.
“We are working to import grapefruit and passion fruit from Vietnam to diversify fresh fruits on the Australian market and provide Australian customers with Vietnam’s high-quality products,” he revealed.
Australia is focusing on marketing honey products, kangaroo meat, deer meat, peaches, cranberries, and baby formulas to the Vietnamese market. In addition, Australia will make life easier for the import of Vietnamese shrimp, passion fruit, and grapefruit, while issuing certificates to Vietnam’s food irradiation and disinfection facilities.
In response to a topic about the memorandum of understanding (MOU) signed by the two countries last year on sending Vietnamese workers to Australia for work in agriculture, Harman said that both sides were stepping up efforts to implement the memo, and will issue further notice in the near future.
As per the MOU signed in March last year, Australia will issue agricultural visas and receive nearly 1,000 farm workers from Vietnam each year.
However, in September last year, Australia announced the suspension of agricultural visas. Instead, the Australian government shifted to a program with a focus on workers from Pacific island nations and Timor Leste.
|
|
| Representatives of Australian firms have a discussion with their partners on the sidelines of the seminar. Photo: Duy Linh / Tuoi Tre |
The Australian Department of Foreign Affairs and Trade has been committed to continuing to follow all agreements with Vietnam, while the two countries are in the process of discussing the implementation of these deals.
The series of seminars on Vietnam-Australia education, culture, and cuisine promotion is part of the activities to celebrate 50 years of the two countries’ relations.
After the event in Hanoi, other seminars will kick off in Hue and Da Nang in March, and in Ho Chi Minh, Nha Trang, and Can Tho in September.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Source: https://tuoitrenews.vn/news/business/20230327/vietnams-political-security-makes-the-country-more-attractive-to-australian-investors/72297.html
Business
Vietnam – Australia agro-forestry-fishery trade exceeds $4bln in 2022
In particular, the trade of agriculture, forestry and fishery products topped A$6 billion ($4 billion) for the first time, or more than double the figure in 2021.
The figures were revealed at a workshop on agricultural food held in Hanoi on March 27, as part of series of activities marking the 50th anniversary of Vietnam-Australia diplomatic ties. The workshop drew the participation of 400 businesses, organizations, and associations in the two countries.
Vietnam has been one of the fastest-developing trade partners of Australia in recent years, with two-way trade turnover surging 27 per cent in 2022 against 2021, to A$23.5 billion ($16 billion), according to Ms. Tran Huong, Marketing Director of Austrade.
Vietnam is currently Australia’s tenth-largest trading partner while Australia is Vietnam’s seventh-largest.
Source: VnEconomy
Source: https://e.nhipcaudautu.vn/economy/vietnam–australia-agro-forestry-fishery-trade-exceeds-4bln-in-2022-3351574/
Business
Japanese retailer Muji to expand in Vietnam, targeting affluent
Muji has been present in Vietnam for three years, with five stores, three in Ho Chi Minh City and two in Hanoi.
The news site quoted Tetsuya Nagaiwa, general director of Muji Vietnam, as saying: “Its stores in Vietnam are the largest at around 2,000 square meters on average. The size in Vietnam is almost double the average in other countries, including Japan.”
Muji’s latest 2,000-square meter store in HCMC’s Thu Duc city sells everything from food, home appliances and clothing to furniture, stationery and accessories.
Earlier, Nagaiwa said his company would cooperate more with local producers to sell more products specifically designed for the Vietnamese market, at better prices. The shift would reduce the firm’s expenses and provide more work for local manufacturers.
“We see strong demand for high-value products,” he said, adding that Muji’s sales remained good because young consumers prefer its stationery, cosmetics and furniture.
Muji has steadily increased the local content rate and looked for local suppliers, Nagaiwa said, citing goods made in Vietnam account for 30% of its products and 97-98% in the case of products like T-shirts, backpacks and messenger bags. “We hope these numbers will increase in future,” he said.
After discovering that the Vietnamese stationery market only had the popular and high-end segments and not the mid-range one, Muji started selling ballpoint pens for VND19,000 ($0.8), attracting students, who liked Japanese goods with minimalist designs, he added.
Not only Muji, many other Japanese retailers are opening more stores in Vietnam, targeting consumers that are not much affected by the difficult economic situation, said the news site.
Uniqlo, which has 15 stores in Vietnam after entering three years ago, last month announced plans to expand its network to the southern province of Binh Duong, with the first store to be opened this spring or summer.
In February, Aeon started building its seventh outlet in Vietnam in the central town of Hue at a cost of $169.67 million. Once inaugurated in April 2025, the 86,216-square-meter mall, located in the An Van Duong new urban area in An Dong ward, will be the largest mall in the central region.
Last December, Aeon signed a memorandum of understanding with Hai Duong authorities to build a mall in the northern province. The mall will be located in the southern urban area of Hai Duong town near Vo Nguyen Giap boulevard.
The Japanese retailer is now operating six malls in Vietnam, including two in Hanoi, one in Hai Phong, two in HCMC and one in nearby Binh Duong.
A recent business survey by the Japan External Trade Promotion Organization found that 100% of Japanese retail businesses in Vietnam expect profits to increase this year. Of them, 80% said they would expand in the next one to two years.
Source: The Investor
Source: https://e.nhipcaudautu.vn/companies/japanese-retailer-muji-to-expand-in-vietnam-targeting-affluent-3351568/
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