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Gojek acquires Vietnamese e-wallet WePay: media

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Indonesian multi-service platform Gojek has allegedly acquired a majority stake in Vietnamese payment startup WePay, according to DealStreetAsia.

The size of the deal remains undisclosed.

According to the report, the acquisition will help Gojek secure an e-wallet license to operate in Vietnam.

“We are always looking for opportunities to partner with innovative Vietnamese businesses as a means to enhance experience for users,” a Gojek representative told Tuoi Tre (Youth) newspaper without elaborating.

The representative added that the company will give more detailed information “at an appropriate time.”

As per the DealStreetAsia report, following the deal, WePay — developed by leading Vietnamese communications corporation VCCorp — has relocated its headquarters from Thanh Xuan District to Cau Giay District in Hanoi, where the Gojek office is located.

Gojek Vietnam’s country general manager Phung Tuan Duc has also become the legal representative of WePay since mid-August, according to the e-wallet’s public information on the National Business Registration Portal.

WePay is an online payment service provider that claims to have a partnership with 24 local banks, 1,000 merchants, and four international card issuers.

After the launch of its former subsidiary GoViet in 2018 and the official rebranding as Gojek Vietnam in August, Gojek has established a substantial presence in the country across a range of verticals, including motorbike-hailing (GoBike), food delivery (GoFood), and package delivery (GoSend).

In Vietnam, although cash on delivery has been the most popular mode of purchase, the trend is shifting thanks to COVID-19. 

Since the onset of the pandemic, digital payments have been growing rapidly and a culture of contactless payment is evolving.

Before Gojek, now-dominant player Grab also acquired Vietnamese e-wallet Moca to promote cashless payment for its services in Vietnam in 2018.

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Source: https://tuoitrenews.vn/news/business/20200915/gojek-acquires-vietnamese-ewallet-wepay-media/56766.html

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Interest rate for home loans forecast to stay low in 2021

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The interest rate for home loans is expected to be kept low next year in a bid to stimulate demand for the real estate market. — Photo openstock.vn

HÀ NỘI — Interest rates for home loans are expected to be kept at a low level next year to stimulate demand for real estate, which coupled with macro-economic recovery and an increase in supply is hoped to promote the housing market’s development, according to a report from the securities company VNDirect.

Since the outbreak of the COVID-19 pandemic in January, the State Bank of Việt Nam (SBV) has slashed rates three times, in March, May and October to aid economic recovery, which helped ease the pressure of provision cost for banks and interest expenses for customers and enabled lenders to introduce stimulus packages for home purchases.

According to Trần Khánh Hiền, deputy head of Investment Analysis at VNDirect, the rate for home loans was reduced by about 1.8 percentage points to 9.5 per cent, the lowest rate in the past decade.

“In the context of cooling inflation pressure, we expect the SBV to maintain an adaptive monetary policy in 2021. Although we do not expect further rate cuts, we believe the SBV will not raise rates in 2021 to aid the economy through maintaining loose monetary policies,” Hiền said.

“Thus, the interest rate for home loans will be maintained at low levels in 2021 to stimulate demand for the housing market.”

VNDirect also predicted a robust recovery of the housing market next year fuelled by the country’s macro-economic recovery.

The global production shift expected to drive investment flow into Việt Nam will benefit the real estate market, especially industrial property. The Government’s efforts to hasten public investment disbursement with a focus on infrastructure development have also aided the real estate market.

The report also forecast that new supply would skyrocket due to the expectation that the amendments to Law on Construction and the Law on Investment 2020 which take effect from the beginning of next year will tackle legal bottlenecks.

With a number of projects set to resume construction in 2021, VNDirect forecast new supply in HCM City would increase by 10-15 per cent to reach 17,000 apartments.

In Hà Nội, the supply was predicted to increase by 50-60 per cent in 2021 to reach 23,000 apartments, mainly from mega-projects like Vinhomes Smart City, Vinhomes Ocean park, Sunshine Empire and Gamda City.

Regarding housing prices, VNDirect said that the trend was to rise, driven by improved demand and low-interest home loans.

Still, there would be no market bubble in the short term, VNDirect stressed. The market was now different from 2009-10 when inventories were high and prices were inflated, leading to the market collapse in 2013.  

Now, the market has limited supply and high demand while the cash flow continues to be pumped in the market.

Việt Nam’s real estate market had a cycle of seven years and the market could enter a strong growth period in 2021 if legal bottlenecks were tackled properly, VNDirect said.

The M&A activities are predicted to be robust next year as a number of small developers have fallen into difficulties due to the legal bottlenecks and impacts of the COVID-19 pandemic, creating opportunities for those with financial capacity. —

Source: https://vietnamnews.vn/economy/820113/interest-rate-for-home-loans-forecast-to-stay-low-in-2021.html

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Over 120,000 firms newly established in Jan-Nov

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Residents carry out procedures for business establishment at the Department of Planning and Investment of Binh Duong Province. Some 124,300 firms were newly established between January and November – PHOTO: VNA

HCMC – Some 124,300 firms were newly established between January and November, pledged capital of over VND1,870 trillion, inching down 1.9% in number and up 19.3% in capital year-on-year, according to the General Statistics Office.

During the 11-month period, the newly established companies had an average registered capital of VND15.1 billion, up 21.7% year-on-year. They also registered to recruit a total of 970,000 employees, down 14.7% year-on-year.

Besides, the number of firms that resumed operations rose by 10.7% year-on-year at 40,800. However, the period also witnessed a 15.6% rise in the number of enterprises suspending their operations, reaching some 93,500. Of the total, 15,400 companies completed procedures for dissolution, a year-on-year rise of 3.1%.

In addition, operational companies registered an additional VND3,086 trillion to fund their expansion plans, raising the total newly pledged capital to more than VND4,965 trillion during the period, up 35.1% year-on-year.

In November, the country saw some 13,100 newly-established firms with total pledged capital of VND284 trillion, up 7.3% and 72%, respectively, month-on-month. The new enterprises registered to employ 119,000 people, up 65.3% compared with the previous month.

Each new firm reportedly registered an average of VND21.8 billion in capital in November, a month-on-month increase of 60%, VietnamPlus news site reported.

Last month, over 5,310 firms returned to the local market, up 5.4% month-on-month and 59.8% year-on-year, while over 1,940 companies completed the procedures for dissolution, a year-on-year rise of 30.6%.

Source: https://english.thesaigontimes.vn/79651/over-120000-firms-newly-established-in-jan-nov.html

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Finnish fund invests $626 mln in Vietnam bank stocks

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Finnish fund invests $626 mln in Vietnam bank stocks

An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy.


Finnish fund manager PYN Elite Fund has poured EUR515 million ($626.6 million) into Vietnamese bank stocks this year with expectations of double-digit growth.

In the first 11 months of this year, it has invested nearly a third of its total assets in VietinBank, HDBank, TPBank and Military Bank, according to the fund’s statement.

VietinBank’s CTG stock accounted for 9.66 percent of the fund’s asset portfolio, followed by HDBank’s HDB at 9.3 percent, TPBank’s TPB at 9.03 percent and MB’s MBB at 4.79 percent.

The rising prices of bank stocks in recent months have benefited the fund. PYN’s net asset value in November rose 11 percent, higher than VN-Index’s growth of 8.4 percent, thanks to the double-digit growth of TPB and CTG stocks.

The fund’s founder and portfolio manager, Petri Deryng, had said in August that banks play an important role in the Vietnamese stock market.

In recent years the fund’s key banking stocks have recorded annual profit growth of up to 30-40 percent, and this year, it expects a growth of 20 percent.

PYN Elite Fund, established in 1999, focused mostly on investing in Thailand before switching to Vietnam in 2013.

Source: https://e.vnexpress.net/news/business/industries/finnish-fund-invests-626-mln-in-vietnam-bank-stocks-4201624.html

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