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23 Jan 2017 Intellasia Finance Vietnam finance & business news 23 January 2017 FINANCE . 1 Positive developments seen in office-for-rent market 21 Bright prospects seen for digital banking 1 Most impressive real estate projects among top three developers 22 Central bank eyes lower bank lending rates 3 BIZ NEWS . 23 Safety and security of banks considered as a big challenge Business Briefs January 23, 2017 23 for non-cash payment 4 All indexes back in positive territory 24 GIC determines to become VCB's major shareholder 5 Local shares rise on Q4 expectations 25 Cash payment declines by 2pct in 6 years 6 Stock market calm expected ahead of Tet 25 Vietnam sets ambitious bond target of $11 billion for 2017 7 MSI: VN Index to reach 770 points this year 26 250tr dong worth of government bonds targeted 7 The unlucky investors in the stock market in 2016 27 Dai-ichi Life Vietnam spurs capital to $117m 8 MSI lists sectors with potential in stock market 27 Reference exchange rate goes down 2 dong 9 Vietnam fails to reach rice export target 28 How did money breed money in 2016? 9 Tra fish exports could be hurt by false news: VASEP 28 Vietcombank's after-tax profit rises 28pct 9 VASEP believes in $7.4b of aquatic exports this year 29 Vietnam runs trade deficit again at the beginning of 2017 10 French kiwifruit approved for import into Vietnam 30 Vietnam's trade surplus in 2016 highest in 11 years 11 HCM City keen on responsible tourism development 30 Vietnam reaffirms priorities in Apec Year 2017 11 Vietnam, Swiss Re to discuss insurance for agriculture 31 Deutsche Bank expects Vietnam's GDP to grow 6.4pct 12 Seafood exports predicted at $7.4b this year 31 Investors bemoan multiple barriers to farming 12 Vietjet to open Hanoi-Singapore route 32 Vietnam's SMEs positive about business future 13 Vietnam Airlines pilot salaries revealed 32 Vietnamese PM highlights impacts of Industry 4.0 in Davos 14 Vietnam to seek government feedback on $880mn Vietnam-Japan trade expected to surge in 2017 15 Tan Son Nhat expansion plan 33 FDI to Vietnam to increase, say officials 16 Thai investor to develop solar power project in Quang Ngai 33 Wallonia parliament holds third hearing on EU-Vietnam Power tariff likely to keep unchanged this year 34 Free Trade Agreement 16 Investors turn back on Phuong Nam pulp mill 35 Institutional reforms hastened by EVFTA 17 Petrol prices remain unchanged 35 Conference discusses challenges of Vietnam-EU free trade pact 17 Vietnam to Allow Some Citizens to Gamble During CEOs, managers pocket billions of dong in Tet bonuses 18 Three-Year Trial 36 Online Tet shopping a boon for busy pros 18 Road users can use app to detect congestion hotspots 36 KPMG: Online shopping seen booming in Vietnam 20 Samsung Display ponders $2.5 billion investment in Bac Ninh 36 HCM City set to divest from 40 SOEs by year 2020 21 FINANCE FINANCE Bright prospects seen 23/JAN/2017 INTELLASIA | BIZHUB for digital banking "I have used the service for more than one year. This is a very convenient service and helps me save time from going to electricity bill collection points," she said. In fact, more and more Vietnamese consumers are turning to computers, smartphones and tablets to do business with their banks. They have opted to make deposits online or online payments of electricity and water bills and even buy gold on their smartphones, according to experts. There is huge potential to develop digital banking in Vietnam. According to a report discussed at a workshop held recently in HCM City, Vietnam posts an internet growth rate of 9 per cent a year, ranking 15th in the world. The number of in- ternet users accounts for 52 per cent of the country's population. About 44 per cent of customers at commercial banks have used digital services. The fourth industrial revolution and government policy to encourage credit card pay- ment instead of cash have enlarged digital banking potential in the country. In the past, along with growth in internet and mobile device use, commercial banks in Vi- etnam have been expanding and developing internet banking on mobile devices to offer better services to customers. Intellasia Tel: +844 2213 2244 No. 21, lane 173/63/17, Ngoc Ha Ward, Ba Dinh Dist, Hanoi Fax: +844 3759 2034 © All Rights Reserved Email: [email protected] Websites: www.Intellasia.Net www.TriTueAChau.com Vietnam finance & business 23 January 2017 To attract customers to use the Internet and mobile banking services, banks have launched promotions. LienVietPostBank, for instance, discounts 30 per cent of the transaction value to cus- tomers who pay bills for TV services or discounts VND20,000 to customers who pay electricity or water bills using Vi Viet app until January 31. Similarity, at Viet Capital Bank, customers using the Payoo app to pay their TV bills of HanoiCab and MyTV Can Tho will be given back 30 per cent of the transaction value until January 31. Many banks, including VietinBank and VPBank, are offering bonus interest rates to customers who make online deposits. Banking finance expert Can Van Luc said technology is the key to shorten the distance between banks and customers as well as help save big costs compared to traditional transaction methods. "Banks themselves also understand that if they do not invest in digital technology, they will be left behind. Customers today can actively perform transactions anytime, any- FINANCE where, via computer or smartphone with all types of products and services that they can conduct at a traditional banking branch," Luc said. A general director of a joint stock bank, who did not want to be named, said: "A digital banking project can cost some millions of US dollars, but in the long-term, this invest- ment is still cheaper than expanding branch networks." Faster, more convenient and more secure electronic payment transactions were the tar- gets that commercial banks were aiming for in the digital banking competition, he said. Luc said digital banking was certainly going to be a new way of banking for all banks. Transactions using digital technology would contribute 40 per cent of banking reve- nue in 2018, up 32 per cent compared to 2014, he said. "One of the factors in developing digital banking is to build trust and confidence among consumers about the security of online transactions," he added. Online shopping boom Online shopping has been popular worldwide and Vietnam is keeping up with the trend thanks to its active Internet use, according to a recent KPMG International's sur- vey. Chong Kwang Puay, managing partner and consumer markets lead of KPMG in Viet- nam and Cambodia, said with its high Internet penetration rate, Vietnam would see online shopping surge soon. According to the survey, 18 per cent of consumers in Vietnam and Cambodia pur- chased goods from an online-only retailer, such as Amazon, Lazada and Nhommua. Some 10 per cent purchased from the website of a retail shop, and only 3 per cent pur- chased directly from a manufacturer or brand's website. The number one reason consumers gave for shopping online is the convenience of shopping. This is followed by having the ability to compare prices, or to find online sales or better deals. To gain consumer trust, companies and brands are recommended to improve online security and privacy protection. Most respondents (26.5 per cent) consider customer data and information protection to be of utmost importance, and 20.4 per cent consider food and product safety as the most important attributes. http://bizhub.vn/news/bright-prospects-seen-for-digital-banking_283786.html Central bank eyes 23/JAN/2017 INTELLASIA | BIZHUB lower bank lending The State Bank of Vietnam revealed recently that it would continue to keep bank lend- rates ing interest rates unchanged from last year's levels. But analysts think this will be a very difficult task for the central bank since many fac- tors are expected to impact the rates this year. The first reason they mention is the imminent rise in the dollar after the US Federal Re- serve increases interest rates an expected three times this year as economic growth and inflation pick up. Intellasia 23 January 2017 2 / 37 Vietnam finance & business 23 January 2017 They say interest rates on the dong always have a close correlation with the value of the greenback. The second reason is that Circular No.06, which caps the ratio of short-term funds that can be used for medium- and long-term loans, will reduce it from 60 per cent to 50 per cent this year. This has forced banks to restructure their finances and increase interest rates on medi- um- and long-term deposits. The hike in wages this year is likely to bring inflationary pressure on the economy. In the event, some even predict lending interest rates to go up by 1-2 percentage points. One of the measures the central bank is proposing is cutting deposit interest rates. Many state-owned banks such as BIDV and Agribank have started to lower the rates on deposits of one to five months by 0.2-0.3 points. Other lenders have also reduced the deposit interest rates, though by a more modest 0.05-0.1 points. Sacombank has cut the rates on deposits of two and three months by 0.1 point to 4.9 FINANCE per cent and 5.2 per cent. The Ministry of Planning and Investment seeks to push lending interest rates to under 5 per cent by 2020, but many analysts are sceptical about this too.
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