DOCSLIB.ORG

Digital Banking in Vietnam a Guide to Market 02 Digital Banking in Vietnam Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Digital Banking in Vietnam a Guide to Market 02 Digital Banking in Vietnam Contents DIGITAL BANKING IN VIETNAM A GUIDE TO MARKET 02 DIGITAL BANKING IN VIETNAM CONTENTS Banking landscape 4 Fintech landscape 10 Enablers for digital banking and 12 digital financial services in Vietnam Opportunities for Australian companies 16 About Austrade 19 Disclaimer Copyright © Commonwealth of Australia 2020 This report has been prepared by the Commonwealth of Australia represented by the Australian Trade and Investment Commission (Austrade). The report is a general overview and is not intended to provide exhaustive coverage of the topic. The information is made available on The material in this document is licensed under a Creative Commons the understanding that the Commonwealth of Australia is not providing Attribution – 4.0 International licence, with the exception of: professional advice. the Australian Trade and Investment Commission’s logo While care has been taken to ensure the information in this report is any third party material accurate, the Commonwealth does not accept any liability for any loss • any material protected by a trade mark arising from reliance on the information, or from any error or omission, in any images and photographs. the report. • • More information on this CC BY licence is set out at the creative commons Any person relying on this information does so at their own risk. The website:• https://creativecommons.org/licenses/by/4.0/legalcode Commonwealth recommends the person exercise their own skill and care, including obtaining professional advice, in relation to their use of the information for their purposes. Enquiries about this licence and any use of this document can be sent to [email protected]. The Commonwealth does not endorse any company or activity referred Attribution to in the report, and does not accept responsibility for any losses suffered in connection with any company or its activities. Before reusing any part of this document, including reproduction, public display, public performance, distribution, dissemination, communication, Cover image: Insert cover image detail and credit here if applicable. or importation, you must comply with the Attribution requirements under Inside cover image: Insert inside cover image detail and credit here if the CC BY licence. applicable. Using the Commonwealth Coat of Arms The terms of use for the Coat of Arms are available from the It’s an Honour website (www.itsanhonour.gov.au). Job: 18-19-384 Published July 2020 DIGITAL BANKING IN VIETNAM 03 BANKING LANDSCAPE The current state of play Vietnam’s banking sector consists of four state-owned Center of Vietnam (CIC) provides credit information commercial banks, 31 joint-stock commercial banks, nine infrastructure. The country’s national identification wholly-foreign-owned banks, two joint-venture banks, database is still under development. two policy banks and one cooperative bank.1 In addition, there are 48 foreign bank branches currently operating The State Bank of Vietnam (SBV) is the country’s central in Vietnam. bank and a ministerial-level government agency. SBV manages monetary and banking activities alongside Vietnam had almost 19,000 ATMs and 270,000 Vietnam’s foreign exchange. It also issues banknotes, point-of-sale (POS) terminals in place in 2019. To date, acts as the central bank for credit institutions, and as 78 banks offer internet payment solutions. Mobile the government’s monetary service provider.3 In March payment is available at 47 banks, and 29 banks accept 2017, SBV established a Fintech Steering Committee QR code payment.2 Real-time payment systems are and Working Group. This group was set up to develop enabled by the National Payment Corporation of an enabling regulatory framework to support the development Vietnam (NAPAS) while the National Credit Information of Vietnam’s fintech ecosystem. Vietnam banking market share by assets 2019 5% 10% 43% 42% State-owned commercial banks Wholly-foreign-owned banks Joint-stock commercial banks Others Source: BMI, 2020 1. State Bank of Vietnam, 2020. 04 DIGITAL BANKING IN VIETNAM Vietnam banking infrastructure 78 banks offer internet payment soutions 19,000 270,000 ATMs nationwide POS terminals CURRENT STATE OF PLAY 47 banks 29 banks offer mobile accept QR payment code payment State Bank of Vietnam manages monetary and banking activities as well as foreign exchange National Credit Information Center of Vietnam provides credit card infrastructure National Payment Corporation of Vietnam enables real-time payment systems Source: State Bank of Vienam, 2019 2. State Bank of Vietnam, 2019. 3. Law on the State Bank of Vietnam, 2010. DIGITAL BANKING IN VIETNAM 05 Recent developments and trends and front-end channels. Examples of front-end channel developments include innovation in mobile banking, e-know your customer (eKYC), QR code payment, Digital transformation virtual assistants/chatbots and 24/7 call centres. Digital transformation is expected to change the management of banks towards leaner, smarter and more Meanwhile, developments in internal processes include modern business models. Digital transformation has the online real-time trading systems, robotic process potential to allow banks to capture a much larger amount automation and the application of artificial intelligence of data from an increasing number of sources and better and third-party data in risk management. Digitising the utilise this data to serve business decision making. It information database and the utilisation of technologies could also enable banks to reduce costs while increasing and tools such as big data warehousing, automated both operational efficiency and revenue through innovation data collection, cloud computing, data analytics, artificial in products, services and distribution channels. intelligence, open API and blockchain are still in their infancy. However, looking ahead, they present significant growth potential. More importantly, with the right implementation, customer experience can be greatly enhanced. Banks are making continuous efforts in the digital transformation race in Vietcombank, TPBank and Techcombank are just some the hope of gaining a competitive advantage and examples of this first approach. These banks operate on capturing a bigger share of the market. an omni-channel platform to ensure a consistent customer experience. They aim to become smarter at analysing customer behaviour and obtaining customer To this end, the majority of Vietnamese banks have insights. This will enable them to provide personalised either implemented or are in the process of developing products and services and, in turn, gain a competitive their digital transformation strategies. In fact, by the end advantage in the market. of 2019, 60 per cent already had digital transformation initiatives in place. The second approach is a combination of the first along with the development of stand-alone, digital-only banks. There are two basic approaches to the digital This will usually focus on a specific target customer transformation of banking in Vietnam. The first involves segment. VPBank, with the launch of the digital-only the digitalisation of an existing bank. This consists of bank Timo, as well as the recently-launched YOLO, are digitising certain business segments, internal processes two examples of this. 06 DIGITAL BANKING IN VIETNAM Notable initiatives LiveBank – automated banking services from TPBank BIDV - digital banking centre BIDV established its Digital Banking Centre in 2019 as an innovation hub to build advanced and modern customer-centric products. BIDV launched the “BIDV Home” mobile app, allowing customers to get a home loan easily with mobile TPBank launched LiveBank in 2017. It provides 24/7 devices. Using BIDV Home, customers can apply automated banking services through around 250 for BIDV-financed housing loans at competitive LiveBank stations nationwide. LiveBank offers the interest rates, get consultation online before usual functions of ATM. However, customers can visiting a transaction office, and track the loan also open new deposit accounts, scan thumbprints, application progress. and obtain new debit cards on the spot. LiveBank applies innovative technologies such as eKYC, OCR, QR code, cash recycler and biometrics. iPay – a mobile banking app from Vietinbank Timo – a fully digital bank Through the strategic partnership with VP Bank, Timo was launched in 2016 as Vietnam’s first digital lifestyle bank. This service includes a mobile app and allows customers to request a new debit card. Two of Timo’s unique functions include its versatile online account management and ‘Timo Hangouts’, which are described as Vietinbank launched the latest version of its iPay laid-back ‘atmosphere spaces’ instead of mobile banking app in December 2019. It added traditional bank branches. New customers can 50 new functionalities and improved the user make an appointment to attend a ‘Timo Hangout’ experience through consumer deals, fast speed to complete KYC requirements. and strong security. DIGITAL BANKING IN VIETNAM 07 Financial inclusion Secondly, there is a lack of suitable products and services for people in remote and rural areas. And, A large majority of Vietnamese – 69 per cent of the thirdly, most banking transactions need to take place in adult population - do not have a bank account. This is physical branches, because they cannot be executed the highest rate in Southeast Asia. To increase bank digitally. These challenges present opportunities for penetration and achieve financial inclusion, Vietnam companies to develop and bring to market fintech
Load more

Recommended publications
  • Finance & Business News 31 August 2017
    finance & business news 31 August 2017 FINANCE. 1 Tra Vinh approves VND850 billion for Cau Quan IP project 28 Reference exchange rate up 5 dong 1 CII to spend VND3.4 trillion on infrastructure projects 29 Worries still remain as SBV is likely to pour to the market Vung Ang attracts investments after Formosa incident 29 nearly 700tr dong 2 BIZ NEWS . .30 Is credit growth worth worrying? 3 Business Briefs August 31, 2017 30 Which banks benefit when the ratio of short-term funds Markets fall on ETF withdrawal 31 for long-term loans is not yet tightened? 4 VN Index rebounds, boosted by VIC and MSN 31 FE credit launches Fast Cash, Simply Text – Get Cash 5 HSX up while HNX down 32 BC Card Signs MOU with Vietnam's NAPAS 5 Derivatives trading: Individual investors must pay 0.1% tax 32 Growing interest in transaction banking 6 Cash flows will rotate faster 33 Minister optimistic about achieving economic growth target 8 LHG issues 1.3mln shares to invest in Long Hau 3 industrial park 34 Set targets might be unachievable without drastic efforts: PM 8 New buildings in Hanoi must have underground parking lots 34 Cutting regular spending, not raising taxes, will reduce public debt 9 Real estate inventory falls sharply 34 Standing witness to Vietnam’s rise 10 Ha Noi taxis to use common operating software 35 IIP up 6.7 per cent in eight months 13 Huge steel projects in Ha Tinh are scrapped 35 August CPI edges up on food, fuel price hikes 13 Quang Binh gets green light for cable car project 36 Strong exports in Jul-Aug help narrow trade deficit 14 Loss-making
    [Show full text]
  • Impact of Stakeholders on the Performance of Green Banking Products and Services: the Case of Vietnamese Banks
    MONEY, FINANCE AND CREDIT Do Hoai Linh PhD (Economics), Lecturer, Deputy Head of Department of Banking Management, School of Banking and Finance, National Economics University 207 Giai Phong Road, Hai Ba Trung District, Hanoi City, 100000, Vietnam [email protected]; [email protected] ORCID ID: http://orcid.org/0000-0003-0274-2422 Tran Van Anh Assistant Researcher, International School of Management and Economics, National Economics University 207 Giai Phong Road, Hai Ba Trung District, Hanoi City, 100000, Vietnam [email protected] ORCID ID: http://orcid.org/0000-0001-9903-8479 Impact of stakeholders on the performance of green banking products and services: The case of Vietnamese banks Abstract. The research aims to investigate the impact of stakeholders, and to provide recommendations on the performance of Green banking (GB) products and services in Vietnam. The paper is based upon both questionnaire data from random stakeholders of Vietnamese banks in the period from December 2016 to April 2017, and the analysis of in-depth interviews from the bank’s leaders and government representatives. The interviewed were mostly the stakeholders of top five popular banks in Vietnam: BIDV, Vietinbank, Vietcombank, Agribank and ACB. The results show the significant impact and essential role of the bank stakeholders, as well as the benefits, opportunities and challenges to sustainable development while applying GB in Vietnam. Recommendations are proposed to expand Green banking further for developing countries like Vietnam. Keywords: Stakeholders; Green banking (GB); Vietnam; BIDV, Vietinbank, Vietcombank, Agribank; ACB JEL Classіfіcatіon: G21; G28; G31; G39 DOI: https://doi.org/10.21003/ea.V165-29 Лін Д.
    [Show full text]
  • Annual Report 2016
    ANNUAL REPORT 2016 ANNUAL REPORT BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM JSC BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM JSC Head oce: Address: 35 Hang Voi, Hoan Kiem, Hanoi Tel: (84) 4 2220 5544 Fax: (84) 4 2222 5302 Hotline: 19009247 Visit website: www.investor.bidv.com.vn or scan QR code: Download Apps at: IOS/Android: Type and search keyword "BIDV annual report 2016" Years Founded under the name of Bank for Construction of Vietnam under the Ministry of Finance, BIDV has after 60 years become the largest commercial bank in Vietnam by assets. As of 31 December 2016, BIDV had total assets of over VND1 quadrillion (equivalent to nearly USD50 billion), topping the commercial banks in Vietnam, among Top 30 ASEAN banks and Top 500 banks globally, Top 2000 world’s largest and most powerful listed companies as voted by Forbes Magazine (USA). BIDV is the bank with the most valuable bank brand according to Brand Finance’s report. BIDV’s total operating capital reached nearly VND940 trillion (or nearly USD46 billion) , accounting for about 13% of market share of Vietnam’s banking sector. Total outstanding loans and investments reached nearly VND950 trillion (equivalent to nearly USD47 billion), accounting for 13.6% of market share of Vietnam’s banking sector. BIDV has been among Top 10 Vietnamese enterprises contributing the most to the State Budget for years. 26/04/1957 - 26/04/2017 BIDV’s Annual Report 2016 was prepared in accordance with the Ministry of Finance’s Circular 155/2015/TT-BTC dated 06 October 2015 on information disclosure.
    [Show full text]
  • Factors Influencing the Consumers' Behavior Intention to Use Mobile
    Authors Tran Kim Thuy Pailin Kunnawat Submitted to Institute of Retailing, Sales and Marketing Thesis Supervisors FACTORS INFLUENCING THE Assoz.Univ.-Prof.inDr.in CONSUMERS’ BEHAVIOR Katharina Hofer INTENTION TO USE MOBILE December 2020 PAYMENT: SCOPE IN VIETNAM AND THAILAND. Master’s Thesis to confer the academic degree of Master of Science in the Master’s Program Management JOHANNES KEPLER UNIVERSITÄT LINZ Altenberger Straße 69 4040 Linz, Österreich jku.at SWORN DECLARATION I hereby declare under oath that the submitted Master’s Thesis has been written solely by Pailin Kunnawat and Tran Kim Thuy without any third-party assistance, information other than provided sources or aids have not been used and those used have been fully documented. Sources for literal, paraphrased and cited quotes have been accurately credited. The submitted document here present is identical to the electronically submitted text document. Place, Date Linz, 16.12.20 Signature (Pailin Kunnawat) (Tran Kim Thuy) 2 Table of Contents A. Lists of Table ........................................................................................................................ 6 B. Lists of Figure ..................................................................................................................... 10 C Lists of Abbreviation ........................................................................................................... 11 D Distribution in Pair Thesis ..................................................................................................
    [Show full text]
  • Evaluating the Quality of Internet Banking Services on Prosperity Vietnam Commercial Joint Stock Bank (Vp Bank) Through Satisfaction of Customers
    ACADEMIC 2015 - 2017 EVALUATING THE QUALITY OF INTERNET BANKING SERVICES ON PROSPERITY VIETNAM COMMERCIAL JOINT STOCK BANK (VP BANK) THROUGH SATISFACTION OF CUSTOMERS CLASS: FBA7 – Nantes - France MASTER THESIS ThuyDuong NGUYEN Supervisor: Trung Hien NGUYEN, PhD 1. REASON FOR SHAPING THIS SUBJECT The Internet Banking sector in Vietnam is currently developing strongly and achieving remarkable results, contributing to the development of trade and services, as well as to show the effectiveness of the system of Vietnam commercial banks in front of the open market trend of financial market, enhance competitiveness, international integration. On June 2014, the system of credit institutions in Vietnam consists of 2 policy banks (State Bank), 38 commercial banks, 67 branches of banks with 100% foreign capital and branches, the representative offices of foreign banks in Vietnam, 6 joint venture banks. Domestic banks still have an advantage in their home markets, with a large share of capital mobilization. However, all current quantitative advantages will not be decisive in the domestic market. Along with the integration process is the increasingly fierce competition in the banking market in general as well as Internet banking market in particular. The involvement of foreign banks with the strength of capital, technology and experience in Internet Banking, requires all of bank in ourcountry to make great efforts, firmly market the existing market and continue to grow in the future. The fierce competition is reflected in many aspects such as: service fee, increased utility on Internet Banking services, and customer care. In addition, the banking system in Vietnam is entering a new competition in service development with the goal of bringing more convenience, based on modern banking technology that in order to increase the attractiveness of customers, decreasing risk in business.
    [Show full text]
  • Bank Privatization in Vietnam: Examining Changes to Management in Vietnam's New Banking Law, Decree No
    Copyright © 2010 Pacific Rim Law & Policy Journal Association BANK PRIVATIZATION IN VIETNAM: EXAMINING CHANGES TO MANAGEMENT IN VIETNAM'S NEW BANKING LAW, DECREE NO. 59/2009/ND-CP George B. Radies t Abstract: Due to its WTO obligations, by 2010 Vietnam must open its banking system to the world. As a result, the nation attempted to drastically modernize its state owned banks through partial privatization. This partial privatization, locally translated as equitization, proposed serious challenges to the existing legal infrastructure facilitating banks. To cope with these new challenges, in September 2009, Vietnam's new banking law. Decree 59/2009/ND-CP, was passed. An important change in the new banking law is its stricter regulation on the qualifications of managers. It is suspected that such regulation signals the nation's resistance to surrender control over its banks and commit to reforms. The new banking law also further relies on the problematic Penal Code and the Criminal Procedure Code. Faulty Penal and Criminal Procedure Codes can lead to fraudulent lawsuits and managers losing their positions. In spite of its problems, the new banking law is workable and a step in the right direction. By relying on existing management laws, as opposed to those introduced by the new banking law, and upgrading the Penal and Criminal Procedure Codes, many of the potential problems created by the new banking law can be resolved. L INTRODUCTION In May of 2002, Kim Brix Andersen, a Danish national, left his job as a vice-president at the largest bank in Singapore to help manage the foreign funds of a quarry project in Vietnam.' The quarry project was established by two British nationals, Peter Laking and Sean McCormack.^ In mid-2002, two Irish investors suspected Laking and McCormack of selling their shares in the project without their knowledge.
    [Show full text]
  • 261217Intellasia Finance Vietn
    finance & business news 26 December FINANCE . 1 Japanese, Thai goods reach every corner of Vietnamese market 36 Reference exchange rate continues to go down 1 Ever upwards 36 Foreign exchange reserve sets a new record 1 Quang Ninh needs more luxury tourism products 39 Remittance to HCM City to top $5.2bn in 2017: cbank 2 Infrastructure lifts south HCM City property market 40 Cash payments targeted at below 10pct in 2020 2 Curiosity piqued 41 Bond market gets a promising start 3 Denmark and Vietnam sign energy development Is Bitcoin a game for desperadoes? 4 partnership for 2017-2020 43 Consumer credit: high interest rate is a 'double-edged sword' 5 BIZ NEWS. 43 SBV urged to amend regulations to back real estate market 6 Business Briefs 26 December, 2017 43 Many banks complete whole year profit target early 7 VN Index gains lightly, signaling more volatility 44 Higher profits make it easier for banks to raise capital 8 Shares mixed, market cap hits 74.6pct GDP 45 E-banking in Vietnam is still treading water 8 VN shares up slightly on financial, energy stocks 46 Banks pursue sustainable growth 9 Stocks set to rise further in last week of 2017 46 SBV wants ATMs to run efficiently before Tet 10 Saigonres to debut on HOSE 47 Management of consumer finance companies to be tightened 10 Becamex IDC to auction leftover IPO shares 47 Pouring capital into 'king' stocks 11 PV Power to launch IPO in January 2018 48 Banking stocks to drive market higher, experts say 12 Song Da Corporation reports pathetic IPO 49 NAPAS collaborates with DFS in card
    [Show full text]
  • Vietnam Expat Guide.Pdf
    VIETNAM An everyday guide to expatriate life and work. GERMANY COUNTRY GUIDE Contents Overview 2 Employment Quick Facts 1 The job market 7 Income tax 7 Getting Started Retirement 7 Climate and weather 3 Business etiquette 7 Visas 3 Accommodation 3 Finance Schools 3 Currency 7 Banking 8 Culture Language 3 Cost of living 7 Social etiquette 5 Health Eating 5 Private medical insurance 8 Drinking 6 Emergencies 8 Holidays 6 Pharmacies 8 Health Risks 8 Getting In Touch Telephone 6 Internet 6 Postal services 6 Quick facts1 Capital: Hanoi Population: 92 million Major language: Vietnamese Major religions: Vietnamese folklore and Buddhism Currency: Vietnamese đong Time zone: GMT +7 Emergency number: 113, 114 and 115 Electricity: 220 volts, 50Hz. Flat two-pin plugs and round two-pin plugs are both used. Drive on the: Right 1 http://www.expatarrivals.com/vietnam/essential-info-for-vietnam Overview AVietnam is an exotic and enticing destination, and is becoming increasingly popular with expats. Its fast-paced and exhilarating cities contrast with the untouched interior, where lush mountains meet thousands of miles of tropical beaches. With friendly locals, good weather and low costs, Vietnam can provide expats with a wonderful quality of life. Finding a place to stay is easy enough, from luxury apartment blocks in city centers to townhouses in the quieter suburbs. The country is also incredibly family friendly, with plenty of international schools in Hanoi and Ho Chi Minh City. Modern and progressive, these cities are vibrant hives of activity, replete with delicious street foods, chaotic traffic, loads of bars and a thriving café scene.
    [Show full text]
  • Vietnam's Membership of the WTO: an Analysis Of
    Vietnam's Membership of the WTO: An Analysis of the Transformation of a Socialist Economy Into an Open Economy with Special Reference to the TRIPS Regime and the Patent Law Ir ", Thi Lan Anh Tran Submitted in accordancewith the requirementsfor the degreeof Doctor of Philosophy The University of Leeds School of Law July, 2009 The candidateconfirms that the work submitted is her own and that appropriate credit has been given where referencehas been made to the work of others. This copy has been supplied on the understandingthat it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. -11- Acknowledgements I would like to express my extreme appreciation for the opportunity to work with my supervisor, Professor Surya P. Subedi, and thank him for his advice and support. His inspiration and guidance have not only kept my research on track but have also provided a great motivation for my further research and legal career. I also would like to acknowledge the guidance of Professor Peter Vincent-Jones especially in the area of research methodology. Their supervision and advice have assisted me greatly in developing my thesis, and will always be remembered with a deep sense of gratitude. I also would like to thank the Ministry of Education and Training of Vietnam for their financial support for my doctoral research. Great thanks also due to the University of Leeds,the School of Law and all lecturers, staffs and friends here who have helped me in so many ways. A special thank to my best friend in Leeds, Ms Jaynee Moon and her family, including her loving and caring mother, for their numerous act of kindness extended to me and to my daughter during my stay in Leeds.
    [Show full text]
  • What Drives Strategic Foreign Bank Investments in Vietnam?
    山形大学大学院社会文化システム研究科紀要 第 8 号（2011）01−13 What drives strategic foreign bank investments in Vietnam? Masaki Yamaguchi （Department of Law, Economics and Public Policy, Faculty of Literature and Social Sciences） growth that Vietnam may encounter in the near Abstract future, this paper focuses on foreign banksʼ This paper examines foreign banksʼ market market entry and the impact of their actions on entry motives into Vietnam and gives evidence the Vietnam economy. showing whether the efficiency hypothesis or the The existing frameworks used to examine market power hypothesis better explains market entry do not correspond well with strategic investments by foreign banks. The Vietnamʼs situation. Empirical studies of multina- efficiency hypothesis suggests that efficient tional banks have used two traditional foreign banks target inefficient local banks to frameworks to investigate market entry. The first transfer their superior technologies and manage- framework examines whether the follow-the-cli- ment practices. On the other hand, the market ent hypothesis or lead-the-client hypothesis power hypothesis explains that foreign banks better explains market entry incentives. The target large local banks irrespective of their second framework attempts to determine critical degree of efficiency. The framework in this paper factors for the location choice of multinational differs from previous studies because we compare banks. The aim of these frameworks analyzes financial data of local banks. Results indicate that multinational service banking1. However, because the market power hypothesis better explains multinational service banking does not satisfac- foreign banksʼ behavior. As empirical studies torily explain foreign bank motives, this study regarding foreign banksʼ entry-mode decisions does not use these traditional frameworks.
    [Show full text]
  • Greenbook 06 En.Pdf
    2006 COMMERCIAL COUNSELLORS REPORT ON VIETNAM 2006 COMMERCIAL COUNSELLORS REPORT ON VIETNAM EUROPEAN UNION ECONOMIC AND COMMERCIAL COUNSELLORS 2 4 Each year the Working Group of Economic and Commercial Counselors of the European Union publishes a Report on the economy of Vietnam. This “Green Book” aims to provide the private sector as well as European institutions and governments with an analysis of the recent economic performance of Vietnam as well as an overview of the development in certain sectors of the Vietnamese economy. The “Green Book” is not an official publication of the EU. It is a joint initiative of the EU Embassies and the Delegation of the European Commission in Vietnam. The publication is covering a wide range of issues and consists of two parts: The first part is dedicated to a general overview of the most important economic developments in Vietnam in 2005. Section I features an overview over the economic performance of Vietnam as well as an analysis of major economic indicators such as foreign trade, investment, employment as well as sectoral and monetary policies. Section II covers legal developments while Section III presents the EU at a Glance. The second part of the report provides eleven Sections packed with abundant information on the development of important sectors of the Vietnamese economy: Garments and Textiles, Footwear, Fishery Products, Agro-Industry, Transport, ICT, Pharmaceuticals, Alcoholic Beverages, Energy, Machinery and tools and Financial Services. In the year 2005, Vietnamese and EU economies have again moved closer to each other and have become a mainstay of the overall relationship. The “Green Book” provides ample information in this respect and we trust that it will be supportive in the continuing improvement of relations between Vietnam and Europe.
    [Show full text]
  • 150 Years Moving Forward with Vietnam Foreword
    150 years moving forward with Vietnam Foreword 150 years ago in 1870, HSBC opened its first office in I am pleased to present you with this small booklet Saigon, now Ho Chi Minh City, to help finance the export that highlights HSBC Vietnam’s remarkable milestones of rice and silk from Vietnam. The Saigon Office was the and our continuing work together with the country, its sixth office that HSBC had opened in Asia. After being people and its corporates. In addition to highlighting our founded in Hong Kong and Shanghai in 1865, the HSBC business in the market, we are also proud to highlight network rapidly developed with offices in Yokohama how we support the country and its local communities in 1866, Calcutta (now Kolkata) in 1867 and Bombay by presenting our Corporate Sustainability strategy in (now Mumbai) in 1869. Vietnam, which focusses on helping those less fortunate, and bringing positive change to the communities we HSBC has been part of the long history of Vietnam serve and the lives of the people in Vietnam. through all its ups and its downs. More recently, HSBC has had the privilege of witnessing the country’s From the establishment of our first office in Vietnam evolution into a new economic force in Asia, and more 150 years ago, HSBC’s purpose has never changed. broadly across the world. As a bank with trade finance We work to enable businesses to thrive and thereby assist in our DNA, we are proud to have helped contribute the economy to prosper, with the ultimate objective of to Vietnam’s exciting journey.
    [Show full text]