FWD Signs Exclusive 15-Year Bancassurance Partnership with Nam A Bank

Manulife, MHB clinch bancassurance deal Dinh Duy By Dinh Duy - The Saigon Times Daily HCMC – Manulife Vietnam has struck a three-year bancassurance partnership agreement with Mekong Housing Bank (MHB) to boost the sale of its life insurance products to the bank’s clients in HCMC and Hanoi. MHB currently has 60 branches and transaction offices in the two cities. As part of the deal, Manulife Vietnam will also provide life insurance product training for the bank’s staff. Paul Nguyen, CEO of Manulife Vietnam, described this as a win-win partnership as it allows both sides to offer the most suitable financial services and life insurance solutions for their clients. Manulife Vietnam has inked bancassurance partnership deals with other banks in Vietnam, including ANZ and Techcombank.... [read more]

Dai-ichi Life Insurance Company Vietnam Ltd. (Dai-ichi Life Vietnam), one of the leading life insurance providers in Vietnam, just announced strong sales results in the first half this year as its new business premium surpassed VND525 billion ($24.4 million), a 35 per cent jump on-year. Dai-ichi Life Insurance Company Vietnam Ltd. (Dai-ichi Life Vietnam) Similarly, its total premium came to about VND1.39 trillion ($64.6 million), an increase of 35 per cent on-year and total paid-out benefits to customers exceeded VND231 billion ($10.7 million). "I am happy with Dai-ichi Life Vietnam’s achievements in the first half this year, which once again affirms our position as one of the top five life insurers in Vietnam," said Tran Dinh Quan, Dai-ichi Life Vietnam general director. "This is a testimony of our success in sustainable growth strategy, as well as our competence and commitment in providing advanced products and services to meet customers’ diversified financial needs. We will strive more for a new breakthrough in the last six months of the year," Quan added. During the first months this year, Dai-ichi Life Vietnam continued the expansion of its office network to better serve the customers with its impressive opening of 14 new general agencies across the country, increasing the total offices and general agencies to 142 in the whole country. This showcases its third position in business network scope in the industry. Besides the traditional agency channel, with the aim to expanding the distribution channel and diversifying the product portfolio, this May Dai-ichi Life…... [read more]

Along with the development of digital technology, online lending is getting more popular by inducing numerous benefits for both borrowers and lenders. However, it also contains some possible risks that all should be wary of.  Rising online lending activities need to be regulated, not discouraged RELATED CONTENTS: Banks cut short-term deposit interest rates Agribank branch top leaders prosecuted for causing losses Foreign firms push consumer lending Real estate lending disguised as consumer lending Consumer loans rise nearly 30% by end May A boom in online lending Recently, online lending is becoming more and more popular due to the wide range of benefits it offers to borrowers. With a higher amount of deposits received and lower interest rate, financial institutions that offers online lending services are luring numerous borrowers. For example, according to an advertisement of huydong.com, which belongs to new fintech startup Finsom JSC, it offers a deposit rate of 10-20 per cent per year for depositors. This is nearly doubled or triple of the deposit rate offered by commercial banks. Meanwhile, borrowers have to shoulder a similar interest rate plus an addition of 1-1.5 per cent per year only. Huydong.com’s founders said that this model bridges the gap between unbanked/underbanked individuals and investors by creating an accessible channel for…... [read more]

NDO - In the context of the difficult socio-economic situation at present, the task of State Budget collection from now until the end of the year will not be easy and more efforts and effective measures should be devised in order to achieve the set targets. According to General Director of Taxation Bui Van Nam, in the first six months of this year, the proceeds from the sale of state-owned shares in enterprises reached just 16.7% of the estimates, equivalent to the same period of 2016; the revenue from dividends and the profits of state-owned corporations account for 29.8% of the estimates, up 5.2%; collection of land use fees is estimated at 80.7% of the estimates, up 36.6%; and the remaining domestic revenues achieved 45.5%, up 10.5%. In 2017, in accordance with the revised State Budget Law, additional revenue from lotteries was estimated at 67.4% of the budget, up 9.8%. Revenue from crude oil was estimated at VND23 trillion, equivalent to 60.1% of the estimates, up 15.6% over the same period in 2016. Meanwhile, revenue from import-export activities managed by customs offices was estimated at VND141 trillion, equivalent to 49.4% of the estimates, up 9.4% over the same period last year. In the first six months of this year, import and export activities have continued to grow, contributing to the increase in State budget revenue. After reimbursing the value added tax (VND52.5 trillion), the State budget revenue from import-export activities reached VND88.5 trillion, 49.2% of the estimate, an…... [read more]

The “gain in output, loss in price” lesson is a bitter disheartening experience for Vietnamese farmers. Vietnam's agricultural sector is facing numerous difficulties and challenges while industrial growth showed signs of slowing down. Smart agricultural development is sluggish due to shortcomings and barriers to land, market and capital. At present, Vietnam has three hi-tech agricultural zones approved by the Prime Minister in Hau Giang, Phu Yen and Bac Lieu provinces. The Ministry of Agriculture and Rural Development granted certificates to 26 hi- tech agricultural companies. In addition, three provinces built plans for construction of hi-tech agricultural zones, namely Thai Nguyen, Thanh Hoa and Lam Dong. Dr Doan Cong Khanh (Research Institute for Trade) said that agricultural restructuring has not touched enterprises and entrepreneurs. Vietnam’s care for agricultural development and priority for farmers are right but ineffective approaches. Although there are many incentive policies, few companies are interested in agricultural investment. Meanwhile, agriculture will not be able to be modernised if there is no business. Agricultural companies were insignificant by the end of 2015. According to statistics, only 1.01 per cent of established companies were engaged in agriculture in 2014, mostly small entities. Up to 55 per cent of companies had less than VND5 billion of registered capital. The impact of loosened agricultural and rural policies seems to reach the peak, even some becoming barriers to development. There are many agricultural and rural investment incentive policies but they are ineffective. According to Mr…... [read more]

A 65km section of the 140km Da Nang-Quang Ngai Expressway project will be put into operation in August. (Photo: VNA) Da Nang (VNA) - The Vietnam Expressway Corporation (VEC) will put the first 65km road section of the 140km Da Nang-Quang Ngai Expressway into operation on August 2. This is the first expressway in the central and central highlands region. A VEC official said that the first stage of the project – the 65km section from Tuy Loan in Da Nang city to Tam Ky city, the capital of Quang Nam province, has been completed. The four-lane section with two emergency lanes will allow vehicles to travel at 120km per hour, reducing travel time between Da Nang and Quang Ngai province. VEC’s General Director Mai Tuan Anh said the road was an important part of the National North-South Highway, and its second stage was scheduled for completion later this year. He said VEC would also collect tolls from all vehicles travelling on the Tuy Loan-Tam Ky section. The Da Nang-Quang Ngai Expressway project commenced construction in 2012 with a total investment of 29 trillion VND (1.4 billion USD), of which 635 million USD was sourced from the World Bank and 673 million USD from the Japan International Cooperation Agency (JICA). The 26m-wide four-lane link, running through Da Nang city and Quang Nam and Quang Ngai provinces, will connect industrial parks in the region and help boost transportation in the East-West Economic Corridor that…... [read more]

There are concerns that Vietnam’s exports to the US could be hurt by the growing US protectionism, its withdrawal from the TPP trade deal and Vietnam’s inclusion on a list of countries with which the US runs a trade deficit. However, thus far Vietnam’s exports to the US have remained strong. Strong export growth to the US According to the General Statistics Office, the US remained the largest market for Vietnamese exports in the first half of 2017, at US$19.6 billion, up 9.5% annually, lower than the 12.8% growth rate during the same period of 2016. But the Ministry of Industry and Trade (MOIT) explained that the reason behind the slowdown in growth is a result of slower-than-expected growth in the US economy, therefore Vietnam’s 9.5% growth in exports to the US is a respectable performance. Vinatex General Director Le Tien Truong said that as the world economy remained unstable and the global textile sector remained fairly subdued, the main importers of garments, including the US, all witnessed a slowdown in their imports. The MOIT added that a number of sectors saw slower growth in exports to the US but exports in general remained positive because Vietnam has been trying to diversify its export markets. For example, the export revenue of computers and electronic products to the US reached US$1.05 billion in the first half of the year, up slightly at 0.2%. However, during the same period, phone exports increased by a dramatic 45.8%, with shipments to Slovakia, Turkey and…... [read more]

Two years after the establishment of the AEC, Vietnamese businesses are doing their best to find a way to gain market share in ASEAN markets. Vietnamese businesses have become more aware now of integration opportunities and challenges brought by the AEC than community. A survey conducted by the Vietnam Chamber of Commerce and Industry late last year, 1 year after the founding of the AEC, indicated that 47% of domestic enterprises have taken the initiative in finding information about the AEC. But to make full use of AEC’s advantages is not easy. The Vietnam Safe Agricultural Product Export Company is active in several European markets but has only enquired about the ASEAN market.  The company’s director Nguyen Van Tuan said the company wants to make thorough preparations for integration.  “We are studying the policies, mechanisms, and consumption patterns in the ASEAN markets. We need fact finding tours of their supermarkets to know what the locals prefer and whether or not our products can compete. I have visited ASEAN countries but only as a tourist. We are ready to join market study tours,” said Mr Tuan.  Nguyen Khac Son, Chairman of the Board of Directors and CEO of the Son An Group, said “The AEC provides businesses both challenges and opportunities. If enterprises know how to take advantage of the AEC, they will get much benefit. If they haven’t made careful preparations, they will face many difficulties.  Businesses of ASEAN members produce…... [read more]

Two years after the establishment of the AEC, Vietnamese businesses are doing their best to find a way to gain market share in ASEAN markets. Vietnamese businesses have become more aware now of integration opportunities and challenges brought by the AEC than community. A survey conducted by the Vietnam Chamber of Commerce and Industry late last year, 1 year after the founding of the AEC, indicated that 47% of domestic enterprises have taken the initiative in finding information about the AEC. But to make full use of AEC’s advantages is not easy. The Vietnam Safe Agricultural Product Export Company is active in several European markets but has only enquired about the ASEAN market.  The company’s director Nguyen Van Tuan said the company wants to make thorough preparations for integration.  “We are studying the policies, mechanisms, and consumption patterns in the ASEAN markets. We need fact finding tours of their supermarkets to know what the locals prefer and whether or not our products can compete. I have visited ASEAN countries but only as a tourist. We are ready to join market study tours,” said Mr Tuan.  Nguyen Khac Son, Chairman of the Board of Directors and CEO of the Son An Group, said “The AEC provides businesses both challenges and opportunities. If enterprises know how to take advantage of the AEC, they will get much benefit. If they haven’t made careful preparations, they will face many difficulties.  Businesses of ASEAN members produce…... [read more]

A new venture promoted by a Harvard-educated business graduate providing a low-cost cinema experience is making many customers happy.  Affordable entertainment: Beta Cineplex is a good choice for movie buffs with ticket prices 60 - 65 per cent lower than high-end cinemas.  "The cinema is beautiful and ticket prices are reasonable," said Thuy Linh, a college student in Hanoi, after having a fun evening with her friends watching movie at the Beta Cineplex in Me Tri Ward, Nam Tu Liem District. She is among many young people who’ve become movie buffs thanks to the low-cost model that targets small cities and suburban areas.   The film screening market has grown rapidly over the last five years at an estimated 25 per cent to 30 per cent per year, with a ticket turnover of about VNĐ3 trillion per year (US$132 million), according to a report compiled by the South Korean CJ CGV Group last year. The new, two-year-old venture is helped by the fact that going to a cinema is still a high-cost entertainment for many people, with most cinema complexes built in big cities with high ticket prices. There were 138 cinemas and cinemas complexes in the country as of the end of last year, according to the Cinematography Department. Most of these are in big cities like Hà Nội and HCM City, and it takes VNĐ200,000 to 300,000 (up to $13) per person for ticket and a drink or snack.    Viet Nam’s Beta Media JSC signed recently an…... [read more]




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