Hanwha Life Vietnam opens 100th customer service center

The first half of 2017 has witnessed many bancassurance deals in Vietnam and the second may also see heightened cooperation among insurers and commercial banks, which promises to heat up the bancassurance sector.  FWD signs exclusive 15-year bancassurance partnership with Nam A Bank Hanwha Life Vietnam and Shinhan Bank Vietnam sign bancassurance deal AIA and HSBC form new bancassurance partnership Insurers now are now racing for bancassurance deals (Illustration) In the first six months of 2017, there have been at least five bancassurance deals among insurance companies and commercial banks so that insurers can sell their products through the banking channel. Two more bancassurance deals are expected in August. It seems that insurance companies are in a hurry to find an appropriate banking partner so that they can catch up with the bancassurance trend. “Bancassurance accounts for more than 10 per cent of AIA (Vietnam) Life Insurance Co., Ltd. (AIA Vietnam)’s total revenue, and it is forecasted that this number will rise in the future. To develop business in the bancassurance sector, our strategy is to carefully select domestic and foreign commercial banks for partnership. Our partners can share with us technology-based customer services,” Wayne Besant, general director of AIA Vietnam, said at the ceremony to announce partnership with HSBC Bank (Vietnam) Ltd. (HSBC Vietnam) in the middle of May 2017. This was…... [read more]

Shinhan Bank donates 30 bikes to poor students in Can Gio The Saigon Times Daily Shinhan Bank Vietnam Ltd (Shinhan Bank) has donated 30 new bicycles to underprivileged students in HCMC’s outlying district of Can Gio under its third Charity Bike Run 2016 last week, the bank said. Shinhan Bank staff participating in the charity activity rode the new bikes, valued at a total of VND60 million (over US$2,670), from Can Gio’s Rung Sac area to Doi Lau school in An Thoi Dong Commune before they were handed over to poor students in Ly Nhon, An Thoi Dong and Tam Thon Hiep Communes. Shinhan Bank General Director Shin Dong Min said in a statement that the Charity Bike Run is one of the bank’s annual corporate social responsibility activities. Although the bikes are small in value, the banks hopes they will help strengthen the students’ learning spirit and alleviate their hardship. Shinhan Bank’s social efforts focus on support for local communities in which its employees live and work. Besides the Charity Bike Run, the bank has held other annual charitable activities for less fortunate people in rural areas on Lunar New Year holiday (Tet) and Mid-Autumn Festival.... [read more]

Shinhan Bank to offer preferential loans to SMEs Van Nam HCMC - Shinhan Bank Vietnam will set aside US$100 million to lend to local small- and medium-sized enterprises (SMEs) with interest rates of 8-9% per year, particularly producers of goods for export to South Korea. Tran Khanh Phi, director of customer relations at the bank, shared the information at the signing in HCMC on July 4 of a memorandum of understanding (MoU) between the lender and Small and Medium Enterprises Development Support Center 2 (SMEDEC 2). Phi said credit would be provided from this month to the end of next year with around US$1 million going to each project of producing-trading businesses. According to the MoU, Vietnamese SMEs will receive financial support to promote trade and invest in human resources, sustainable development, energy saving, climate change adaptation and technology application, among others. Set up in 2009, Shinhan Bank Vietnam completed a merger deal with Shinhan Vina Joint-Venture bank in November 2011 and became a 100% foreign-invested bank in Vietnam. After the merger deal, Shinhan Bank Vietnam had chartered capital of over VND4.57 trillion and total assets of VND18 trillion, and nine branches in big Vietnamese cities.... [read more]

In the autumn of 2016, Vietnam Investment Review joyfully celebrates its 25th anniversary of establishment. This is also a hallmark in the group's history of development. The events and forums organised by VIR at the national and international levels - such as the M&A Vietnam Forum and the Vietnam Investment Forum - have created a unique identity for the group. They have had significant impacts on many sectors of the economy. Through its publications and forums, VIR has created an important open debate-based information channel, contributing to the promotion of democracy in the process of making policies and important plans for the country's socioeconomic development. Successes reaped from persistent implementation of the motto "Pairing well with investors and enterprises" have strengthened VIR's fine media-enterprise relations. They have also enabled VIR to continue its mission to vividly reflect the business and investment developments in the economy, and at the same time to implement the task of economic media, in order to ensure a sustainable future. All of VIR's achievements have been made possible by its mature and experienced reporters, who are well-equipped with expertise and political qualifications. The strengths have also been fostered by great support from the Ministry of Planning and Investment's Party Committee and leadership, the Central Committee for Communication and Education, the Ministry of Information and Communication, and agencies of the Party and the State, as well as valuable encouragement from the Vietnam Journalists Association. Such support has laid firm groundwork for VIR to build a brighter future.…... [read more]

Making an entrance into the Vietnamese banking landscape as representative offices, then moving up the ladder to become branches and 100 per cent foreign-owned units when the right time came and regulations allowed, Japanese and Korean financial institutions are taking careful steps to strengthen their footholds in the country. Not only do they want to cater to their home-based institutional clients, but also to the 90 million possible retail customers living in Vietnam. Trang Nguyen reports. Incoming capital Data from the General Statistics Office (GSO) revealed that in the last two years, new Korean and Japanese investments topped the list of foreign direct investment (FDI) in Vietnam. Korea registered 505 new investment projects in 2014 and 702 projects in 2015, boasting a combined registered capital of $8.8 billion. In the first eight months of 2016, the nation rolled out some $3.84 billion in registered capital for another 517 new projects in Vietnam. According to Shinhan Bank Vietnam general director Shin Dong Min, last year’s enactment of the Vietnam-South Korea Free Trade Agreement (VKFTA) has facilitated the flow of Korean businesses into Vietnam. Vietnam is Korea’s third-largest export market. In the year to the end of July, the value of goods – mostly raw and supporting materials – and services reached $18 billion. This accounts for 6.4 per cent of Korea’s total export turnover. “Vietnam has been acting as a critical manufacturing hub for Korean enterprises,” Shin said. Japan, meanwhile, has secured second place on the FDI board in terms of…... [read more]

Hilton to operate fourth hotel in Vietnam Hilton Worldwide Group and Sai Gon Cuu Long Joint Stock Company yesterday kicked off the construction of the Hilton Saigon Hotel project in District 1. The hotel project, situated on an area of 2,300 square metres at Me Linh Square Roundabout, will have 350 five-star standard rooms. With an investment of over USD100 million, it is expected to operate in the fourth quarter of 2019. At the project inauguration ceremony yesterday, Hilton Worldwide Group announced that the hotel would be managed by the Sai Gon Cuu Long Joint Stock Company who is also the investor of the project. Hilton Worldwide Group is now operating three hotels in Vietnam including Hilton Hanoi Opera, Hilton Garden Inn Hanoi and Hilton Danang. Local firms concerned about HCMC business development goal Many business leaders have cast doubt over HCMC’s ability to realize an ambitious target of having 500,000 businesses by 2020. Instead of tripling the number of businesses, the city should focus on developing major firms which can promote brands on international markets, said corporate representatives at a dialogue between the city’s leaders and businesses on Sunday. HCMC chairman Nguyen Thanh Phong said there are currently 12 million people and 170,000 operational businesses in the city. There are some big enterprises with well-known brands. For instance, when talking about Vietnamese retailers, Co.opmart with 82 operational supermarkets nationwide would be the first to be mentioned. “The city holds much potential, but the point is how to have mechanisms…... [read more]

The Hanoitimes - Despite slowing growth, the World Bank (WB) still expects that Vietnam`s economic growth will be at around 6% in the period of 2016-2018, and will remain one of the strongest growth economies in ASEAN. On April 11, the World Bank (WB) has announced the Report on Updating East Asia and the Pacific economy, in which cutting its forecast of growth prospects for Vietnam this year and next year. Vietnam’s lenders are gathering speed, posting the second-highest growth by country in this year’s ranking of the top 100 banks in the Association of Southeast Asian Nations (ASEAN). Global financial affairs magazine The Banker of news organisation The Financial Times made the announcement in an online report this month. Vietnamese banks – 19 of which made the ranking – grew their assets by the second-highest amount, 15.66 percent, and although they still contribute a relatively small share of the total assets in the ranking, 7.46 percent, they are up from 6.21 percent in the previous year. However, growth does not necessarily translate into profitability, the report said. Vietnam’s banks stood out in terms of asset growth, with Vietnam Prosperity Bank coming out on top with a 35.02 percent increase, followed by local competitors Saigon Commercial Bank and Shinhan Bank Vietnam, which expanded by 34.22 percent and 33.32 percent, respectively. The country’s banks look to be poised to continue this rise. In addition to robust growth and stability, banking penetration remains among the lowest in the region. Only 30.86 percent…... [read more]

Vietnam’s lenders are gathering speed, posting the second-highest growth by country in this year’s ranking of the top 100 banks in the Association of Southeast Asian Nations (ASEAN). Global financial affairs magazine The Banker of news organization The Financial Times made the announcement in an online report this month. The largest increase in the ranking goes to Cambodia, which grew by 30.4 percent, although it has only one lender – Acleda Bank – recognized on the list. Cambodia also accounts for only 0.1 percent of the total assets in the ranking, down from 0.19 percent the year before. Vietnamese banks – 19 of which made the ranking – grew their assets by the second-highest amount, 15.66 percent, and although they still contribute a relatively small share of the total assets in the ranking, 7.46 percent, they are up from 6.21 percent in the previous year. The ranking remains dominated by Malaysia, Singapore and Thailand, which jointly hold nearly three-quarters of the total assets. However, growth does not necessarily translate into profitability, the report said. With an aggregate return on assets (ROA) of 0.8 percent and return on capital (ROC) of 12.19 percent, Vietnam is placed at the tail-end of the ASEAN ranking for returns. Instead, as has often been the case in the past, the champion in that category is Indonesia, which boasts an ROA of 2.7 percent and ROC of 25.31 percent. Vietnam’s banks stood out in terms of asset growth, with Vietnam Prosperity Bank coming out on top…... [read more]

Vietnamese lenders make up a fifth of the top 100 ASEAN banks, and posted the second-fastest growth by country, The Banker said in its latest ranking report for the ten-country bloc. Vietnamese banks, with 19 representatives on the list, grew their assets by the second highest amount, 15.66 percent from the previous year, according to the 2016 Top 100 Association of Southeast Asian Nations (ASEAN) banks ranking. The largest increase in the ranking belongs to Cambodia, which grew by 30.4 percent, although it has only one lender – Acleda Bank – on the list, The Banker, a banking industry publication that includes coverage of retail finance, said in a report on April 1. Some of the Vietnamese lenders that made it to the ranking are Vietinbank, Agribank, Vietcombank, BIDV, MBBank, Sacombank, and EximBank. The full list is available here. According to the report, Vietnam’s banks stood out in terms of asset growth, with Vietnam Prosperity Bank coming out on top with a 35.02 percent rise. It is followed by Saigon Commercial Bank and Shinhan Bank Vietnam, which expanded by 34.22 percent and 33.32 percent, respectively. Such an upward trend is likely to continue for Vietnamese banks, according to The Banker. However, The Banker noted that growth does not necessarily translate into profitability, as Vietnam is in fact placed at the tail-end of the ASEAN ranking for returns, with the aggregate return on assets (ROA) of 0.8 percent and return on capital (ROC) of 12.19 percent. The champion in this category…... [read more]

Korean Consulate General in HCM City Park Noh Wan delivers opening speech for the 5th CSR Awards. — VNS Photo Hoang Ha HCM CITY (Biz Hub) — Eight South Korean businesses operating in Viet Nam were honoured yesterday with Corporate Social Responsibility (CSR) Awards for their contributions to socio-economic development in Viet Nam. The fifth annual Corporate Social Responsibility awards ceremony for South Korean enterprises in Viet Nam was co-organised by the Korean Trade-Investment Promotion Agency (KOTRA), the Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE), and Viet Nam’s Ministry of Planning and Investment. The awardees included Hyosung Vietnam Limited Company, Hanwha Life Insurance Vietnam, Shinhan Bank Vietnam, Sung Bu Vina Co, Ltd, Infac Vina Co, Ltd, Four Seasons Vina Co, Ltd, PTV Co, Ltd, and Eins Vina Co, Ltd. This year, five of eight awards went to small- and medium-sized enterprises, while in the last several years they were given to big corporations. The awards to SMEs this year show that they have acknowledged their social responsibility through practical and meaningful community activities, including improving the working environment, saving energy, and contributing to social security. Besides creating jobs for local residents, this year’s awardees engaged in a number of successful CSR activities. Eins Vina Co, Ltd gave periodic support for an orphanage; Four Seasons Vina Co, Ltd, and PTV Co, Ltd gave scholarships to local schools; Hyosung Vietnam Limited Company and Shinhan Bank Vietnam took part in traditional cultural preservation activities; and Infac Vina Co, Ltd built…... [read more]




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