Japanese retail giant Aeon bought 49% of Citimart’s shares and 30% of shares of Fivimart convenience stores. Meanwhile, conglomerate Lotte from the Republic of Korea acquired 70% of the Diamond Plaza shopping mall.Thai retailer Berli Jucker Plc completed the purchase of Metro Cash & Carry Vietnam as part of its plan to become a leading player in the region. It also bought the Family Mart convenience store chain and changed its name to B’s Mart in 2013.
Meanwhile, domestic banks that are still undergoing restructuring, lack financial resources and are weak in technology and administration,are under pressure.The State Bank of Vietnam (SBV) has issued a written notice of approval in principle, allowing Woori Bank (the Republic of Korea) to establish a 100% foreign owned bank in Vietnam. If it is licensed, this will be the seventh bankwith 100% foreign capital in Vietnam. In March 2016, the central bank licensed the establishment of 100% foreign-owned bank for Public Perhad Bank (Malaysia) in Vietnam to take effect from April 1 with the name MTV Public Vietnam Limited Bank,1 with charter…... [read more]
VietNamNet Bridge - Foreign banks are increasing their presence in Vietnam through various forms by establishing 100% foreign-owned banks or opening branches. With advantages of capital and services, once the Trans-Pacific Partnership (TPP) takes effect, foreign banks will have more advantages in Vietnam. Meanwhile, domestic banks that are still undergoing restructuring, lack financial resources and are weak in technology and administration,are under pressure. The State Bank of Vietnam (SBV) has issued a written notice of approval in principle, allowing Woori Bank (South Korea) to establish a 100% foreign owned bank in Vietnam. If it is licensed, this will be the…... [read more]
The General Statistics Office (GSO) announced that the gross domestic product (GDP) grew by 5.98 percent in 2014.Thoughthe figure represents the highest GDP growth rate since 2011,Vietnamese economists think it was still too low. They said the GDPgrowth rate did not exceed the 6 percent threshold over the last fouryears.Some economists think the 6.2 percent GDP growth rate target in 2015 may be unattainable.Theoil price has dropped by 50 percent over the last six months and coulddecrease further. Crude oil production contributes 8 percent ofVietnam’s GDP.An MPI report showed that if Vietnam cuts oiloutput by 30 percent because of oil…... [read more]
Though the figure represents the highest GDP growth rate since 2011, Vietnamese economists think it was still too low. They said the GDP growth rate did not exceed the 6% threshold over the last four years.Some economists think the 6.2% GDP growth rate target in 2015 may be unattainable.The oil price has dropped by 50% over the last six months and could decrease further. Crude oil production contributes 8% of Vietnam’s GDP.An MPI report showed that if Vietnam cuts oil output by 30% because of oil price falls, the GDP growth rate would lose 1.2 percentage points.The continued oil price…... [read more]
Responding to concerns about Thai commoditiesflooding the supermarkets, outdoor markets and convenience stores of thecountry, Prof Le Cao Doan from the Vietnam Institute of Economics, saidforeign enterprises from not only Thailand, but from the Republic ofKorea, Japan, the United Kingdom, as well as the United States areplanning to foray into the Vietnamese market.The arrival of the new retailers will only benefit consumers, and local enterprises might fail in this competition, Doan stated.However, Deputy Minister of Industry and Trade Nguyen Cam Tu said Vietnam should not view the competition in a negative light."Thiscould be an opportunity for Vietnamese companies to access…... [read more]
