While major consumer finance firms in Vietnam have reported strong growth, Mcredit posted an unexpected 87 per cent drop in profit for the first half of 2024.
Vietnam's Ministry of Finance is proposing a 100 per cent special consumption tax on beer and high-alcohol beverages by 2030 as part of efforts to curb excessive drinking and raise state revenues.
Traditionally relegated to a mere fraction of banks' annual reports, sustainability reporting has undergone a notable shift, with many banks now unveiling standalone sustainability reports.
The transaction consideration amounts to approximately $870 million and the deal is expected to be completed in the first half of next year.
Vietjet and Carlyle Group has signed an aircraft finance agreement worth US$550 million during the official visit of the US President Joe Biden to Vietnam.
IFC’s total commitments in Vietnam reached close to $1.9 billion in fiscal year 2023 ending June 30, of which $520 million was in long-term finance. It make Vietnam becomes one of five Asia – the Pacific countries having largest investment from IFC.
The Asian Development Bank (ADB) and Binh Duong Water Environment Joint Stock Company (BIWASE) signed a $13 million loan to finance the construction and operation of a composting plant, and waste-to-energy (WTE) facility in Binh Duong province.
While an overwhelming majority of chief finance officers (CFO) in Southeast Asia recognize the need to transform key areas of their finance functions to navigate the complexities of the new normal, many have yet to begin their transformation journey.
The affirmation of Vietnam's long-term foreign-currency issuer default rating reflects the country’s continued strong medium-term growth prospects, despite the Covid-19 pandemic and the global economic spillovers, and strong external finance metrics relative to peers.
As Vietnam accelerates economic recovery amid Covid-19, IFC, LeapFrog Investments, and DEG have invested $165 million in convertible Tier 2 bonds issued by HDBank, a leading Vietnamese private retail and SME bank.
In support of the Vietnam Government’s aspiring climate goals and COP26 commitment to become a net zero economy by 2050, HSBC Vietnam has announced its commitment to arranging up to $12 billions of direct and indirect sustainable financing for Vietnam, and the corporate sector in Vietnam by 2030.
As Vietnam accelerates efforts to transition to low-carbon growth, IFC is providing a $70 million loan to HDBank – one of the country’s leading banks in climate finance – to increase its funding for renewable energy projects in Vietnam.
With IFC’s support, OCB expects to double its SME lending portfolio by 2024 by leveraging its digital banking platform and developing products that cater to the sector’s needs.
The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.
