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Hanoi-based Maritime Securities Incorporation (MSI) has been officially renamed to KB Securities Vietnam (KBSV), in line with Decision No.07/GPDC-UBCK issued by the State Securities Commission.
The financial sector is ranked first in priority of investment in Vietnam for the World Bank Group’s private investment arm IFC in 2018, according to Kyle Kelhofer, IFC country manager for Vietnam, Cambodia, and Laos.
IFC, a member of the World Bank Group, has secured a convertible loan of $15.3 million for DNP Water JSC, a subsidiary of Dong Nai Plastic JSC, to enhance clean water access for urban households and residents in Vietnam.
For multinational companies and foreign investors doing business in Vietnam, experts advocate minimising the FX risk through hedging, knowing that the dong may be steady today but may move unexpectedly tomorrow.
In a file sent to the State Securities Commission on December 28, Ho Chi Minh City-based Orient Commercial Joint Stock Bank (OCB) noted that BNP Paribas is no longer the lender’s major shareholder since December 26.
The National Financial Supervisory Commission (NFSC) estimates that credit growth in 2017 will be at 18.7-19.3 per cent in its annual financial market review yesterday.
As the concept of ‘good food, good life’ becomes more commonplace in Vietnam, consumers are paying more attention to what they consume on a daily basis.
Vietnam Opportunity Fund, the flagship fund of VinaCapital, has invested approximately $11 million in Ho Chi Minh City-based Orient Commercial Bank, for an interest of less than 5 per cent.
The current interest rate levels have been deemed appropriate for the time being, according to experts, and any attempt to further cut rates could impose unnecessary risks to Vietnam’s overall macro-economic stability in the medium term.
Although Vietnam is struggling under the weight of its bad debts, before others can help, the country must further improve its legal framework and develop its distressed securities market to support the debt trading process.