Vietnam considered promising host country for expats: HSBC surveyBy Minh Tam A foreign director of a manpower company, which opened its representative office in HCMC in May 2018, speaks at an event held by the company – PHOTO: TUONG VI HCMC – Vietnam ranks second among six surveyed ASEAN countries and 19th globally as a country where expats are eager to live and work in the 11th annual Expat Explorer survey by Hongkong and Shanghai Banking Corporation (HSBC). Expats in Vietnam revealed that they earn on average US$90,408 annually, with 31% of them seeing an income rise of 25% or more, according to the survey released today, November 7. Vietnam ranks first globally with nearly three quarters (72%) of respondents stating that moving to Vietnam helped them save more, while 72% also agreed that they now have more disposable income than they did in their home countries. The most popular purpose for their savings or investments is still retirement (43%), followed by … [Read more...] about Vietnam considered promising host country for expats: HSBC survey
Why open a bank account
Cao Sỹ Kiêm. — Photo dantri.com.vn Cao Sỹ Kiêm, former Director General of the Việt Nam State Bank, talks to the newspaper Kinh tế & Đô thị about the proposal to require all car drivers to open their bank accounts in order to pay traffic fines if they are found to have violated traffic regulations through a traffic camera Do you have any comments on the Ministry of Transport’s proposal? The first thing I should say that this is a good idea if it becomes a reality. The most visible benefit is that when car owners have their bank accounts linked to their other documents, fines levied for their traffic violations will be a lot easier for the authorities to collect. When the bank receives a notification from a functional agency which is charged with collecting the traffic fine, the bank will then automatically deduct the fine from the bank account and then transfer the money to the State budget. This method will save … [Read more...] about Car owners must open a bank account for traffic fines
The trend towards retail banking will only get stronger in Vietnam as banks realise the vast potential of the market, experts said at the ASEAN Banker Forum held on November 19 in Ho Chi Minh City. Illustrative photo "The experience of the monetary crisis in 1998-99 and 2007-08 showed mistakes. Commercial banks had invested a great deal in sectors that easily brought high profits such as real estate and security. They forgot retail, a potential, stable sector," Ha Huy Tuan, deputy chairman of the National Financial Supervisory Commission, told the forum. Bankers, financial experts and technology consultants attending the forum agreed that the fast pace of urbanisation, the country's rising population and higher incomes, and an increasing number of small- and medium-sized enterprises (SMEs) had pushed the development of retail banking in the country. During the one-day meeting, experts spoke about operational excellence and the need to differentiate and … [Read more...] about Retail banking the wave of the future: experts
A new day starts at 2:30 a.m. for Hiep and her four housemates who rent a small apartment tucked away down a Saigon alley. They need to make tofu pudding in time for 6 a.m., when they loads pots full of the hot dessert onto their bicycles and off they go to the inner city to find customers. At the same time, around 1,800 kilometers (1,100 miles) north, Quyen loads duck embryos and chicken eggs onto the back of a motorbike and travels from the outskirts of Hanoi to the Old Quarter in the downtown district of Hoan Kiem. Everyday, tens of thousands of vendors leave their rented apartments in big cities for busy streets to pay off debts and keep their families in the countryside afloat. They are the faces behind telling statistics that have been troubling policymakers for years: migrants and unofficial workers. Official government data from 2015 showed that migrants aged between 15 and 59 made up 17.3 percent of the country’s population of 90 million. The majority of them work in the … [Read more...] about To street vendors in Vietnam’s biggest cities, sidewalk is a lifeline
Vietnam can expect its fintech ecosystem to grow in the near future should it pay attention to the funding issue, growing talent in the field, and a legal framework to support such growth. Vietnam is currently ranked second in the number of incubator, accelerator, and innovation labs in the region, behind only Singapore. This is a positive signal for the development of fintech in Vietnam. The country has another advantage in being a young and digitally savvy economy. As per an EY report, around 90 per cent of payments are still in cash. That is the reason why Vietnamese fintech startups have strong focus on payment—47 per cent specialises in this sub-sector, ranking highest in the region. There are also some fintech associations in Vietnam where fintech startups can gather to update, improve their knowledge, seek support, share experiences, and develop a legal framework for this industry. “Fintech companies are still small in scale and the policies and regulations for … [Read more...] about E&Y: Where is fintech in Vietnam?