International corporation to pour 320 million USD into three Vietnamese banks

Sunday, 04/12/2022 23:15
The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a total investment of 320 million USD in three Vietnamese banks, reported Vietnam News Agency according to the Nikkei Asia.
 Transactions at VIB. (Photo: VNA)

The banks are the Saigon-Hanoi Commercial Joint Stock Bank (SHB), Vietnam International Commercial Joint Stock Bank (VIB), and Oriental Commercial Joint Stock Bank (OCB).

IFC has proposed investing 120 million USD as a three-year senior, dollar-denominated loan in SHB to support the growth of SHB's SMEs loan portfolio, including women-owned small- and medium-sized enterprises and those participating in supply chain finance.

The international lender is also weighing an investment of 100 million USD each in VIB and OCB to support the growth of housing portfolios, including affordable housing.

Transactions at SHB. (Photo: VNA) 

Established in 1993, SHB is a commercial bank operating in Vietnam with total assets of 22.5 billion USD as of June 30.

Headquartered in Ho Chi Minh City, VIB is a full-service commercial bank with 177 branches and transaction offices in 27 cities across Vietnam. Meanwhile, OCB had total assets of 8.1 billion USD as of September 30.

Most recently, IFC proposed extending a senior loan of up to 100 million USD to Hanoi-based Southeast Asia Commercial Joint Stock Bank. The proposed loan, which has a tenor of up to five years and will come from IFC's own account, will be exclusively used to support the bank's housing portfolio.

Additional 204 COVID-19 cases recorded on December 4

Vietnam's COVID-19 caseload rose to 11,517,722 after 204 new cases recorded on December 4, reported Vietnam News Agency according to the Ministry of Health.

With 3,503 doses administered on December 3, the total number of COVID-19 vaccine doses injected so far rises to 264.713,999 million. (Photo: VNA) 

With 93 patients given the all-clear on the day, the number of recoveries climbed to 10,608,922. 

Meanwhile, there are 56 patients needing breathing support.

No death from COVID-19 was recorded in the past 24 hours. The total number of fatalities stood at 43,177.

With 3,503 doses administered on December 3, the total number of COVID-19 vaccine doses injected so far rose to 264.713,999 million.

Hanoi aims to achieve growth rate of 7% next year

The capital city of Hanoi has set a target of recording its gross regional domestic product (GRDP) of at least 7% in 2023, reported the Voice of Vietnam.

Hanoi aims to achieve growth rate of at least 7% next year. 

The target was unveiled at the 10th conference of the executive board of the Hanoi Party Committee held in the city recently.

Among other major set indicators, disbursed investment capital is expected to rise by 10.5%, and its export turnover up by 7.5-8%. The city also aims to control inflation at 4.5%, and reduce the number of poor households by 30% compared to the end of 2022.

The city will continue to drastically improve its investment-business climate, focusing on areas of planning, investment, land and construction. It will step up trade-investment-tourism promotion, accelerate digital transformation in all fields, and speed up the progress of infrastructure projects, economic recovery and development programmes.

Despite difficulties and challenges in 2022, Hanoi is set to meet or surpass major socio-economic development targets set for the year, with its economic growth estimated at 8.8% which is higher than the national average.

The city’s GRDP is anticipated to total VND774 trillion, or VND142 million per capita. 

However, disbursed investment capital remains low due to difficulties in land acquisition and investment procedures. The past 11 months saw about 19,000 businesses withdraw the market.

Vietnamese culture fair held in Mexico

A Vietnamese cultural fair took place at Lincoln Park in Mexico City on December 3-4 to introduce the history, cultural traditions and many beautiful images and of land and people of Vietnam, reported Vietnam News Agency.

At the Vietnamese cultural fair (Photo: VNA) 

The event, which saw the participation of representatives of diplomatic missions, municipal authorities, friends and local people, was part of a series of cultural exchange activities jointly organised by local authorities and the diplomatic corps.

Addressing the opening ceremony, Vietnamese Ambassador to Mexico Nguyen Hoanh Nam highligthed the cohesion of Vietnam-Mexico relations in various fields from politics, economy, culture to people-to-people diplomacy.

He  expressed his hope that through cultural exchange activities, Mexicans will understand more about a peace-loving, dynamic and hospitable Vietnam, thus helping to strengthen the fine relations between the two countries.

Lourdes Pozo Pietra Santa, head of the Foreign Relations Division of Miguel Hildango district, the central area of the capital where many international diplomatic missions are located, highlighted the importance of the Vietnamese culture space, and said that local authorities and people are very happy to have the opportunity to participate in typical cultural activities such as this fair.

At the event, in addition to folk art performances, the Vietnamese Embassy displayed paintings and photos featuring Vietnam’s landscapes and handicraft items. Visitors enjoyed typical Vietnamese dishes./.

Compiled by BTA