Vietnam Financial News

foreign banks that have shut shop in the country or scaled down their operations. So far, foreign lenders such as South Africa's First Rand Bank and Abu Dhabi Commercial Bank have completely exited India, while others such as Citi Bank, Barclays, and BNP Paribas have scaled down their operations. This leaves around 44 foreign lenders operating in the country. There have been some murmurs about how these exits are linked to stricter compliance requirements for foreign lenders, and more banks may leave Indian shores, which doesn't augur well for the economy as a whole. Foreign banks have been lobbying for changes in Indian banking regulations, arguing for a level playing field, but the fact is that most of these exits are linked to global business strategies. Supported by resilient domestic demand, India's growth story is only going to get stronger. Already, India's state-run banks have turned around, and private sector lenders are also well placed to meet the demands of a growing economy. As per a report from Goldman Sachs Research, India may emerge as the world’s second-largest economy by 2075. It makes little business sense if foreign lenders choose to stay away or continue here with restricted operations. In this context, the question arises: Do foreign banks need to reinvent themselves to stay relevant in India?

Janet Yellen is traveling to India and Vietnam next week, seeking to strengthen ties with two increasingly important US partners and shore up economic resilience through diversified supply chains. Yellen will first head to Gandhinagar, India, for a meeting of Group of 20 finance and central bank heads, where she will push for reforming global lending institutions to boost the size and scope of their firepower and for advancing talks on easing the debt burden for poorer nations, a senior Treasury official said.

electronics manufacturing hub. Given that level of ambition, we need to be prepared for setbacks — such as the news this week that Taiwan-based Foxconn would not, in the end, build a semiconductor factory in the western Indian state of Gujarat. This was a huge disappointment.

Treasury Secretary Janet Yellen is visiting two of China’s neighbors where she has pushed firms to move their operations—just a week after she reassured officials in Beijing that the U.S. wasn’t out to sever trade and investment ties. The trip to India and Vietnam underlines a central tension in the U.S.-China economic relationship: Yellen and the Biden administration must figure out how to promote alternatives to China without further upsetting relations with Beijing.

HANOI (Reuters) — Shareholders of Black Spade Acquisition, a special purpose acquisition company (SPAC) that planned to merge with Vietnam's electric automaker VinFast by this month to allow a U.S. listing, voted on Thursday to extend its lifespan by a year.

China and Southeast Asian nations have agreed to try to conclude within three years a long-delayed nonaggression pact aimed at preventing frequent territorial spats in the busy South China Sea from turning into a major armed conflict

The cryptocurrency payment industry continues to evolve with a new cryptocurrency payment option coming to crypto-friendly Telegram messenger.

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NEW DELHI : As many as 415 million Indians moved out of poverty in the 15-year period between 2005/2006 and 2019/2021, the UN said in a report on Tuesday. The latest update of the global Multidimensional Poverty Index (MPI) was released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford. The report analysed trends from 2000 to 2022, focusing on 81 countries with comparable data over time.

It appears Street Talk’s eagle eye missed one defence major lurking in the data room of takeover target Austal.

Chinese Foreign Minister Qin Gang's prolonged absence from public view for 12 days has raised concerns and speculation about his well-being. Qin was scheduled to meet with the European Union's top diplomat, Josep Borrell, this month, but China unexpectedly postponed the meeting without providing further information. There have been rumors in Brussels that Qin's absence might be due to health issues, but Chinese Foreign Ministry spokesman Wang Wenbin stated that he had not heard about such reports during a press briefing in Beijing. The official website of the Chinese Foreign Ministry indicates that Qin's last official engagement was on June 25, where he met officials from Sri Lanka, Russia, and Vietnam. On the same day, he also participated in an event alongside Chinese Premier Li Qiang and Barbados Prime Minister Mia Amor Mottley. Additionally, a lunch meeting between Qin and ambassadors from the European Union in late June was abruptly canceled, according to an ambassador based in Beijing who was on the invite list.

New Delhi: India's tariffs on electronics inputs are the highest amongst competing economies, according to a study by the Indian Cellular and Electronics Association. The industry body has said that the government must begin rationalising of tariffs or import duties to reduce disadvantages and increase competitiveness with rivals like Vietnam and China.

economy has been growing steadily for a decade, last year by 4.7%. In 2010 GDP per person, adjusted for prices, was 53% of the EU average; by 2021 it was 74%. Meanwhile the population shrank from 23.2m in 1990 to 19m today.

rice prices, now at their highest in 11 years, are set to rally further after India moved to boost payments to farmers, just as El Nino threatens yields in key producers and alternative staples get costlier for poor Asians and Africans. India accounts for more than 40% of world rice exports, which were 56 million tonnes in 2022, but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. «India was the cheapest supplier of rice,» B.V.

Barbie," directed by Greta Gerwig. Vietnam recently announced its decision to bar the film's commercial release due to a disputed depiction of China's territorial claims in the South China Sea, known as the «nine-dash line.» The Philippines, along with Vietnam, Brunei and Malaysia, has its own territorial claims in the South China Sea and strongly rejects China's assertion of sovereignty over the entire region. Senator Francis Tolentino, vice chairman of the Senate foreign relations committee, stated that if the invalidated nine-dash line was indeed portrayed in the movie, it would denigrate Philippine sovereignty.

funding round, which was led by Chiratae Ventures and Qualcomm Ventures. The company says it will use the funding to expand its product portfolio, enhance its research and development capabilities, and widen its international presence.

Account abstraction, also known as “smart accounts” could eventually onboard a billion users from the Asia region to Web3, according to an executive at Ethereum software solutions provider ConsenSys.

State media have reported that Vietnam has banned distribution of the popular «Barbie» movie because it includes a view of a map showing disputed Chinese territorial claims in the South China Sea

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«I think the time is now to just whatever stocks you are owning, if you have good companies in your portfolio, just keep owning them. Nothing has changed just because an index or a couple of indices has gone up,» says

Crypto giant Binance opened a regional headquarters in Paris last year, hoping to expand its business in Europe. Things haven’t gone its way. The Netherlands and Belgium have shut their doors to the exchange.