Vietnam Banks'' Asociation (VNBA) has been calling for an increase to foreign-owned shares limit in Vietnamese commercial banks, starting with those who have implemented Basel II successfully and are on their way to upgrade to Basel III.
The economy grew at 6.7 per cent in the second quarter. The foreign-invested sector is considered a key player in helping Viet Nam achieve such growth rates through its exports.
The Ministry of Transport has proposed the Government buy back foreign-owned shares in the Airport Corporation of Vietnam to ensure airports are operated properly.
HCM City has called on foreign-owned enterprises to further contribute to its development by sharing their experience, ideas and technologies as well as investing in large projects.
Experts have agreed with the Government’s plan to restrict or even stop licensing wholly foreign-owned banks in Viet Nam, saying it was necessary to help increase the stability of the domestic banking system.
The Government plans not to license any more wholly foreign-owned banks in Viet Nam, instead encouraging foreign banks to buy weak domestic banks, Deputy Prime Minister Vuong Dinh Hue said.
Alpha King, a foreign-owned property developer and consultancy, officially launched in HCM City on Wednesday nearly two years after first coming to the country.
Although Viet Nam is the world’s 12th-largest exporter of electronics and the third-largest in ASEAN since 2015, up to 95 per cent of the country’s electronics output comes from foreign-owned enterprises instead of domestic ones.
According to a survey by the Viet Nam Chamber of Commerce and Industry last year, only 14 per cent of private Vietnamese businesses had foreign-owned businesses as clients.
Establishing a representative office in Viet Nam is considered a safe
initial step before traders conduct a series of complex high-cost legal
procedures to establish a wholly foreign-owned enterprise.
State-owned and private companies will have to limit their ratio of
loans to equity in order to exclude interests from loans from the
company''s income tax payments.
Eight foreign-owned companies were found using unlicensed software
valued at more than VND13.5 billion (US$643 million) by an
inter-ministerial team that carried out a month-long inspection.