Rise of emerging middle class catches interest of foreign firms looking for profits in Vietnam: HSBC

Rise of emerging middle class catches interest of foreign firms looking for profits in Vietnam: HSBC

The proliferation of an emerging middle class has not gone unnoticed by international firms that look to capitalize on the rising demand for spending by Vietnamese households and a strong pickup in Japan’s FDI in retail and financial services is a notable example, write HSBC analysts in their "Vietnam at a glance: Consumer pulse check" report.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam continues to see strong FDI inflows in 2024: HSBC

Vietnam continues to see strong FDI inflows in 2024: HSBC

The strong inflows of foreign direct investment will likely continue in 2024, buttressing Vietnam’s manufacturing sector, said James Cheo, chief investment officer for Southeast Asia and India, Global Private Banking and Wealth, at HSBC.

A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam GDP growth can reach 5-6.7% in 2024: finance institutions

Vietnam GDP growth can reach 5-6.7% in 2024: finance institutions

Foreign organizations have expressed a positive outlook about Vietnam’s GDP growth next year on the basis that the country’s economic growth is likely to surpass 5% this year as forecast by Party General Secretary Nguyen Phu Trong.

A year in review and 2024 forecasts - Mon, Dec 22, 2021 | 11:30 am GMT+7

Fitch upgrades ratings of 7 banks in Vietnam, including StanChart, HSBC, ANZ

Fitch upgrades ratings of 7 banks in Vietnam, including StanChart, HSBC, ANZ

Fitch Ratings has upgraded the long-term foreign-currency issuer default rating (IDR) of six banks in Vietnam to ‘BB+,’ one to ‘BB,’ and one unchanged at ‘BB-,’ the rating agency announced Wednesday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Shinhan Bank, Public Bank the only 2 foreign banks offering above 5% interest rates

Shinhan Bank, Public Bank the only 2 foreign banks offering above 5% interest rates

South Korea-invested Shinhan Bank and Malaysia-invested Public Bank are the only two foreign commercial banks in Vietnam offering more than 5% interest for 12-month deposits, at 5.3% and 5.6% respectively.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Fitch affirms HSBC Vietnam ‘BB’ rating, outlook positive

Fitch affirms HSBC Vietnam ‘BB’ rating, outlook positive

Fitch Ratings has assigned HSBC Vietnam a long-term foreign-currency issuer default rating (IDR) of “BB” and its long-term local-currency IDR of “BBB-“ while the outlook is positive, Fitch Ratings said Monday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam on track to recover from global trade downturn: HSBC

Vietnam on track to recover from global trade downturn: HSBC

Vietnam’s exports continued to gain momentum, growing almost 6% year-on-year in October, suggesting that the country in on track to recover from the global trade downturn, HSBC said in its monthly report released Wednesday.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s semiconductor investments a shortcut to economic breakthrough: HSBC exec

Vietnam’s semiconductor investments a shortcut to economic breakthrough: HSBC exec

Investment in semiconductors will definitely be a shortcut for Vietnam to achieve an economic development breakthrough, says Stephen Brade, head of Multinationals, Global Banking, HSBC Asia Pacific.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam beneficiary as global semiconductor supply chain shifts: HSBC exec

Vietnam beneficiary as global semiconductor supply chain shifts: HSBC exec

Vietnam and Malaysia are major Southeast Asian beneficiaries of semiconductor industry investments and this will benefit other industries as well, said Frederic Neumann, chief Asia economist of HSBC.

Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s economic growth can reach 5% in 2023, 6.3% in 2024: HSBC

Vietnam’s economic growth can reach 5% in 2023, 6.3% in 2024: HSBC

Vietnam can reach economic growth of 5% in 2023 and 6.3% in 2024, said Frederic Neumann, HSBC's chief Asia economist and co-head of Global Research Asia, at a Monday event held by the bank.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam still a magnet for quality FDI: HSBC

Vietnam still a magnet for quality FDI: HSBC

Vietnam continues to be on the frontline of absorbing quality foreign direct investment (FDI) despite severe trade challenges, a new HSBC report says.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Majority of FDI firms upbeat on Vietnam’s economic resilience: HSBC

Majority of FDI firms upbeat on Vietnam’s economic resilience: HSBC

About 53% of 880 corporate respondents are prioritizing growth in Vietnam over the next two years to capitalize on opportunities, the latest HSBC survey has found.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam currency likely to remain stable, more or less: analyst

Vietnam currency likely to remain stable, more or less: analyst

The USD/VND exchange rate is unlikely to undergo major fluctuations in the remaining months of this year, thanks to solid macroeconomic fundamentals, an analyst says.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

HSBC, Shinhan Bank, UOB record strong earnings in Vietnam

HSBC, Shinhan Bank, UOB record strong earnings in Vietnam

Foreign banks HSBC, Shinhan Bank and UOB posted strong performances in Vietnam in the first half of this year, according to their half-year reports.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam banks cut 12-month deposit rates to below 6%

Vietnam banks cut 12-month deposit rates to below 6%

The 12-month deposit interest rates at major banks in Vietnam, domestic and foreign, have fallen below 6% this month.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Greenback cools with new central bank reference rate

Greenback cools with new central bank reference rate

The State Bank of Vietnam (SBV) cut the central exchange rate to VND23,946 per U.S. dollar Friday, soon after the dollar rose to VND23,951, the highest so far this year.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s FDI prospects remain good regardless of external drag: HSBC

Vietnam’s FDI prospects remain good regardless of external drag: HSBC

Vietnam’s foreign direct investment prospects remain intact despite the country’s underperforming trade activities, HSBC said in its July Vietnam macro economic review.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Making the most of Vietnam's Just Energy Transition Partnership

Making the most of Vietnam's Just Energy Transition Partnership

Vietnam’s efforts toward carbon neutrality and international institutions’ support for the transition offer various business opportunities, but challenges exist, writes Luong Phuong Mai from HSBC Vietnam's commercial real estate and wholesale banking division.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7

AMRO cuts Vietnam GDP growth forecast to 4.4%

AMRO cuts Vietnam GDP growth forecast to 4.4%

The ASEAN+3 Macroeconomic Research Office (AMRO) has revised down Vietnam’s GDP growth forecast to 4.4% in 2023 in its July update for regional economic outlook from 6.8% in April.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Deposit interest rates below 7% at foreign banks in Vietnam

Deposit interest rates below 7% at foreign banks in Vietnam

While Vietnamese commercial banks reduced their deposit interest rates to below 8% recently, the rates were already lower at foreign counterparts in the country at below 7%.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam economy forecast to grow 7% in H2, after 3.7% in H1

Vietnam economy forecast to grow 7% in H2, after 3.7% in H1

The Vietnamese economy is expected to expand by 7% year-on-year in the last six months of this year, much stronger than the first half’s 3.72%, Standard Chartered Bank forecast.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam economic rebound forecast for second half

Vietnam economic rebound forecast for second half

Vietnam’s economy in the second half of this year is set to pick up again after slow growth in the first half, but its full-year growth would be slower than earlier predicted, HSBC and DBS Bank said.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam business opportunities aplenty in ascendant SEAsia: HSBC exec

Vietnam business opportunities aplenty in ascendant SEAsia: HSBC exec

Southeast Asia remains the world’s growth engine, and as an important economy in the region, Vietnam offers a lot of business opportunities in key areas, said HSBC Asia-Pacific’s Commercial Banking head for South and Southeast Asia, Amanda Murphy.

Executive Talk - Mon, Dec 22, 2021 | 11:30 am GMT+7

Dat Bike to tap more offshore capital sources with HSBC support

Dat Bike to tap more offshore capital sources with HSBC support

HSBC Bank Vietnam signed a strategic agreement with Dat Bike on Wednesday to help the domestic electric motorcycle maker gain better access to financial markets and digitalize its financial operations.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam central bank expected to further cut rates in Q3: HSBC

Vietnam central bank expected to further cut rates in Q3: HSBC

The State Bank of Vietnam (SBV) is expected to deliver one more 50-basis point rate cut in the current easing cycle, sometime in this year’s third quarter, to further support the country’s growth, HSBC Vietnam said.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Agriculture in Vietnam: redefining boundaries

Agriculture in Vietnam: redefining boundaries

The prospects for Vietnam’s agriculture sector are bright over the next few years thanks to a strong commitment from the government and the free trade agreements that have been put in place, wrote Surajit Rakshit, HSBC Vietnam's head of global trade and receivables finance.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7

Fitch affirms Vietnam at 'BB', outlook positive

Fitch affirms Vietnam at 'BB', outlook positive

Fitch Ratings on Wednesday affirmed Vietnam's long-term foreign-currency issuer default rating (IDR) at 'BB' with a positive outlook, reflecting the country’s favorable medium-term growth outlook, strong external liquidity, and lower government debt compared with the peer median.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam set to be 10th largest consumer market by 2030: HSBC

Vietnam set to be 10th largest consumer market by 2030: HSBC

Vietnam is poised to become the world's 10th largest consumer market by 2030, bigger than Germany and Britain, according to HSBC Vietnam.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

EQuest raises $120 mln, appoints new board member

EQuest raises $120 mln, appoints new board member

Vietnam’s EQuest Education Group announced Friday its successful raising of $120 million through a combination of debt from creditors and equity from KKR, a global private equity giant that already invested $100 million in EQuest.

Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7

Leading stationery maker Thien Long speeds up digitalization with HSBC solutions

Leading stationery maker Thien Long speeds up digitalization with HSBC solutions

Vietnam's top stationery producer Thien Long Group has kicked off a cooperation program with HSBC Bank Vietnam to accelerate its digitalization journey.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Deposit interest rates at foreign banks slightly reduced 

Deposit interest rates at foreign banks slightly reduced 

Amid the deposit interest rate reduction among Vietnamese banks, the rates at foreign banks in Vietnam have slightly decreased in line with the trend.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam economy not out of the woods yet: HSBC

Vietnam economy not out of the woods yet: HSBC

Vietnam’s slowing economy has not seen the light at the end of the tunnel on the trade front as external weakness has dampened growth, amid acute exposure to the global trade cycle, according to a new HSBC report.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

HSBC Vietnam records $157 mln post-tax profit in 2022

HSBC Vietnam records $157 mln post-tax profit in 2022

HSBC Bank (Vietnam) Ltd. posted a post-tax profit of VND3.7 trillion ($157 million) in 2022, tripling year-on-year, according to the bank’s financial statements.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Asia needs clearer standards, less complexity, for green projects to accelerate net-zero transition

Asia needs clearer standards, less complexity, for green projects to accelerate net-zero transition

David Liao, co-chief executive, Asia Pacific at HSBC, explains what Asia including Vietnam is supposed to do to lure investors who embrace environmental, social, and corporate governance (ESG) issues.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7

Powering faster energy transition

Powering faster energy transition

Christian Deseglise, HSBC’s Group head of sustainable infrastructure and innovation, leads the bank’s global efforts in Just Energy Transition Partnerships, or JETPs, with Indonesia and Vietnam. He explains why they are powerful tools for decarbonization.

Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7