Latest news with #HoChiMinhCity
CNA
a day ago
- Business
- CNA
Vietnam approves plans for international financial centre amid US trade pressure
HANOI: Vietnam's lawmakers approved a plan on Friday (Jun 27) to establish international financial centres in Ho Chi Minh City and Da Nang to attract investment and strengthen its global financial standing as economic uncertainties rise. The centres will operate under unified management, with Ho Chi Minh City focusing on capital, banking, and currency markets, and Danang on sustainable and green finance, leveraging its strategic location near East-West economic corridors, the government said in a statement. Finance Minister Nguyen Van Thang called the policies "innovative and competitive", noting their alignment with international standards, the statement added. A key feature will allow members of the centres to secure international financing and use foreign currency for transactions. Vietnam's foreign investment inflows rose 7.9 per cent to US$8.9 billion in the first five months of the year, while pledges surged 51.1 per cent to US$18.4 billion, the government said. However, the United States has threatened to impose 46 per cent tariffs on Vietnamese exports unless concessions are made, which could slow the momentum. Prime Minister Pham Minh Chinh said earlier this week that Vietnam expects to reach a trade deal with the United States within two weeks. The financial centres will adopt international accounting and financial standards, including capital adequacy and liquidity ratios for both domestic and foreign-owned banks, the government added. Vietnam remains a key manufacturing hub for global firms such as Samsung Electronics, Foxconn, Intel, Nike and Adidas.
Reuters
a day ago
- Business
- Reuters
Vietnam approves plans for international financial centre amid US trade pressure
HANOI, June 27 (Reuters) - Vietnam's lawmakers approved a plan on Friday to establish international financial centres in Ho Chi Minh City and Danang to attract investment and strengthen its global financial standing as economic uncertainties rise. The centres will operate under unified management, with Ho Chi Minh City focusing on capital, banking, and currency markets, and Danang on sustainable and green finance, leveraging its strategic location near East-West economic corridors, the government said in a statement. Finance Minister Nguyen Van Thang called the policies "innovative and competitive," noting their alignment with international standards, the statement added. A key feature will allow members of the centres to secure international financing and use foreign currency for transactions. Vietnam's foreign investment inflows rose 7.9% to $8.9 billion in the first five months of the year, while pledges surged 51.1% to $18.4 billion, the government said. However, the United States has threatened to impose 46% tariffs on Vietnamese exports unless concessions are made, which could slow the momentum. Prime Minister Pham Minh Chinh said earlier this week that Vietnam expects to reach a trade deal with the United States within two weeks. The financial centres will adopt international accounting and financial standards, including capital adequacy and liquidity ratios for both domestic and foreign-owned banks, the government added. Vietnam remains a key manufacturing hub for global firms such as Samsung Electronics, Foxconn, Intel, Nike, and Adidas.
Yahoo
2 days ago
- Entertainment
- Yahoo
Billboard Vietnam Launches With Ho Chi Minh City Event
HO CHI MINH CITY, Vietnam — Billboard, the globally renowned music authority, officially marked its presence in Vietnam with the Billboard Vietnam Official Launch event held at Bam Bam Bar, District 1, Ho Chi Minh City on Monday (June 23). The event welcomed Billboard CEO Mike Van as well as strategic partners, prominent artists, industry professionals and media representatives. This milestone signals a significant step in connecting Vietnam's fast-growing music market with global industry standards through verified data, insightful content and internationally recognized music charts. More from Billboard Billboard & Global Venture Partners Launch Billboard Africa Luis Cortés, Angelina Victoria, Maeso & More Emerging Latin Artists on Our Radar Selena Gomez Says Ice Cube Was Her Childhood Celebrity Crush: 'I Just Thought He Would Protect Me' Billboard Vietnam will launch key charts like the Vietnam Hot 100 and Top Vietnamese Songs, based on transparent data from global provider Luminate. It will also create local content and partner with artists, labels and platforms to promote Vietnamese music at home and internationally. In his remarks, Mike Van stated: 'Vietnamese music deserves a clear and respected place on the world map.' His message underscores Billboard's long-term commitment to supporting Vietnam's music community and its aspirations for global recognition. With three core pillars — transparent music charts, international connectivity and equal opportunity for all artists — Billboard Vietnam aims to become a trusted foundation for Vietnamese music to reach new heights, grounded in its unique identity and creative potential. Best of Billboard Chart Rewind: In 1989, New Kids on the Block Were 'Hangin' Tough' at No. 1 Janet Jackson's Biggest Billboard Hot 100 Hits H.E.R. & Chris Brown 'Come Through' to No. 1 on Adult R&B Airplay Chart
South China Morning Post
2 days ago
- South China Morning Post
Vietnam raids outfit selling livestock oil for cooking: ‘anything left that isn't fake?'
Vietnam 's food safety authorities have issued a nationwide public health warning following a local police bust of a large counterfeit oil operation secretly selling animal-feed oil as cooking oil to restaurants, factories and food producers across the country. Police in Hung Yen province raided the Nhat Minh Food Production and Import-Export Company on Tuesday. It was allegedly repackaging imported animal feed-grade vegetable oil under the Ofood brand and selling it as cooking oil, the VnExpress newspaper reported. 'This fake cooking oil threatens public health,' an official with Vietnam's Department of Food Safety said on Wednesday. As animal-feed oil is often unrefined, it is not safe for human consumption and can cause poisoning, organ damage, toxin build-up and increased risk of chronic diseases if taken over a long period. Over the past three years, the criminal network raked in an estimated 8.2 trillion dong (US$3.14 million) in revenue selling the popular Ofood cooking oil, state broadcaster Vietnam Television reported. Food stall at a local market in Ho Chi Minh City, Vietnam. Photo: Victoria Burrows Initial findings show that the group sold tens of thousands of tons of this toxic oil to a wide range of consumers – from industrial kitchens and restaurants to street food vendors and traditional village snack and sweet shops.
Yahoo
3 days ago
- Business
- Yahoo
OpenWay and ACB Power a New Era of Cardholder Choice with Southeast Asia's First Visa Flex Launch
HO CHI MINH CITY, Vietnam and BRUSSELS, June 26, 2025 /PRNewswire/ -- OpenWay, a global leader in digital payment software, announces its role in enabling the successful launch of Visa Flex Credential at Vietnam's Asia Commercial Bank (ACB) — a regional first in Southeast Asia. This innovation allows ACB cardholders to dynamically switch between debit and credit options using a single card, giving them greater control over spending and a more customer-centric payment experience. For ACB, Visa Flex Credential helps accelerate card activation and usage, unlock richer customer data for personalized offers, and reduce account dormancy — all while enhancing portfolio performance. OpenWay's Way4 issuing and acquiring platform served as the technological foundation for this next-generation capability. "Here in Vietnam, debit remains the dominant form of card payment, and we see significant potential and room for growth in credit and flexible payment products like Visa Flex Credential," says Mr. Nguyen Tam Khoa, Deputy Head of Consumer Division at ACB. "Thanks to our 10-year collaboration with OpenWay and their Way4 platform, ACB has pioneered multiple market-firsts, including Visa Flex Credential, Apple Pay tokenization, QR-code ATM deposits via mobile, and more. We're proud that our customers are the first in the region to enjoy innovative, convenient, real-time, personalized payments." "Today, ACB is one of the first banks globally to support Visa Flex Credential. With our Way4 platform as their foundation, they are well-positioned to expand this offering further — for example, by adding installment or loyalty accounts to the selection — in line with the bank's insights into evolving customer expectations," says Mr. Ha Nguyen Manh, General Director of OpenWay Vietnam. Way4's flexible architecture and real-time configuration capabilities accelerate time-to-market for the OpenWay-ACB team. The scope of work behind this Flex Credential launch included: Enhancing existing Way4 interfaces to Visa and ACB One mobile app Updating the CMS database and workflows, including tokenization, for secure credential management Implementing smart routing with Visa's Flex Credential portal Achieving certification by Visa and production launch in a matter of months The ACB case shows the strategic value of Way4 — enabling banks and fintechs to fast-track innovation. Way4 also supported the world's first mobile Visa P2P transfers and Eurasia's first CBDC cards. More Way4-powered Flex Credential launches are already underway. For more information, please visit View original content: SOURCE OpenWay Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
