Vietnam’s Bamboo Airways JSC is rebuilding under its new chief executive officer, who is intent on proving the indebted six-year-old carrier has a future after shedding two-thirds of its fleet and 80% of its network, Bloomberg News reported. “We need our passengers to believe in our future,” Luong Hoai Nam said in an interview with Bloomberg News. “We need to make our investors, shareholders and potential investors believe in our future.
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Vietnam
The turmoil in Vietnam’s property sector continues, with creditors embroiled in a dispute with developer Novaland Investment Group Corp. after it failed to pay interest on a $300 million bond, Bloomberg News reported. The company is committed to resolving the impasse with holders of its 2026 overseas convertible note in “a cooperative spirit, aiming to find optimal solutions that safeguard the interests of bondholders,” Novaland said Tuesday.
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Some pilots have left Vietnam's restructuring Bamboo Airways in the last two months after late payments in salaries, Reuters reported. About 30 foreign pilots departed during that time, more than 10% of the airline's total pilot staff in June, according to one of the people, who declined to be identified as the information was not public. A second person said some pilots had recently quit and others were dismissed. Embattled Bamboo, Vietnam's No.
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Thailand's second-biggest lender Kasikornbank is in talks to buy consumer finance provider Home Credit Vietnam in a deal of up to $1 billion that would further its push to expand in Vietnam, Reuters reported. The Bangkok-based lender, also called KBank, hopes to become one of Vietnam's top 20 banks in terms of assets by 2027. It has total assets worth $119.7 billion, second only to Bangkok Bank in Thailand, Refinitiv data showed.
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Vietnam Prime Minister Pham Minh Chinh urged banks to provide cheaper loans with longer terms to attract foreign investors to develop green power projects in the country, Bloomberg News reported. Vietnamese ministries also need to sit down with wind and solar energy investors to understand their difficulties and losses in order to find a “harmonious” pricing mechanism for both buyers and sellers, Chinh said at a Hanoi conference Sunday. Renewable energy companies on Mar.
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Vietnam's central bank on Monday said it would raise its policy rates by 100 basis points, the second increase in a month, in what it said was an effort to head off inflation risks, maintain stability and protect its banking system, Reuters reported. Effective Tuesday, the refinancing rate will be increased to 6.0% and the discount rate to 4.5%, the State Bank of Vietnam (SBV) said in a statement.
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It was a jarring image for one of the world’s fastest growing economies: Scores of Vietnamese flooded branches of the nation’s fifth-largest bank to pull out their savings amid rumors the lender was tied to a real estate conglomerate under investigation for fraud, Bloomberg News reported. Vietnam’s central bank spent the last week calming markets and depositors while Saigon Commercial Bank raised interest rates and lured back customers. On Saturday, the regulator said it would place the privately-held lender under “special scrutiny” and directed four banks to help manage it.
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While debt has been a problem for millennia, contemporary international institutions have focused on alternative dispute resolutions for commercial disputes for only decades, according to an analysis in mediate.com. according to an analysis in mediate.com. In the late ’90s many developing countries experienced financial distress. In 1999, the World Bank began to analyze the problem and in 2001developed the “Insolvency and Creditor Rights Standards” (ICR Standards). The focus was on judicial proceedings. The possibility of resorting to mediation was regarded as entirely residual.
Vietnam's gross domestic product (GDP) growth slowed to just 2.58 percent in 2021 as the effects of the pandemic hit the country's economy, marking a steep decline from the 7.02-percent growth recorded in 2019, Deutsche Presse reported. Vietnam's GDP actually grew by 5.64 percent in the first half of 2021, but the country's failure to contain COVID-19 in the second half of the year led to repeated lockdowns and factory closures that inflicted serious socio-economic damage, according to the report published by Vietnam's General Statistics Office.
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Vietnam's slow reopening this past week was bittersweet for Stanley Furniture, which had been in COVID lockdown along with thousands of other manufacturers, from Netflix supplier ASRock to shoe giant Pou Chen. On the one hand, Stanley employees were glad to go back to making desks and drawers. On the other, their goods are stuck in storage because global shipping costs skyrocketed, Nikkei Asia reported. That is just one of many risks hanging over the fragile supply chain even after Ho Chi Minh City and surrounding provinces on Friday lifted a bruising pandemic shutdown.
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