Business

Vietnam will consider lifting the cap on its credit growth, its prime minister said, as the economy is facing pressure from higher interest rates and tightening credit conditions. The move is aimed at “both ensuring the safety of the banking system and macroeconomic stability while boosting economic growth,” Pham Minh …

Retail borrowers are struggling to pay interest on bank loans, which has jumped by 0.5-1.2 percentage points this month alone to 11.5-13%. Interest rates for businesses are around 9%, with both being up by around 2 percentage points since the beginning of this year. The State Bank of Vietnam has …

Prime Minister Pham Minh Chinh has directed the establishment of a task force aimed at helping businesses and localities resolve issues troubling real estate projects. The task force, per a decision signed by deputy prime minister Le Van Thanh Thursday, comprises senior officials from multiple fields including construction, banking, finance, …

Vietnam is getting selective about attracting investments, using quality of technology inputs and environmental protection as evaluation criteria, President Nguyen Xuan Phuc said Thursday. At the CEO Summit held as part of the 2022 APEC Summit in Bangkok, Thailand, Phuc said that as the world economy encounters several problems, Vietnam …

English center chain Apax English is striving to resolve scandal after dozens of student’s parents and staff called the chain out for owing them money, its parent company Apax Holdings said. After reviewing recent media reports on Apax English, in which it holds a 66.36% stake, Apax Holdings has admitted …

Vietnamese President Nguyen Xuan Phuc has asked U.S. companies to expand their supply chains and create favorable conditions for Vietnamese businesses to be part of them. With many major American multinationals like Apple, Nike, Dell and Intel choosing Vietnam as an investment destination, the expansion of U.S. businesses’ supply chain …

Vietnam’s benchmark VN-Index rose 2.8% to 969.26 points Thursday with foreign investors net buying in the ninth session in a row. The index closed 26.36 points higher after gaining 31 points on Wednesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 21% to VND11.42 trillion ($460.25 million). …

Automaker VinFast is considering going public in the U.S. as soon as January, seeking to realize its dream of becoming a global electric car producer. The company seeks to raise at least $1 billion in its initial public offering, which it has discussed with prospective investors, Bloomberg reported, citing people …

The central province of Binh Dinh has approved in principle a project to build a VND53.5 trillion (nearly $2.16 billion) steel plant with an annual capacity of 5.4 million tons. Covering an area of 468 hectares in the province’s Hoai Nhon town, the plant, with the Long Son Phu My …

The U.S. dollar continues to fall against the Vietnamese dong on the black market Thursday, losing 0.25% from Wednesday to VND24,938. It has dropped 2.2% since the peak of VND25,500 last month. But the greenback’s value stayed unchanged at VND24,860 at Vietcombank, Eximbank and VIB. The State Bank of Vietnam …