Fitch Affirms Outlook on Standard Chartered Vietnam at Positive
Fitch’s ratings are driven by the institutional support from100% shareholder, Standard Chartered Bank, for Standard Chartered Vietnam given itsimportant role in the group's broader South-East Asia strategy.
 |
Fitch Ratings has affirmed the outlook on Standard Chartered Bank (Vietnam) Limited (SCB VL)at positive with SCB VL’s long-term foreign currency and local currency issuer default ratings at BB and BBB- respectively.(See Fitch rating report on Standard Chartered Vietnamhere)
Fitch’s ratings are driven by the institutional support from100% shareholder, Standard Chartered Bank, for Standard Chartered Vietnam given itsimportant role in the group's broader South-East Asia strategy. These ratings are capped by a potentially higher Country Ceiling should the sovereign rating be upgraded.
“As an international bank with 117 years of history in Vietnam, the country has been always one of the key markets in our global footprint. The ratings from Fitch have reaffirmed us as a strong partner to Vietnam and to our clients as they seek to meet their growth ambitions. We will continue to contribute to Vietnam’s sustainable development journey to secure a prosperous future for the people and the communities.”, said Michele Wee, CEO of Standard Chartered Bank Vietnam.
Standard Chartered Bank increased its charter capital to over VND 6.9 trillion, the third capital injection since 2018, reinforcing the Bank’s long-term commitment to the country. With regards to endeavours for a sustainable green future,at COP26, the Bank signed 3 Memorandums of Understanding worth up to USD8.5 billion in sustainable financing for three Vietnamese businesses to support their sustainability goals. By the end of 2024, Standard Chartered commits to providing USD 75bn towards sustainable development goals (incl. USD 40 billion of project financing services for infrastructure that promote sustainable development and USD35 billion for renewables and clean-tech projects).
Các tin khác
USAID - Vietnam’s MONRE Sign Memorandum of Understanding
USAID has been working closely with Vietnam to foster collective action by local actors—including the Government of Vietnam, private sector, social organizations and citizens—to raise awareness of the causes and effects of environmental pollution challenges.
ADB to Develop Prototype for Cross-Border Securities Transaction System Using Blockchain
Cross-border securities transactions in the ASEAN+3 region are currently processed through a global network of custodians and correspondent banks, which go through global centers in either the United States or Europe.
HSBC Vietnam Commits to Arranging US$12 Billion to Green Vietnam
World Bank also warned that Vietnam is one of the top five countries likely to be affected by climate change, adding the forecast that climate change will reduce the country’s national income by up to 3.5% by 2050.
USAID Launches Project to Improve Private Sector Competitiveness in Vietnam
Small and growing businesses are key contributors to Vietnam’s economic growth, accounting for 40% of GDP and 60% of total employment in 2018.
Vietnam’s Economy Faces Near Term Uncertainty, Economists Say
The Q3-2021 lockdowns affected about 28.2 million workers, including a loss of 2.5 million in jobs and an increase in the unemployment rate to a record high 3.7 percent.
Official Announcement Vietnam Open Innovation Landscape Report 2021
The Report has received more than 800 registrations from startups to get listed in the Report and more than 2,000 subscriptions from readers so far.
Vietnam’s Economic Growth Expected to Accelerate to 5.5% in 2022 and Greening its Trade Would Offer New Opportunities: World Bank
Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5% from 2.6% in the year just ended, the World Bank’s economic update for Vietnam Taking Stock says.
Standard Chartered Forecasts Vietnam 2022 GDP Growth at 6.7%
According to Standard Chartered’s economists, exports should be supported in 2022 by a continued improvement in the global trade environment, although import growth is likely to remain high.
World Bank Credit to Strengthen Infrastructure, Boost Climate Resilience in Vinh Long City
The Government of Vietnam and the World Bank have signed a US$126.9 million financing agreement to improve access to infrastructure, connectivity and reduce flood risk in the urban core of Vinh Long City.
Gojek Launches GoCar in Hanoi, Equipping All Cars with Protective Shields and Air Purifiers
After over 1 month of operations in Ho Chi Minh City, GoCar is coming to Hanoi users, starting with the GoCar Protect safety and hygiene service line.
AmCham Selects New National Chair for 2022
Mr. Rockhold has been living and working in Vietnam since 1992 and serves as the Chief Executive Officer of Chan May LNG JSC to implement climate change projects and help Vietnam meet its energy security needs.
Vietnam Likely to Have Current Surplus in 2022, HSBC Says
While favourable base effects partly explained the surprisingly high growth, the level of exports nonetheless returned to the pre-Delta variant level. Among the most affected sectors, textiles have gradually recovered (up 25% y-o-y), but the footwear industry is still impacted (down 14% y-o-y).
Vietnam’s Ability to Weather External Shocks Has Faded in 2021, HSBC Says
Fading protection in 2021. Vietnam’s ability to guard against external risks has been strong over the years, thanks to its shift to a current account surplus, as its trade surplus widened. However, the protection is fading in 2021.
New ADB Facility to Help South East Asia Revive Tourism and Boost Sustainable, Inclusive Investments
The pandemic exacerbated growing inequalities between skilled and unskilled workers, hurting low-skilled workers as well as middle-skilled workers, whose jobs face automation or being moved elsewhere.
Germany Supports Vietnam with Another 2.6 million Vaccine Doses
Germany has already donated numerous vaccines and medical equipment to Vietnam this year. Germany will also support Vietnam with additional vaccine doses, bringing the total number of vaccines donated by Germany to Vietnam to over 10 million doses, he said.
Wave Energy Could Power Vietnam’s Islands, But Start-Ups Need USAID’s Help
Vietnam, for instance, has a vast network of islands that can be difficult to connect to the grid and would benefit from a technology that generates power locally. Enter wave energy: a newer innovation that taps powerful ocean waves to do just that.
HSBC Predicts Vietnam’s Economic Growth 6.8% in 2022
Foreign direct investment (FDI), Vietnam’s key driver of growth,is still robust and was only marginally impacted given the serious lockdown that the country applied in 2021.
Fitch Upgrades Asia Commercial Joint Stock Bank to 'BB-'; Outlook Stable
The upgrade on the bank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-' with stable outlook as the economic impact from the Covid-19 pandemic.
Fitch Upgrades Vietinbank's Viability Rating to 'b'; Affirms IDR at 'BB-'; Outlook Positive
Fitch believes Vietinbank's asset quality performance is likely to benefit from an improving economic outlook, which will also have positive effects on its profitability.
Fitch Upgrades Vietcombank's Viability Rating to 'b+'; Affirms IDR at 'BB-'; Outlook Positive
The upgrade of Vietcombank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-', as business conditions have been substantially less severe.