IFC wants land use rights as collateral for loans in Vietnam
Vietnamese law does not allow multilateral international financial institutions such as IFC to use red book, or land use rights certificate, for collateral loans.
Vietnamese law does not allow multilateral international financial institutions such as IFC to use red book, or land use rights certificate, for collateral loans.
The cooperation framework would support mobilizing capital from the private sector and developing financial markets for infrastructure development, in turn helping Vietnam realize its priorities in the field in near future, said a Vietnamese vice finance minister.
As of present, just 40% of citizens in Vietnam have bank accounts. However, 90% of daily transactions are conducted in cash, while the rate goes up to 99% for transaction worth under VND100,000 (US$4.34).
The slow growth comes mainly from state-owned banks, which have become more stringent on their loan disbursements.
The establishment of an international financial center will give the Vietnamese economy a major boost.
20 May, 09:04 PMVietnam was among a group of six economies out of over 100 countries selected by the US for trade negotiations.
20 May, 01:55 PMLocal economists believe that the surge in modern retail locations will stimulate domestic consumption and enhance market access for Vietnamese products.
20 May, 08:21 AMDigital transformation will be adopted by agencies to minimize processing times for administrative procedures related to land use, planning, investment, construction, taxation, customs, and more.
19 May, 01:31 PMThe government will continue to facilitate, rather than control, the development of the private sector.
19 May, 11:22 AMThe private sector, including business households, currently contributes around 51% of GDP and over 30% of the state budget.
17 May, 02:11 PMStable policy implementation and supporting mechanisms are important for businesses to resolve commercial disputes and international integration.
17 May, 07:53 AMThis move is expected to help Vietnam achieve its national target of having two million businesses by 2030.
16 May, 06:00 PM