Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027, becoming the leading foreign bank in terms of syndicated loans to capitalise on a booming economy, according to foreign media.
The personal financial assets market in Vietnam is forecast to reach hundreds of billions of US dollars in the next few years, providing significant opportunities for wealth management services.
Vietnam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights.
Malaysia on May 12 said the US Department of Justice has returned 1.9 MYR (460.22 million USD) retrieved of funds recovered from assets related to the 1Malaysia Development Berhad (1MDB) fund.
Moody’s Investors Service, one of the world’s leading credit ratings agencies, has upgraded the credit rating outlook of Vietnam International Bank (VIB)’s local currency deposits and issuer ratings to “positive”, from its previous level of "stable".
Thai politicians who held office in the Abhisit Vejjajiva and Yingluck Shinawatra governments and own assets worth over 50 million THB (about 1.4 million USD) will be scrutinised for any tax evasion.
The total assets of Vietnamese credit institutions rose more than 16 percent by December 2016 to 8.5 quadrillion VND (374 billion USD), when compared with early 2016.
The Prime Minister has directed authorities to find the assets of suspects in corruption cases in order to prevent them from being hidden and to help in executing judgments against the accused.
Banking assets by the end of 2015 rose 12.35 percent year-on-year to more than 7,319 trillion VND (332 billion USD) thanks to the improved business performance of most of the credit institutions.
Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to own minimum 10 billion USD of assets at the end of the previous year.
The Bank for Investment and Development of Vietnam's (BIDV) total assets rose 85 times from 8.7 trillion VND (399 million USD) in 1995 to 730 trillion VND (33.4 billion USD) in 2015.
The use of public property must be managed transparently to minimise legal loopholes that results in the misuse of the property by individuals and agencies.
