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KTFA
[Vietnam]
Henig » December 26th, 2022
Green finance puts down roots in Vietnam
06:00 | 26/12/2022
(VEN) – The development of green finance is an important foundation for sustainable business growth.
Significant progress
The National Progress Report by the Sustainable Banking and Finance Network (SBFN) has ranked Vietnam among a group of advancing countries in terms of implementing sustainable banking and financing practices. According to Deputy Director of the Department of Credit for Economic Sectors under the State Bank of Vietnam (SBV) Pham Thi Thanh Tung, as of October 31, 2022, outstanding loans for green projects reached more than VND477.5 trillion (accounting for 4.4 percent of total outstanding loans), up 7.78 percent compared to 2021.
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These loans are focused mainly in the renewable and clean energy sector (47 percent), and green agriculture (32 percent).
In addition to capital from banks, the green financial market is reflected by the issuance of green bonds. The total value of Vietnam’s green bonds reached US$1.5 billion in 2021, making Vietnam the second largest source of green debt issuance in ASEAN (the Association of Southeast Asian Nations), after Singapore. The most recent notable green bond deal was the July 2022 issuance of VND1.725 trillion in 10-year green bonds by EVNFinance at an annual interest rate of 6.7 percent.
The increasing source of green credit has contributed to a number of recent programs. These include low carbon transformation in energy efficiency, a project implemented by BIDV and ANZ with funding from the Danish government; loans for renewable energy development projects at Vietcombank, BIDV, VietinBank, SHB, HDBank from the World Bank’s capital, and more.
Environmental loan risk management
Ketut Kusut, a senior World Bank finance expert said the additional investment in climate change adaptation and mitigation solutions until 2040 is estimated at about 6.8 percent of annual gross domestic product (GDP), or about US$368 billion, which cannot not be met by the domestic capital market alone. Therefore, Vietnam will need a synchronous combination of public and private resources and preferential capital to facilitate the new development roadmap. Vietnam has not yet enacted general regulations to promote green financial activities, which is also a significant barrier, he said.
The SBV has set a 2025 goal for all banks to develop a set of rules and evaluate environmental and social risk management in credit granting activities, and apply environmental standards to projects they fund. In addition, at least 10 to 12 banks will be required to have specialized departments in charge of environmental risk management and 60 percent of banks will have access to green capital and provide loans for green credit projects.
According to Pham Xuan Hoe, former deputy director of the SBV’s Banking Strategy Institute, in order to facilitate business access to green finance, the government, the SBV and the Ministry of Finance are expected to urge banks to develop green credit and green bond programs for renewable energy; guide the private sector on approaching, mobilizing and using international green finance; issue consistent and stable policies to support green, clean and sustainable energy development. Procurement activities for green public spending need to be integrated into policies and implemented in ministries, sectors and localities, Hoe said.
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Ngoc Thao LINK
PVCFC develops experts’ system
08:00 | 25/12/2022
(VEN) – The PetroVietnam Ca Mau Fertilizer Joint Stock Company (PVCFC) recently held its annual review on accreditation of professionals and on the competency gap for experts at its headquarters in Ho Chi Minh City and Ca Mau Province.
Addressing the opening ceremony of the event, General Director of PVCFC Van Tien Thanh mapped out five strategic company directions to 2025: developing products and services; digital transformation; marketing; diversifying raw material sources for urea fertilizer production; and human resource development. Human resource development will focus on seeking human resources of high professional qualifications and long-term experience.
In 2022, the company set a goal of finding and developing eight experts for eight areas of expertise. So far, it has found and is evaluating experts in three areas: Automation control systems, and the operation of urea technology equipment and electrical equipment.
In order to find experts in the remaining fields, PVCFC has conducted an assessment of the “competency gap” to identify the points that need to be improved by its new personnel. Accordingly, it will come up with a detailed and appropriate training program, ensuring a human resource large enough for the target of 30 experts by 2025.
At the review program this year, PVCFC cooperated with the Hanoi University of Science and Technology, Ho Chi Minh University of Technology (Vietnam National University – Ho Chi Minh City), and Can Tho University, as well as leading experts from the oil and gas industry, such as the Binh Son Refining and Petrochemical JSC, PetroVietnam Fertilizer and Chemicals Corporation – PVFCCo, PetroVietnam Gas Joint Stock Corporation, and PV Power Ca Mau.
Some 50 experts from these universities and companies will interview expert candidates and review their competencies. To determine the candidates’ suitability or project management, the planned expert candidates will undergo a 60-minute multiple-choice test and a two-hour face-to-face interview.
In addition to mechanisms to attract new talents, PVCFC has maintained training to develop existing human resources, facilitating staff participation in these events in order to upgrade its personnel, which it views as a key factor for the company’s success.
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PVCFC has always attached importance to the review and accreditation of its professionals in order to create strong human resources as a foundation for sustainable and more prosperous development of the company.
Ngoc Dung LINK
Source: Dinar Recaps
Henig » December 26th, 2022
Al-Rafidain Bank opens new branches soon to sell dollars to citizens
Baghdad / NINA /- Al-Rafidain Bank announced today, Sunday, the opening of new branches to sell dollar to citizens soon.
In a statement, it said, “New branches will soon be opened to sell dollar currency to citizens.”
The bank added, “Citizens must issue MasterCard and submit official documents (civil status identity or national card, passport, housing card, and an active mobile phone number) for the purpose of granting the card and selling dollars to them.” LINK
Clare » December 26th, 2022
MP Al-Qaisi: The government is able to rein in the dollar at any moment it wants
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12-25-2022
Representative Mahmoud Hussein Al-Qaisi affirmed, on Sunday, that the government is able to rein in the dollar at any moment it wants.
Al-Qaisi said in a tweet via Twitter, “With the hundred billions stacked in the Central Bank’s accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank, controlling the market is subject to a government decision capable of curbing the dollar at any moment the government wants.” .
He added, wondering: “But when will you take this step!?”.LINK
ATPInfinity » December 26th, 2022
IT’S Christmas and here is a gift! “With the hundred billions stacked in the Central Bank’s accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank,…at any moment the government wants.” .
Henig » December 26th, 2022
A deputy reveals the reason for the dollar’s rise in Iraq.. What is the American role?
12/25/2022
{Politics: Al Furat News} Independent MP Mustafa Sanad revealed the “reason” for the rise in the exchange rate of the dollar in Iraq.
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Sanad said in a statement, a copy of which was received by {Euphrates News}: “Criticize me, insult me, and laugh at what I say, but what you read, I swear to God, is the crux of the truth. The rise of the dollar in 2021 came because of the US-friendly government for the purpose of preventing the transfer of the dollar from Iraq to neighboring countries {Turkey and Iran.” Lebanon and Syria} for the purpose of punishing them.
He added, however, by saying: “But the rise of the dollar these days is completely different, as it came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq mainly, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the file.” Iran, the energy file, the future of US forces and security agreements.
And between Sanad, “The accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars and is constantly increasing, and it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month to enter the country.”
He added, “It is cowardice not to criticize the current government and the current parliament for watching the rise of the dollar and its impact on the people, especially since the current prime minister and the current deputies, including (me), have addressed the dollar file earlier and strongly criticized the rise that occurred at the time, and today our tongues are almost silent.”
He continued, “But it is cowardly and inferior not to criticize the negative role of the Americans, to diagnose the colonial role and international blackmail, and to prevent the transfer of our money, amid strange silence from the political leadership!”
And the Central Bank of Iraq decided on the 15th of this month to reduce the exchange rate of the dollar to 1465 dinars, indicating that “reducing the price of selling the dollar to the beneficiary (the bank’s customer) who finances his imports with documentary credits, to be 1465 dinars instead of 1470 dinars to the bank {for the purposes of documentary credits} in the amount of 1455 dinars to the dollar instead of 1460 dinars,” he attributed, “the increase is due to several factors, including the building of an electronic platform through which banks raise the requests of their customers.
“The state’s finances in general are in excellent condition and at their best levels in decades,” he added.The current supply of foreign currency is not related to resources, but rather to administrative and audit procedures, and we have taken a number of measures to expand the supply of foreign exchange to meet the public’s demand for cash dollars.” LINK
identifies two reasons
2022-12-25 03:35
Shafaq News/ The exchange rate of the US dollar rose today, Sunday, to its highest level in years, as the value of 100 dollars on the Sulaymaniyah Stock Exchange reached more than 154 thousand Iraqi dinars, which was reflected in the commercial movement in the dollar market.
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“The value of the dollar today has reached its highest level in years, as the value of $100 reached 154,250 dinars, which is the highest in years,” financial expert, Shwan Ahmed, told Shafaq News agency.
Regarding the reasons for this rise, the financial expert confirmed that “the first reason is that a week ago the central bank did not pump more than 130 million dollars, and the pumping ranged between 70 million to 130 million dollars, while the second reason is due to the holiday announced by the government on New Year’s Day.”
And about the repercussions of this rise between Ahmed; That “the movement of buying and selling has almost stopped in the stock market because the majority of currency traders sold the dollar yesterday at a lower price than today’s price, but on the other hand, the selling of the dollar witnessed an increase by citizens due to the great rise that the US dollar reached today.”
He continued, “Currency traders have begun to deal with caution in purchasing the quantities of dollars available in the markets.”
On the period of the rise in the price of the dollar, the financial expert explained; It is expected that the rise will continue until the third of next January, which is the date for the Central Bank of Iraq to pump the dollar for the currency auction.
Shafaq News Agency correspondent in Sulaymaniyah said that every 100 pounds amounted to 184,000 Iraqi dinars, while every 100 euros amounted to 162 thousand Iraqi dinars, and every 100 Turkish lira amounted to 8,250 dinars. While the value of every 100,000 Iranian tomans was 3850 Iraqi dinars. LINK
Clare » December 26th, 2022
Amidst a warning of a “hungry revolution”… Behind the scenes of the rise: American pressure to prevent dollar smuggling and the closing of party banks
2022-12-26
Member of the Parliamentary Finance Committee, Muhammad Nuri, attributed, on Monday, the unprecedented rise in the exchange rate of the dollar against the Iraqi dinar, to the agreement concluded between Iraq and the United States of America.
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Nuri told Shafaq News agency, “The rise in the exchange rates of the dollar against the Iraqi dinar is due to stopping the promotion of cash dollar imports to Iraq, according to the agreement between the Central Bank of Iraq and the US Federal Bank, which entered into force three months ago.”
He added, “As well as stopping banks affiliated with political parties that were working to smuggle the dollar and preventing it from entering the auction selling foreign currency to be smuggled through unofficial outlets.”
Nuri pointed out that “there is American pressure by not paying cash oil import money from dollars to the Central Bank of Iraq to prevent smuggling it to neighboring countries, specifically Turkey and Iran.”
And a member of Parliamentary Finance stated, “These measures led to limiting the sale of the dollar, and because of the merchants’ need for foreign currency, the exchange rate rose.”
Nuri stressed that “if there is no real decision and steps from the Prime Minister, Muhammad Shia’a al-Sudani, through pressure on the American side and the economics of political parties and limiting the smuggling of currency outside the country, the exchange rate of $100 will exceed $160.”
Since last November, dollar prices have witnessed fluctuations against the Iraqi dinar, which gradually increased to reach its peak today, Monday, as the dollar exchange rate, until the moment of writing this news, reached more than 156 thousand dinars to 100 dollars.
In turn, the head of the “Enough” political movement, former MP Rahim al-Darraji, predicted the outbreak of a “hungry revolution” in Iraq due to the continued rise of the dollar in the local market.
Al-Daradji, a member of the former Parliamentary Finance Committee, told Shafaq News agency, “The continued rise of the dollar will lead to an increase in the prices of foodstuffs as well as medicines and other materials, and this matter will push to raise the poverty rate in the country, and this matter will lead to the withdrawal of the middle class.” And not just the poor.”
He added, “The repercussions of the catastrophe of the continuous rise of the dollar in the local market will lead to the anger of the Iraqi people, especially those with the middle and poor classes, and this matter may prompt the outbreak of a hungry revolution throughout Iraq, and this is what we hope will happen in order to remove the most c*****t political class that ruled Iraq.” Over the years, it was the cause of the destruction of Iraq on various levels. LINK
Source: Dinar Recaps
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