More News, Rumors and Opinions Monday 12-26-2022
KTFA: Vietnam:
Henig: 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.
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.
Ngoc Thao LINK
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Henig: 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.
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
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Courtesy of Dinar Guru
Intel Guru Frank26 Article: "The Ministry of Finance begins checking the amounts within the current expenditures to include them in the budget" FINALIZING THE BUDGET WITH A NEW EXCHANGE RATE.
Henig Article: "Parliamentary Committee: The fluctuation of the dollar price is the most important obstacle to approving the 2023 budget" Quote: "The budget law and its draft are still with the government, and it has not reached Parliament yet, and its provisions have not been finally clarified, which requires expediting its submission to Parliament and presenting it with several readings to reach a final formula for approval."
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TNT:
Yada: Funny to read all the articles from parliament members and Iraqi economists on their fear of the rising dollar prices. They fail to pay attention to the CBI and not see the endgame. CBI will flip the script and SOON will be clamoring for the dinar. The steam from the kettle is whistling and ready to brew the RI.
RVAlready: Hi Yada. Quiet before rate change.
BigJohn: the ri is coming they are in the process of getting the dinar off the streets !!!!
PaulW: Yada, you are right on the money... The dollars are sucking up the IQD. When the IQD become scarce, they will flip the switch
Top U.S Banks (Blackstone) Bankruns Begin Forcing The 2008 Market Collapse To Return - Peter Schiff
InvestorNote: 12-26-2022
In today's video, Peter Schiff talks about the federal reserve and central banks that caused inflation around the world. According to Peter, inflation is only going to get worse and it's never going back to the 2% that the fed is trying to achieve.
MARKETS A LOOK AHEAD: Stocks, Gold, Silver, Debt, MORE!
By Gregory Mannarino: 12-26-2022