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Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January - September period...

ASEAN will open up to Vietnam skills

(VNS) ASEAN nations will pilot a free labour market for skilled workers and professionals in 2015 as part of a plan to integrate the region economically. This will enable workers to move freely in the region. However, little information on the process has been made available. Most Vietnamese have never heard of the scheme...

Vietnam Cars With Diplomatic Licence Plates To Be Checked

VietNamNet Bridge – As thousands of cars with diplomatic license plates are being used improperly, causing tax losses to the state budget, Deputy Prime Minister Hoang Trung Hai has asked relevant bodies to immediately review the management, distribution of and handle violations related to this type of cars. Deputy Prime Minister Hoang Trung Hai has instructed the Ministry of Foreign Affairs, Ministry of Finance and Ministry of Public Security to immediately check the management, distribution of and handle violations related to...

Vietnam Sector Still Energising Foreign Firms

As some oil firms head for the exit, Puma Energy and other foreign players are showing that Vietnam’s market is still attractive. It is the latest investor to replace US’ Chevron in its joint venture to produce downstream oil products in Vietnam. Denis Chazarain, chief financial officer of Puma Energy, said the company had seen […]

Vietnam Fuel prices rise again, with more to come

Retail petrol prices yesterday increased by VND650 (US$0.033) per litre to VND23,650 while diesel rose by VND300 per litter to VND21,850. The move was made when the oil prices on the global market increased by 13.24 per cent against the previous month; diesel prices went up 8.66 per cent; kerosene went 9.59 per cent and mazut 8.01 per cent, the Ministry of Finance reported. The ministry gave petrol importers the right to make decisions on price hikes of petrol products within a margin of plus-or-minus 7 per cent under Government Decree No 84/2009/ND-CP issued in 2009, said Nguyen Tien Thoa, director of...

Promoting Vietnam-Laos economic cooperation

The Vietnam-Laos conference on economic and investment cooperation took place in Danang, Vietnam on July 7. Representatives from the two Ministries of Planning and Investment reported on Vietnamese business investment in Laos. By the end of May 2012, 214 projects have been granted licences to invest in Laos with a combined capitalization of US$3.45 billion. Vietnam ranks third among the 52 countries and territories investing in Laos and plans to raise their total investment capital to US$4.5-5 billion in the near future. Many projects have been put into operation which has contributed to socio-economic development in Laos and helped raise local people’s...

Vietmindo’s BCC bad energy

An Indonesia-backed mining business cooperation contract is showing signs of violating contract terms with potential threat to national energy security. Licensed in 1991 with 30-year life-span, Vietmindo is a business cooperation contract (BCC) between Vinacomin’s Vietnamese party Uong Bi Coal Company and Indonesia’s P.T. Vietmindo Energitama Company. The company’s legal capital is $27 million offset by the foreign partner, while the Vietnamese party’s contribution is in the form of anthracite coal reserves, exploration and mining and some relevant investments. Vietmindo’s mining activities started in 1997 with extraction output of 38,600 tonnes in this first year. In 2009, pursuant to the Mineral...

Vietnam banking reform in trouble: experts

Vietnam’s drive to restructure its troubled banking sector is being derailed by powerful interest groups as the political will needed to force through painful reforms falters, experts say. After a decade of rapid, chaotic bank liberalization, Vietnam has ended up with too many domestic banks (42) – many of which are overloaded with toxic debt […]

PROFILE-Russian risks bear down on oligarch Fridman

(Reuters) - Mikhail Fridman once seemed omnipotent as one of the elite group of Russian businessmen who amassed vast fortunes and huge political influence under President Boris Yeltsin in the 1990s. More than a decade after Vladimir Putin succeeded Yeltsin and started reining in the oligarchs, Fridman is on the defensive as a new generation of businessmen snatch up assets and the Kremlin reasserts control over the economy. His call for a divorce from BP, his partner in Russia's No.3 oil firm TNK-BP, and the...

Business Briefs June 4

* Vietnam Securities Depository Centre (VSD) has lately released the dividend payment schedule of Ba Ria Thermo Power Joint Stock Co (coded BTP). * The northern bourse-listed Tasco Joint Stock Co (coded HUT) has lately announced to distribute 159,510 convertible bonds under code of HUT-CB2012, counting for 63.8 percent of the total registered volume being […]