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Vietnam Coal Industry Seeking Solutions to Overcome Difficulties

The Viet Nam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin) had to face many challenges with a sharp fall in demand for energy in general and coal in particular. Due to the impacts of the economic downturn, in the first 9 months of 2012, the Viet Nam National Coal and Mineral Industries Holding […]

Foreign companies enlarge, Vietnamese firms struggling to survive

Contrary to the bleak situation of domestic companies, many foreign direct investment (FDI) corporations have not only grown in term of invested capital but also overpower in some Vietnam’s key export sectors. While domestic companies are struggling for survival, foreign invested corporations are enlarging manufacturing, especially in Vietnam’s key export sectors. Textiles, leather, plastic, mechanical, etc., seem to be Vietnam’s strength for low cost labour, simple technology, but export increasing mostly comes from foreign invested companies. Only in term of capital, in October, there were 359 FDI projects registered to capital increasing with the amount of 3.8 billion US dollars, 12.3...

Vietnamese firms leave home soil to int’l players

While a number of Vietnamese businesses have had to dissolve or declare bankruptcy after failing to withstand the economic turbulence, many foreign-invested companies have expanded operations and increasingly taken more market share in the staple export commodities of the country. FDI businesses account for some 60 percent of the US$12 billion worth of export turnovers of textile and garment in the year to October, said Dang Thi Phuong Dung, deputy chairwoman of the Vietnam Textile & Apparel Association (Vitas). South Korea now tops the...

Nowhere to hide

A darker picture about the banking system is emerging, analysts say, as some commercial lenders report sharp drops in profits or even losses. The time has come when banks can no longer hide their weaknesses, they add. Asia Commercial Bank reported losses of VND520.67 billion (US$24.9 million) in the third quarter, compared to a profit of VND658.6 billion the same period last year. According to the Ho Chi Minh City-based lender, often known as ACB, the loss was caused...

Vietnam’s Overseas Study Consultancy Put Under No Control, Students Suffer

The number of students becoming the victims of overseas study consultancy firms’ trickeries has been increasing. Meanwhile, the firms cannot be prosecuted for their swindling, because there has been no regulation on the punishments.

Vietnam’s FDI falls almost 50 percent in four months

Vietnam’s foreign direct investment (FDI) plummeted during the first four months of the year with only USD4 billion earmarked by investors from abroad, down 47.8 percent against the same period last year, according to the Foreign Investment Agency. Up to 262 new foreign-invested projects, capitalised at USD3.2 billion, were licensed from January to April, an annual decrease of 54.9 percent. FDI disbursement, an important factor to evaluate the efficiency of investment inflows, however, still increased nearly 1 percent, reaching USD3.62 billion during the period. In another bright spot, 88 existing projects registered an increase in their levels of capital by a total of USD...

PRESS DIGEST – Vietnam Newspapers – Nov 5, 2012

Ho Chi Minh City-based Sacombank was negotiating with some foreign institutions on selling a 15-percent stake to a strategic shareholder and results of the deal could come by early 2013, newly appointed chairman Pham Huu Phu said. FINANCIAL NEWS: VIETNAM INVESTMENT REVIEW -- The growth pace of non-performing loans has been slower since June, in line with the gradual decline of inventories, State Bank of Vietnam Governor Nguyen Van Binh said. -- Ho Chi Minh City-based Sacombank was negotiating with some foreign institutions on selling a 15-percent stake to a strategic shareholder and results of the deal could come by...

Sacombank’s former chairman under investigation: new chairman

Dang Van Thanh, former chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) , is under investigation, said the bank’s new chairman Pham Huu Phu. Thanh, who stepped down from his position on Friday, was invited to work with local investigating agencies on the same day, said Phu, former deputy chairman of Sacombank’s board of directors. In...

Vietnam Building Bridges To Singapore

Thirty-two Singaporean companies on November 1 and 2 gathered at Singapore Showcase held in Hanoi, expressing their upbeat about investment opportunities in Vietnam. The two-day event attracted many people to learn about Singaporean companies’ business operations in Vietnam and create a useful connection between Singaporean and Vietnamese companies. “This is a good opportunity for us to introduce ourselves in Vietnam market, we are looking for partner to expand business here,” said William Ang, director of Green Lotus Pte, the developer of $20 million Van Loi resort in Do Son beach, Haiphong City. This is the first this such event...

Vietnamese Investors In Laos Confront New Policies

HCM CITY (VNS)— Vietnamese investors in Laos and Cambodia must prepare for several changes in foreign investment policies made by Laos and Cambodia, the Ministry of Planning and Investment has said. According to a report by Dau Tu (Investment) newspaper, the ministry's Foreign Investment Department said that Laos has suspended the issuance of new investment certificates for mineral exploitation as well as rubber and eucalyptus cultivation in the country. It has also decided to suspend certificates to the end of 2015 while it reviews and amends its licensing procedures for foreign investment projects. Many foreign...