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Saigon Times Foundation (STF)’s VND805 million scholarships

The Saigon Times Foundation (STF) and its sponsors handed more than 100 scholarships worth VND805 million to over 105 university students in HCMC, Binh Duong and Dalat last Friday. The scholarships were sponsored by KFC Vietnam Joint Venture Co. Ltd. (KFC), Asia Commercial Bank (ACB), Benthanh Group, Dan On Foods Company Ltd., Robert Bosch Vietnam […]

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting...

Huge investment fails to improve Vietnam’s quality of education

VietNamNet Bridge – Despite Vietnam spending billions of dollars on education annually, the quality of the country’s education remains far from expectations, one educator has said. Professor Nguyen Xuan Han from Vietnam National University – Hanoi, said that the country’s investment in education is quite high, accounting for 20% of the state budget in 2007, […]

Gold tax in Vietnam won’t stop hoarding, experts say

An employee weighs gold rings at a jeweler’s in Hanoi. Vietnam’s central bank said last week that the government should consider levying a special consumption tax on gold. Photo: Reuters Experts say the central bank’s plan to impose a luxury tax on gold will not stop the public from hoarding the precious metal. They warn that such a move could in fact bring even more chaos to a market already fraught with dodgy practices and policy uncertainties. The State Bank of Vietnam said last week that even though the government will not ban gold holdings, it is necessary to restrict...

Drink manufacturers hurry to scale up investments in Vietnam

VietNamNet Bridge – New investors have been flocking to Vietnam, while existing investors have been expanding their business in the country after realizing the great potentials of the market. Foreign investors show big interest in Vietnamese market Vedan Vietnam, known as a seasoning powder manufacturer, has gradually set a foot on the drink market after marketing Thien Tra brand drink. The move by Vedan Vietnam to jump into the drink market has been cited by experts to prove that the drink market remains very attractive in the context of the economic downturn. Meanwhile, Taiwanese Uni President Vietnam has purchased all...

Ascott Expands In Vietnam With New Properties In Ho Chi Minh City

Singapore-based property company The Ascott Limited (Ascott) announced that it has been awarded a contract to manage a serviced residence in Ho Chi Minh City. Under the agreement, the new 100-unit Somerset Vista is slated to open in December. The project is a part of The Vista, billed as a premier residential project developed by […]

Many members of Vietnam National Assembly propose to reduce lending interest rate to 11pct

Many members of the National Assembly have proposed to immediately reduce the lending interest rate, even given the threshold of 11 percent for the lending interest rate. In the morning on October 30, the National Assembly had a discussion about the implementation of the socioeconomic development plan in 2012 and tasks for 2013. Most opinions focused on the handling of bad debts and stabilizing macro economy, of which, opinion referred directly to banks. Delegate Nguyen Cao Son (from the northern province of Hoa Binh) said that in fact, banks are in surplus of cash. It is necessary to adjust the lending interest rate to...

SBV attempts to impose luxury tax on Vietnam gold trade

VietNamNet Bridge – The State Bank of Vietnam has proposed the Ministry of Finance to tax gold trade. However, the proposal has not been applauded by the public. Hung said that the principle the central bank is following when managing the gold market is making gold less attractive to people. Le Minh Hung, Deputy Governor of the State Bank of Vietnam told Dan tri newspaper that the central bank has suggesting imposing taxes on gold trade, emphasizing that in other countries in the world, gold trade establishments all have to pay VAT and luxury taxes. Since the State does not...

Vietnam National Debt Trading Scheme Kicked Off

The scheme on establishing a national debt trading company is being finalized by the State Bank of Vietnam (SBV) and it will be sent to the Government on November 15, before it is submitted to the Politburo for approval. The scale, company''s operations as well as criteria for debt purchase have not been disclosed. According to the original idea, SBV will leads and coordinates with the related agencies to run this special business. Earlier in July, the chief inspector of the State Bank Nguyen Huu Nghia said the total bad debt of the banking system was about VND202 trillion ($10.1 billion)...

Restructuring of some Vietnam banks likely to be taken up within this year

Restructuring plan for ailing banks from now till the end of this year is gradually revealed. At a press conference late last week, representatives of the State Bank of Vietnam (SBV) officially confirmed that Global Petroleum Commercial Joint Stock Bank (GP.Bank), Nam Viet Commercial Joint Stock Bank (Navibank), Great Trust Commercial JS Bank (TrustBank) and Western Commercial Joint Stock Bank (Western Bank) are in the list of weak banks that have to restructure from now until the end of 2012. The central bank said that these banks have to reorganize because of their weak liquidity position. Although according to the...