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Vietnam’s Giant Oil Tanker Returned Over Contract Dispute

A 104,000-ton oil tanker built by the Dung Quat Shipbuilding Co (DQS) has recently been returned shortly after it was handed over to the investor due to some disagreements between the two parties, a representative of the shipbuilder told Tuoi Tre. The newly-built Dung Quat 1 oil tanker was on Thursday forced to be transported back to DQS, a subsidiary of the state-run oil and gas group PetroVietnam (PVN), by the investor PV Trans, who...

IFC Praises VIB’s Online Registration For Secured Transactions

On October 29, IFC specialists and a delegation from Lao PDR’s Ministry of Finance met with representatives from Vietnam International Commercial Joint Stock Bank (VIB) to discuss the benefits of the online registration system for secured transaction The online registration system has enabled local banks to quickly and conveniently register the security interests in movable […]

Vietnam gets first global domain name registrar

Website developer Mat Bao has been accredited by ICANN (Internet Corporation for Assigned Names and Numbers) to be Vietnam’s first international domain name registrar. The accreditation, which allows Mat Bao to provide full internet domain name registration services to local companies, was received 18 months after applying to ICANN, the HCM City – based firm […]

GM Vietnam recalls 10,350 Chevrolet Captivas

GM Vietnam Motors Company (GM Vietnam) has officially started its recall campaign targeting certain models of Chevrolet Captiva cars, the country’s vehicle safety watchdog Vietnam Registry announced yesterday. GM Vietnam is recalling 10,342 Chevrolet Captiva CA26R, Captiva CF26R, Captiva KLAC1DF, and Captiva KLAC1FF cars manufactured between December 1, 2006 and October 30, 2011 for a […]

Favouring Vinalines too much is wasteful: experts

Following the Ministry of Transport’s proposal to sink 100 trillion dong, or $1.8 billion, into modernising the fleet of the Vietnam National Shipping Lines, or Vinalines, maritime experts have said it is a huge waste for the government to favour this unprofitable giant. Loss-making Vinalines, most of wSTC ships have been operating ineffectively, are docked […]

Vinalines spends $23.5 mln on 43-year-old floating dock

Besides wasting money on a number of old, downgraded vessels, Vinalines has also thrown good money after a floating dock which was produced in 1965, only to have it under constant maintenance since the purchase. Floating dock No83M was amongst the equipment included in the plan to construct the Vinalines southern ship repair factory of Vinalines Shipyard Co (VNLS), a subsidiary of Vinalines, or the Vietnam National Shipping Line. Ironically, the floating dock that was intended to handle the repairs for Vinalines’ shipping...

Favoring Vinalines too much is wasteful: experts

Following the Ministry of Transport’s

Property developers face default threat

Property developers are under intense pressure to repay bank loans that generally fall due at the end of the year even as the property market has hit rock bottom. Some have even asked the banks to take possession of the properties they had mortgaged. Banks are putting pressure on their debtors to repay loans so that they can reduce outstanding loans to non-production sectors to 16 percent by end of the year as required by the State Bank of Vietnam. The general director of a joint stock commercial bank, who did not wish to be named, said this year his...

Mercedes-Benz dealer accused of deception

Vietnam Star Automobile, an authorized retailer of German automaker Mercedes-Benz in Vietnam, has been accused of selling an old model car at the price of a new model one. Last January Nguyen Thi Kim Lan, director of Ho Chi Minh City-based Thien Thien Phu Co. Ltd, bought a Mercedes - Benz GLK 300 4Matic 2011 model from Vietnam Star at US$70,400. 2 months later, Lan registered the car and was stunned to learn from the registry that her car was in fact manufactured in 2009. When she complained to the retailer, its sales manager, Nguyen Paul Toan Thang, assured...

Vinashinmotor ordered to recall scooters

The Vietnam Register, the agency responsible for certifying the quality and safety of vehicles, has ordered a subsidiary of state-owned shipbuilder Vinashin to recall its Diamond Blue scooters from the market since they use engines with fake Honda labels. Honda Vietnam told the media in Hanoi Tuesday it will file a suit against Vinashinmotor, the […]