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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...

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 Business Briefs November 07, 2012

* Saigon Shipping Joint Stock Company (SGS) announces that its Saigon Queen ship, with a crew of 22 on board, sank off Sri Lanka October 30. The firm said that eighteen crewmembers have been rescued while the four others, including the captain, remain missing, adding that the current value of the ship reached VND73.5 billion. * FLC Group JSC (FLC) will transfer its all 5 million shares in FLC Securities JSC to individuals who want to buy until November 11 at the price not lower than VND4,600/share, the firm said in its resolution of Board of...

E-book market still in infancy in Vietnam

The e-book market in Vietnam is still in its infancy and is growing far too slowly than e-book producers had expected, as Vietnamese readers have yet to acquire the habit of paying online for book content, seemingly a new and unfamiliar process for them...

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...

Chinese bras with unknown pills found across Vietnam

The central province of Quang Ngai has become the latest locality to have detected an unidentified drug inside Chinese bras available in the province. > > Unidentified, itchy drugs found in Chinese bras Unit 1 of the province’s Market Management Agency seized 20 bras whose labels are full of Chinese script from Quang Ngai market, unit leader Ngo Tan Anh told reporters on Wednesday. When the bras were cut apart, officials found two packs, each of which contained three unknown, round...

Vietnam Business Briefs October 31, 2012

* Hoang Quan Consulting-Trading Service Real Estate Corporation (HQC) has decided to spend over VND173 billion buying shares of Binh Minh Port Joint Stock Company to hold a 34 percent stake in the latter * Au Viet Securities Company has registered to buy 750,000 shares of Vung Tau Real Estate and Construction Co (YRC) from November 1-30. * Binh Duong Mineral and Co Construction Company (KSB) has announce November 6 as the ex-dividend date for shareholders to receive 2012 first round dividend in cash at 12 percent. * Petroleum Securities Inc. has offloaded nearly 502,000 shares of An Phat Plastic and Green Environment Co (AAA)...

Vietnam Business Briefs October 26, 2012

* SSI Asset Management Co., Ltd (SSIAM) whose deputy general director is Nguyen Thanh Tung, member of Board of directors fo Ha Long Viglacera. (VHL) has registered to buy 1 million shares from October 29 to November 27. SSIAM now holds 445,300 shares or 4.95 percent stake in the listed firm. * Red River Holding, […]

Vietnam Improving the Quality of FDI Capital Flow

There were 775 new projects licensed to invest in Vietnam with the total registered capital of US$6.1 billion, or 82.6% of last year’s figure. According to statistics from the Foreign Investment Agency under the Ministry of Planning and Investment, as of Sept 20, 2012, there were 775 new projects licensed to invest in Vietnam with the total registered capital of US$6.1 billion, or 82.6% of last year’s figure.

ASEAN seeks to secure sustainable plastics industry

The actual situation and developmental trend of the plastics industry in each ASEAN member country and the whole group was discussed in depth in Ho Chi Minh City on October 23 in a bid to secure a sustainable growth for the industry in the future. Joining in the discussions at the 14th Conference of ASEAN Federation of Plastics Industries (AFPI) and the 22 nd Asia Plastic Forum (APF) were 300 delegates from ASEAN member states and other Asian countries. How to survive in the difficulty-ridden economic downturn prompted the participants to share new business ideas and initiatives for with AFPI Chairman and...