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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...

Nov 8: Foreigners Continue to Net Buy on Both Bourses

Foreigners continued to net buy Vietnamese shares on the both two bourses, level of participation rose. These players net bought VND66.32 billion worth o f shares on HOSE after buying 4.9 million shares for VND107.14 billion and selling 1.8 million units for VND40.82 billion, accounting for 29.4% buying value and 11.2% selling value. Foreigners’ top net buying shares were VCB (VND11.8 billion), DPM(VND8.7 billion), MSN(VND8.6 bill ion), HSG VND6.9 billion), CTG(VND6 billion). Today, foreigners’ top net selling shares were BVH (-VND2.9 billion), EIB ( -VND1.5 billion), KDC(-VND1 billion), MBB(-VND0.9 billion) and GDT(-VND0.6 billion) . On the Hanoi Stock Exchange...

Sports exchange strengthens Vietnam-Laos friendship

Nhan Dan – A sports exchange took place between the Communist Party of Vietnam Central Committee (CPVCC) Office and the Office of the Lao People’s Revolutionary Party Central Committee (PRPCC) in Vietnam’s central city of Da Nang on October 21. The event drew the participation of 80 athletes from the two Party bodies, who competed against each other in football, table tennis, badminton and golf events. The exchange programme aims to strengthen mutual understanding, solidarity and friendship between the two offices, and contribute to tightening the traditional Vietnam-Laos friendship, special solidarity and comprehensive co-operation. The...

Vietnam Property Market Freezing, Developers Shoot The Moon

VietNamnet Bridge – Not only small real estate developers, but the big guys have also got involved in troubles, when they cannot implement their projects and pay buyers money back. The big guys summoned to appear in court The Hanoi Police has recently searched the head office of the Hong Ha Building Material Import – Export Company to clarify the denouncement of “betraying trust, appropriating others’ assets.” Though the company’s project on developing a residential quarter for the ancient streets’ dwellers to move to and settle down was not approved by the competent agencies, the company still put its...

Western Hanoi Reaches To Sky

Lotte Center Hanoi will be the third tallest in Vietnam in 2014 behind the 72-storey Keangnam Hanoi Landmark Tower in Hanoi and Ho Chi Minh City’s Bitexco Financial Tower, which has 68 floors.” Despite turbulent economic conditions, new skyscrapers are redefining Hanoi’s western skyline and others are in the works. The Discovery Complex at No.302 Cau Giay street, Cau Giay district, has announced that the foundation of the high-rise complex would be soon completed and apartments in the project will officially be put on sale and marketing this fourth quarter by Savills Vietnam, according to Tran Duc Minh, chairman of...

President attends exhibition on VASA’s 55th anniversary

Nhan Dan – President Truong Tan Sang attended an exhibition on the 55th anniversary of the Vietnam Association of Stage Artists (VASA), at the Vietnam Exhibition Centre for Culture and Arts in Hanoi on October 11. The event, held by the VASA, was also attended by former Party General Secretary Le Kha Phieu; Politburo members Dinh The Huynh, who is also Secretary of the Communist Party of Vietnam Central Committee (CPVCC) and Head of the CPVCC Commission for Communication and Education; Pham Quang Nghi, Secretary of the Hanoi municipal Party Committee; along with representatives...

Vietnam Party Mulls Over Guideline

The sixth plenum of the 11th Communist Party of Vietnam’s Central Committee opened in Hanoi last week is focusing on many issues of national importance. Regaining economic growth momentum is at the forefront of the Party Central Committee's meeting The 15-day meeting’s agenda will include discussions about Vietnam’s socio-economic situation for 2012, the socio-economic development and the state budget estimates for 2013. Emphasiz is being placed on ways to continue improving the efficiency of the state-owned enterprises; policies and law regarding land use; education and training reforms, and scientific and technological development. The agenda also entails personnel planning for...

Oct 2: Vietnam Stocks Fall Fourth Day, Liquidity Drains

Vietnamese shares closed lower for a fourth day in a row as investors sold shares to cut losses, liquidity drained. The benchmark VN Index lost 2.23 points or 0.58% to 384.32...

PetroVietnam’s major operation will cause terrible pain

VietNamNet Bridge – The national oil and gas conglomerate would have to undergo a major surgery for restructuring. However, experts have warned that it would be a very complicated operation. PVC, or PetroVietnam Construction Joint Stock Corporation, alone has 15 subsidiaries and 13 associated companies. The numbers of “son” or “grandson” companies in other oil and gas corporations are nearly the same. Meanwhile, PVC is just one of the 26 biggest corporations, in which PetroVietnam holds 100 percent of stakes, or contributes no less than 35 percent of capital. It is obvious that it would be a very complicated process to restructure a conglomerate with...

PetroVietnam Construction in strife financial crisis

HA NOI (VNS)— PetroVietnam Construction Co (PVX) is facing a number of financial problems due to unwise investment in subsidiaries and non-core businesses that caused huge losses in the first half of this year. Auditors raised PVX's first half loss from VND254 billion (US$12.1 million) to VND468 billion ($22.3 million) after the report review, while its shares were excluded from margin trading across the entire market. In addition, officials from a subsidiary were arrested for alleged economic violations. According to the firm's second quarter report, the main losses were caused by Petroleum Machine...