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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 […]

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

BMW recalls 180 autos in Vietnam

A 5-series BWM car 2010 model year Euro Auto, the authorized dealer of BMW in Vietnam, is recalling 178 BMW 5- and 6-series cars in Vietnam for repair due to the problems with the battery-cable cover that was incorrectly installed. The decision was part of BMW worldwide campaign initiated in late March to recall its autos for the same reason. The defect “can result in the electrical system malfunctioning, the vehicle failing to start and, in some cases, to charring or fire,” the WSJ quoted BMW as saying in a statement to announce the recall that affects 290,000 cars in Germany...

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...

Level playing field key for vietnam business sector

Global perceptions of Vietnam’s business environment improved significantly with the development of the Master Plan of Administrative Procedure Simplification in the field of state management for 2007-2010 (Project 30). The expansion of Vietnam’s private sector, especially small- and medium- sized enterprises is also positive. But there remains a lot of work to be done to […]

US$12.6 million for business registration reform

Switzerland, Norway and the UN will provide an additional US$12.6 million to support the second and third phases of the “Technical assistance to business registration reform in Vietnam” project. Documents to this effect were signed in Hanoi on October 29 by the Vietnamese Ministry of Planning and Investment (MoPI), the Swiss State Secretariat for Economic […]

Question on coupon rate of international bonds

On January 26, Ministry of Finance reported that it has successfully organized the second tranche of government bonds to the international capital market. Citing the report, through the coordination with Barclays Capital, Citi, Deutsche Bank in Hong Kong, London, Boston and New York markets, Vietnam succeeded in raising $1 billion from 10-year international bonds at […]

Finance companies offer loans at too high rates

Banks now are providing consumer loans at acceptable interest rates with the strict requirements on mortgage assets while financial companies still offer attractive loans at high rates without secured assets. This year, banks did not call borrowers like previously; even some stopped supplying consumer loans. Van, who is working in a foreign company, wanted to […]