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Who receives highest pay in Vietnam?

VietNamNet Bridge – Hundreds of millions of dong are paid to the CEOs who work in the “hot business fields” such as finance and banking, power and oil and gas. CEOs in state owned conglomerates receive tens of millions of dong How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in. EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level. In...

Vietnam Aims to Cut Bad Debt Ratio to 3-4% by End-2015: PM

Vietnam will strive to curb bad debts of the banking industry at around 3-4% of total lending by the end of 2015, Prime Minister Nguyen Tan Dung told the country’s lawmakers early today [Nov 14]. Non-performing loans are estimated to have totaled VND250 trillion or 8.82% of total lending currently, 73% of which are backed by collaterals. Credit institutions have set aside VND75 trillion in loan loss provisions. The government is currently directing the implementation of the following measures. (1)...

Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January - September period...

Vietnam Business Briefs November 14, 2012

* Dinh Vu Port Investment & Development JSC. (DVP) announced November 26 as ex-date and November 28 as record date for 2012 interim cash dividend payment. The firm will pay dividend at VND2,000/share on December 14, 2012. * Phuc Tien Trade Manufacture JSC. (PHT) reported its current outstanding shares as at November 8 as follows: […]

Vietnam Exporters Become The Victims Of Nasty Tricks In Foreign Markets

VietNamNet Bridge – Export companies have complained that the situation has become increasingly strained towards the end of the year. Importers would be ready to play nasty tricks to control the import prices. Too many kinds of tricks to play It is now more difficult than ever to export products. Exporters not only have to move heaven and earth to borrow capital, arrange material import deals, but also think about how to deal with the tricks played by importers to disturb the export. Nguyen Van Dao, General Director of Go Dang Company, related that importers would send small groups of...

CSR is a way to give back

Eight Korean companies last week were presented with corporate social responsibility awards for significant contributions to Vietnamese society. The ceremony was held together with the “Hallyu Korean Wave Products Shows” in Hanoi in celebration of 20 years of diplomatic relations between Vietnam and Korea. The honoured firms are Posco Vietnam, VinaKorea, Shinhan Bank Vietnam, PTV, Asian Airlines, Hansoll Vietnam, Posco VNPC and Silkroad Hanoi. They were selected from 16 short-listed candidates by Korea’s Ministry of Knowledge Economy and Vietnam’s Ministry of Planning and Investment (MPI). According to vice MPI minister Dao Quang Thu, the award ceremony was a chance to praise...

PVS: Consolidated Net Profit Rises 21pct to 352b dong in Q3/2012

PetroVietnam Technical Services Corporation (PVS)’s saw 21.3 percent rise in consolidated net profit to VND351.8 billion in Q3/2012 from VND290.2 billion a year ago, the firm said in its financial statements posted on the HNX’s website. The company generated VND6.7 billion consolidated revenue in the quarter, higher than VND6.4 billion over the same period of last year. In the first nine months of this year, PVS posted VND987 billion consolidated net profit on VND181 trillion revenue, up 36.2 percent and 3.4 percent from VND724.6 billion and VND17.5 trillion a year before, respectively. The firm had total consolidated assets of VND22.4 trillion at the...

Infrastructure Projects In Vietnam Remain Inaccessible To Private Investors

Private investors can all see great potentials in infrastructure projects. However, a lot of things still need to be done to turn the potentials into reality. Le Quoc Binh, General Director of the HCM City Infrastructure Investment Joint Stock Company (CII), when asked about the opportunities in infrastructure projects, said there are numerous projects, but […]

Vietnam’s Minister Of Construction Explains Huge Losses Of State Giant

NA deputies questioned the Minister of Construction about outstanding debts and misconducts, equaling VND10 trillion (USD480 million) at Song Da Group. NA deputy, Tran Minh Dieu, from Quang Binh Province voiced public concerns about the recent alleged misconducts at Vietnam Construction Industry Group (Song Da Group) and raised questions about the agencies’ practices. Dung said at that time, the Central Inspection Committee carried out inspection, yet nobody was held accountable despite serious misconducts. Le Nhu Tien, NA Deputy from Quang Tri Province, said Song Da Group is guilty...

Korean Developers In Vietnam Get Feet Stuck In Cement

Many Korean real estate developers are facing difficulties in implementing their projects in Vietnam. The rough and tumble of Vietnam’s property market has irked many Korean developers According to Daekeun Chung, lawyer and deputy director of the law firm Logos, many Korean-backed projects have exited the market since the beginning of the year. Among those, […]