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There Is Group Interest in the Banking System, SBV Governor Says

Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh admitted that there was group interest in the system of credit institutions, the local newswire Gafin.vn reported. Inspection results of 27 credit institutions showed that many lenders had been controlled by a group of shareholders who held key positions at these banks. Outstanding loans to the group of shareholders accounted for a great proportion of total lending, sometimes up to 90%, the Governor said. Particularly, lending to this group of shareholders is related to real estate, which drove bad debts to rise and commercial banks to suffer loss amid...

Denmark firm sues Vietnam over tardy ODA project

Vietnam’s project management board in Bac Giang City in the north has to pay EUR1.15 million (US$1.4 million) in compensation to a Demark contractor for finishing an ODA-funded environmental project one year later than planned. The Bac Giang City Environmental Hygiene and Drainage Management Board has to pay the compensation to contractor MT Hojgaard A/S (MTH). MTH had earlier asked for EUR3.6 million to cover costs arisen from the tardiness. Both sides brought the issue in front of the International Court of Arbitration headquartered in Paris but later negotiated. After two days of negotiation (3rd and 4th...

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...

VND1.5Tln Government Bonds Are Sold Via Auctions Last Week: BVSC

VND1.5 trillion worth of government bonds were sold out of VND4 trillion auctioned volume in the previous week, the local newswire Gafin.vn reported, citing data from BaoViet Securities Company (BVSC). The State Treasury of Vietnam sold out VND1 trillion 2-year government debts at fixing of 9.5%, down 0.2% from the previous auction. The bid-to-cover ratio was 4.7. The Vietnam Development Bank (VDB) also managed to sell VND400 2-year bonds at 10.5% and VND100 3-year debts at 10.6%. Meanwhile, the Vietnam Bank for Social Policy (VBSP) failed to sell any bonds in its auction. The bid-to-cover ratio...

Forum talks up CLV development triangle

A Dak Lak province business forum late last week discussed measures to further promote investment in the Cambodia-Laos-Vietnam Development Triangle. About 300 delegates and guests from the three countries attended the forum, organized by the Vietnam’s Ministry of Planning and Investment (MPI), in partnership with Vietnam’s Association of Foreign-Invested Enterprises (VAFIE) and the Vietnam-Laos-Cambodia Association for Economic Cooperation Development. Dang Xuan Quang, deputy head of the Foreign Investment Agency, said the Vietnamese government was encouraging Vietnamese companies to invest in the development triangle. Many Vietnamese enterprises have gained encouraging successes in doing business in Cambodia and...

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...

Vietnam Central Bank Seals Gold-Casting Moulds of All 8 Non-SJC Gold Brands

All eight non-SJC gold brands previously licensed to produce bullion have already handed over their gold-casting moulds for the central bank to seal and manage, the local newswire VnExpress reported, citing its private sources. These firms include ACB, Southern Bank’s Gold Company, Sacombank SBJ, Agribank AJC and PNJ in Ho Chi Minh City; Ngoc Tham Gold Company in Tien Giang; as well as DOJI and Bao Tin Minh Chau in Hanoi. The gold-casting mould handover was initiated by gold companies, who thought the move would enhance the transparency in bullion production, as they were no longer allowed...

Vietnam State Owned Economic Groups Repeatedly Beg For State’s Support

VietNamNet Bridge – State owned economic groups, considered the motive force of the national economy, have also complained about difficulties, while repeatedly begging for the preferences from the State. Conglomerates will live only with the State's support In the latest document sent to the Ministry of Finance (MOF), the national oil and gas group PetroVietnam asked for the permission to exempt the personal income tax (PIT) for the group’s officers who go abroad on business. If MOF does not accept the proposal, PetroVietnam wishes to come forward to pay the tax for the officers. However, the expenses would be counted...

Sacombank, JCB launch card for car owners

Saigon Thuong Tin Commercial Bank, or Sacombank, and JCB International Co. Ltd. last Saturday announced the launch of Sacombank-JCB Car Card focusing on car owners as customers. The product is designed for customers with minimum income of VND5 million a month and their automobiles are worth from VND300 million and not over five years old […]

HCM City to build Danish active house

Local architecture, design and construction firms will introduce energy-saving building materials via the Danish active house which is set to be developed at Quang Trung Software City next year. The information was announced at a workshop on building active houses co-organized by the Danish Embassy in Vietnam and the HCMC Energy Conservation Center (ECC) in […]