Tag Archive for ‘Economy’

Vietnam Luxury Product Companies Optimistic Amid Low Sales

A street vendor walks past a Chanel store at the Rex Hotel in downtown Ho Chi Minh City Luxury product companies are expanding even as sales contract amid the economic slump, with economists citing the potential of Vietnam’s large young population and the newly rich to fuel more consumption. Notices offering discounts of up to 50 percent on all items can be seen at most shops at Vincom Tower, Parkson or Grand Plaza in Hanoi, where Italian shoes and French perfumes are sold to the urban middle and upper classes. But the stores are vacant save for a few sales people…

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)…

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…

PRESS DIGEST – Vietnam Newspapers – Nov 14, 2012

FINANCIAL NEWS: VIETNAM NEWS — Credit growth this year is expected to reach 5-6 percent after a January-October expansion of 2.2 percent, while local banks have prepared about 200 trillion dong ($9.6 billion) to pump into the economy from now until the Lunar New Year, said Nguyen Hoang Minh, deputy head of the central bank’s […]

Vietnamese consumers more cautious in Q3 2012

Vietnam’s consumer confidence index dipped 8 points to 87 in this year’s third quarter with nine out of ten (91%) Vietnamese changing their spending habits to save more, shows a survey from Nielsen. Consumers’ cautious sentiment increases as 73% of Vietnamese stated this is not a good time to buy things they want and need, […]

Vietnam cbank says 8.82 pct of loans are bad, pledges action

(Reuters) – Non-performing loans in Vietnam’s banking system reached 8.82 percent of total lending at the end of September and are difficult to deal with, the country’s central bank governor said on Tuesday. Nguyen Van Binh also told the parliament that non-performing loans rose 66 percent in the first 10 months this year, though he did not say whether that increase was from the same period of 2011 or from another timeframe. In televised remarks, Binh said that non-performing loans increased 64 percent in 2011 and 41 percent in 2010. Vietnam has one of the highest levels of non…

Vietnams Initial Success In Macroeconomic Stabilization

Vietnam has achieved a degree of macroeconomic stabilization,but ANZ warns the shift to a banking system viable over the long term will still take time and continue to impact growth prospects. * Commercial banks start to loosen purse strings * Bad debts are falling, says central bank * New regulations place restrictions on bank listings […]

Ideal conditions for Quang Ninh’s development

Endowed with a long coastline, abundant fishing resources and natural diversification, in particular Ha Long Bay – one of the World’s Seven New Natural Wonder, Quang Ninh province is at an advantage when it comes to sustainable economic development. In addition, Quang Ninh is at the apex of the Vietnam-China economic cooperation project – “Two corridors and One economic belt” – an important part of the ASEAN-China Free Trade Area, said Nguyen Van Doc, Chairman of the Quang Ninh Provincial People’s Committee. “A further significant factor is that Quang Ninh plays the role of economic gateway to the…

Vietnam’s Money Market: Stable But Worrisome

Unlike the same period of the previous year, this year, money market is quite stable. Commercial banks are merely showing signs of dong interest rate race. Meanwhile, in some banks, signals of interest declining are becoming clearer. Long term deposit rate (more than 12 month term) of many banks got reduced by 0.5-1 October Less […]

Iron-Ore Rebound Boosts STX With Record Chinese Imports: Freight

China, which imports more iron ore than the rest of the world combined, will buy a record amount this quarter, easing concern about the engine of global economic growth and extending a two-month rally in shipping rates. Capesizes, carrying more ore than any other vessel class, will earn $12,000 a day in the first quarter, says Arctic Securities ASA, a bank in Oslo whose recommendations on shipping stocks returned 17 percent in a year. Investors may profit from that because freight swaps for the period are trading at $8,500. Fourth-quarter shipments will rise 5.5 percent from a year earlier to…