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Tag Archive for ‘Loss’

Vietnam: Where Are People’s Interests In Land Acquisition?

The land acquisition process at present does not create opportunity for farmers to benefit from the value of assets created from the conversion of land use purposes. Sustainable economic development in Vietnam depends on the change of land use purpose and other resources to more useful purposes. Typically, economic growth is defined as economic growth (for example, the sustainable growth of real income per capita), and the structural transformation. The key factor for economic development is the growth of production inputs (land, labor, and capital), growth of the use of these inputs, and improvement of the quality of the organizational…

SAM: Swings to 23b dong Consolidated Net Loss in Q3/2012

Cables and Telecommunication Materials Corporation (SAM) swung to a consolidated net loss of VND23.4 billion in Q3/2012 from VND1.7 billion net profit a year ago, the firm said in its quarterly financial statements. The STC-listed company generated consolidated net revenue of VND207.4 billion in the quarter, up 37 percent compared to VND151.4 billion a year back. Despite higher sales, the company’s lower profit was mainly attributed to the provision of VND27.6 billion for financial investments in the period, the firm said in a filing posted on the STC’s website on November 12. In 9M/2012, the firm made a consolidated net profit…

Tra fish farmers incur losses despite price rise in Vietnam

Although material tra fish prices in the Mekong Delta have bounced back, farmers are still incurring losses. Export-qualified tra fish was sold at around VND20,000 per kilo a few days ago, but now the prices have risen to VND22,500-23,500, according to Nguyen Huu Nguyen, member of the An Giang Fishery Association (AFA), a tra fish […]

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…

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…

VND252Tln Debts Have Been Restructured by Sept 30 2012, Says SBV Governor

As many as VND252 trillion debts have been restructured by the end of September this year, Governor of the State Bank of Vietnam (SBV) told legislators at a meeting today [Nov 13], the local online newspaper TTVN.vn reported. Total lending of the whole banking sector climbed to VND2,700 trillion, the central banker said. Local lenders have set aside VND75 trillion for loan loss provisions, up VND14 trillion from last year. VND12 trillion bad loans were tackled by banks’ own provisions, the Governor added. Many credit institutions reported non-performing loan ratio at modestly 1-3% while the central bank assessed…

Pinnacle’s Casino Development in Vietnam in Jeopardy

Pinnacle Entertainment’s $114 million investment in a casino development in Vietnam is in jeopardy after it was disclosed the development company in charge of the project is in default. The Las Vegas-based regional casino operator disclosed the issue in the company’s quarterly earnings filing Friday with the Securities and Exchange Commission. Pinnacle disclosed that Asian […]

Vietnam National Assembly questions Cabinet Members

The National Assembly began question and answer sessions on the Government’s performance on November 12 presided by Chairman Nguyen Sinh Hung. Minister of Industry and Trade, Vu Huy Hoang, was the first to appear at the session. He was questioned by 23 deputies from 19 cities, and provinces. On measures to ease difficulties for businesses – particularly unsold inventories, t he minister confirmed that inventories are an urgent matter to be addressed. The situation has progressed thanks to the joint efforts of the business community and the Ministry’s supervision, he noted. An example from the mechanical and engineering industry was cited – the inventory index…

Vietnam Tax Agencies Cast Doubtful Eyes on Metro Cash & Carry and Coca-Cola

Reporting repeated losses, but still scaling up business, Metro Cash & Carry, a distributor, and Coca-Cola, a drink manufacturer, have raised doubts that they are conducting the transfer pricing. Metro Cash & Carry has continuously opened new distribution centers recently in Buon Ma Thuot City, Rach Gia (Kien Giang province) and Ha Dong in Hanoi, […]

Vietnam Deputies Rise To Question Time

HA NOI (VNS)— With burning issues surrounding petrol problems, inventory clearances and the inundation of low-quality products in the domestic market, yesterday’s National Assembly question and answer session was a heated affair. Minister of Industry and Trade Vu Huy Hoang was the first member of the Government summoned to answer queries raised by NA deputies. Hoang admitted there are still shortcomings in market management, causing the deluge of low-quality and…