brave-ledger-verification=c6e7ae9820dff1923729e2a580efb43dfca7423b9cad80885864c1acc8eb2a22

Tag Archive for ‘VND’

Vietnam’s Banking Problems Reflect Turbulence in the Economy

Scale of debt in banking sector and bloated state firms lays bare pernicious influences of cronyism in Asian tiger economy Vietnam’s stuttering economy, once a darling of the World Bank and a rising tiger of south-east Asia, received a further blow this week with the bailout of the crisis-struck state-owned Sacombank. The State Bank of […]

New industrial zone in Quang Ninh

The Vietnam Glass and Ceramics Corporation (Viglacera) began construction of the Dong Mai Industrial Zone in Quang Yen town, in the northern province of Quang Ninh on November 9. The industrial zone, covering an area of 160 hectares in Dong Mai ward, will be built at a total cost of 1.2 trillion VND (57.6 million USD). Dong Mai is the third industrial zone of Quang Ninh province and the second invested by Viglacera in the area, attracting investment in agro-forestry-fisheries, food processing, light industry, high-end consumer products, electrical and electronic products, construction materials and mechanical assembly. Once operational, the industrial…

Vietnam Banks Suddenly Slash Deposit Interest Rates

A number of Vietnamese banks have made recent and sudden cuts to deposit interest rates. A survey of Hanoi’s banking sector has shown that banks have reduced deposit interest rates by 0.3% – 0.8%. Techcombank’s highest current deposit interest rate is just 12% per year, instead of 12.5% previously. Eximbank has applied the highest rates, of 12% per year for 12-month and 13-month terms, a change from the old rates of 12.3 – 12.8%. Long-term deposit interest rates drop sharply Vietcombank applies the deposit interest rate for terms of over 12 months at 10% per year. Agribank’s annual rate is 12%…

Vietnam Credit Growth On The Right Track

Total lending for non-production sectors decreased by 1.1% as of August 31 while credit for production industry increased considerably during this period. Lending concentrated in production sector The figures revealed that lending was concentrated in prioritised industries, which is in accordance with the Government’s policy to encourage credit for production industries. The State Bank of Vietnam (SBV) has announced statistics on credit growth and lending for production and non-production sectors. As of September 25, credit growth in the banking system reached 2.56% compared to December 31, 2011. Credit in VND was up 4.49% and down by 5.2% in USD. As of August…

Groups continue seeking Vietnam government support amid limited budget

State-owned economic groups have continued asking the government for financial support, putting more pressure on the state budget. In a document recently sent to Finance Minister Vuong Dinh Hue, PetroVietnam said that it offered special terms and conditions for staff that had been sent abroad to work. These staff received financial assistance for accommodation, excess baggage and study fees for their children. State-owned economic groups have continued asking the government for financial support, putting more pressure on the state budget. PetroVietnam has proposed that the Ministry of Finance exempt personal income tax for these staff. If the recommendation…

Binh Thuan’s industrial production grew nearly 14%

BTO – The value of industrial production (according fixed price of 1994) in Binh Thuan province reached VND 569.8 billion in October, 2012. In general, industrial production in the first 10 months of 2012 estimated to achieve VND 5,257 billion, an increase of 13.9% compared to the same period last year. In particular, the state-owned sector had a value of VND 1,337.5 billion, an increase of 23.2%; non-state owned sector reached VND 3,634.4 billion, up 11%; and foreign-invested sector realized VND 285.5 billion, rising 10.8% over the same period last year. Production of some industrial products achieved increases in comparison with last year’s corresponding period…

Reviving Vietnam Seafood Processing Plants

In the past 10 months, although the Vietnamese seafood industry has achieved export turnover of US$5 billion, many seafood processing businesses are on the verge of bankruptcy. Hard to achieve US$ 6.5 billion Ms Duong Phuong Thao, Deputy Director of Import-Export Department, Ministry of Industry and Trade revealed that the growth of the seafood industry […]

Vietnam bourses follow global rally trend

Shares rallied to reverse the previous day’s losses on both bourses on November 7, mirroring the gains on the global market prompted by Obama’s triumph. On the HCM Stock Exchange, the VN-Index edged up 1 percent to 380.90 points. Gainers outnumbered losers by 170-63. Market value on the southern bourse reached only 380.6 billion VND (18 million USD), however, falling 40 percent compared to Nov. 6′s level. Trading volume totaled 31.15 million shares. Nine of the 30 leading shares by liquidity and capitalization hit their ceiling prices. The high performers were insurer Bao Viet (BVH), Vietinbank (CTG), Vietcombank (VCB), steelmaker Hoa Phat (HPG), sugar processor Bourbon Tay…

Vietnam’s New SIMs Fee To Stop Fly-By-Night Subscribers

HA NOI (VNS)— New subscribers to prepaid mobile services will be charged VND 25,000 from January 1, 2013, excluding the cost of a SIM Card (Subscriber Identity Module). The move aims to curb the increasing number of virtual subscriptions to prepaid services, where users only use the numbers they subscribe temporarily. The subscription for post-paid mobile services will remain VND30,000, the Ministry of Information and Communications said. Meanwhile, the ministry will require mobile network providers to obtain permission from the ministry to change the subscription rate and offer promotions. Mobile network providers will…

Vietnam’s real estate-related outstanding debts worth 50 billion USD

Minister of Construction Trinh Dinh Dung told the National Assembly, that the total outstanding loans related to real estate is about 50 billion USD . The Minister of Construction said the real estate market is a frozen zone, with very few transactions. Real estate businesses are in trouble while a large proportion of poor people still lack housing. According to the State Bank of Vietnam (SBV), by August 31, the total outstanding loans related to real estate was about 203 trillion VND ($10.15 billion), of which the non-performing loan (NPL) ratio was 6.6%. However, Minister Dung said if the outstanding loans related to…