Vietnam Business News

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• Banks eye exporters to promote credit growth
• Heavy pressure on banks to maintain profit targets in second half
• Higher interest rates make corporate bonds popular
• Dung Quat refinery to get crude oil from UK, Azerbaijan’s firms
• Farm, forestry, fisheries exports surge
• Vietnam- the best destination for investors
• Capital abundant at some banks and deficient at other banks
• Jetstar Pacific expands its fleet
• 100 tonnes of polypropylene sold
• HCM City to host Chinamac Fair

Banks eye exporters to promote credit growth Posted: 27 Jul 2010 12:32 AM PDT Together with the government’s policy on interest rate reduction for export businesses, in these recent days, banks have launched several strategic incentives for export companies, with the hope to stimulate outstanding credit balance in the remaining 5 months of 2010 to fulfill its credit growth target of 25 percent. Compared with the previous month, the negotiated [...]

Heavy pressure on banks to maintain profit targets in second half Posted: 27 Jul 2010 12:31 AM PDT Although in the first half of 2010, earning approximately 50 percent of yearly targeted profit, banks still are facing pressure on the reimbursement of their yearly profit plan as revenues contributing to the profits are mostly expected from credits. LienViet Bank has released figures of its pre-tax profit of 350 billion dong as of July 10. [...]

Higher interest rates make corporate bonds popular Posted: 27 Jul 2010 12:30 AM PDT Corporate bonds are becoming popular due to high interest rates. According to experts here, corporate bonds, with the first year interest rate from 14 percent-16 percent per year and floating for the next years equivalent to the 12 month term dong deposit rate plus the amplitude of rates from 4 percent to 5.5 percent, have lately [...]

Dung Quat refinery to get crude oil from UK, Azerbaijan’s firms Posted: 26 Jul 2010 08:48 PM PDT The Vietnam National Oil and Gas Group (PetroVietnam) has successfully negotiated with the UK's BP and Azerbaijan's SOCAR on the supply of crude oil to Vietnam's Dung Quat oil refinery. Under the plan, SOCAR will provide 65,000 cubic meters of crude oil to Dung Quat from mid-August, while BP will supply another 65,000 cubic [...]

Farm, forestry, fisheries exports surge Posted: 26 Jul 2010 08:48 PM PDT Vietnam exported US$10.13 billion worth of agricultural, forestry and fisheries products in the first seven months of this year, up by 14 percent from last year. The country's core agricultural exports hit US$5.35 billion in the review period, a year-on-year increase of 8 percent, while the corresponding figures for fisheries and forestry exports were US$2.45 billion [...]

Vietnam- the best destination for investors Posted: 26 Jul 2010 08:47 PM PDT After BRICs, the CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) will become an economic bloc with sustainable high growth and a best destination for investors, said the Economist Intelligence Unit. The BRIC concept, which was invented by Goldman Sachs in 2001, now includes strong economies such as Brazil, Russia, India and China. The BRIC's [...]

Capital abundant at some banks and deficient at other banks Posted: 26 Jul 2010 08:46 PM PDT While big banks complain that they have excessive capital and have to struggle to look for borrowers, small banks say they cannot arrange enough capital to lend. Small banks cry about capital shortage Tran Son Nam, General Director of Trust Bank, complained that in early July, when the interest rate went down to below 11 percent per [...]

Jetstar Pacific expands its fleet Posted: 26 Jul 2010 08:45 PM PDT Jetstar Pacific Airlines will bring an additional Airbus A320 into service by the end of October, raising the total number of planes in their fleet to seven in order to meet higher demand next year. The airline plans to expand its team to 15 planes by 2014. In the first half of this year, Jetstar Pacific [...]

100 tonnes of polypropylene sold Posted: 26 Jul 2010 08:44 PM PDT Dung Quat Oil Refinery’s polypropylene processing plant last Friday sold the first batch of 100 tonnes of polypropylene to Petrovietnam General Services Joint Stock Corporation (Petrosetco) and Drilling Mud Joint Stock Company (DMC). The plant, with an original investment of US$234 million, has a design capacity of 150,000 tonnes per year. PetroVietnam will take over the [...]

HCM City to host Chinamac Fair Posted: 26 Jul 2010 08:43 PM PDT The 8th Chinamac Fair 2010 will be held in Sai Gon Exhibition and Convention Centre from tomorrow until the end of this month. The exhibition will have 350 stalls to display construction equipment, electricity generators, food processors, and paper and chemical industry products. The exhibition is seen as an ideal environment for Vietnamese and Chinese enterprises to [...]

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