Vietnam Business News

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• Splash expands to Vietnam
• Delay jockeying could prove billion-dollar Guang Lian steel project as white elephant
• High borrowing costs hit exporters
• State auditor digs for ‘hidden’ profits of banks
• Interbank market drying up as loan caps bite
• SBV hints at easing monetary policy to maintain growth
• Tax collection up 6.1tr dong m-o-m
• ADB projects modest growth for Pacific
• Cambodia fertiliser deal signed
• Green city approved in Vinh Phuc Province

Splash expands to Vietnam Posted: 03 Aug 2010 09:41 PM PDT Personal care product manufacturer Splash Corp. has obtained a foothold in Vietnam as part of its overseas expansion programme. Splash announced yesterday that it had set up a new subsidiary in Vietnam and likewise entered into a distribution deal with a local partner, TKM Group, to boost its presence in this emerging market. Under the agreement, TKM [...]

Delay jockeying could prove billion-dollar Guang Lian steel project as white elephant Posted: 03 Aug 2010 09:40 PM PDT Big questions hang over the long-delayed giant Guang Lian steel complex and the Vietnam Steel Association (VSA) has sent a letter to prime minister Nguyen Tan Dung opposing a proposal to raise production capacity at the $3 billion project in central Quang Ngai province’s Dung Quat Economic Zone. The VSA claimed the capacity adjustment “is just [...]

High borrowing costs hit exporters Posted: 03 Aug 2010 09:39 PM PDT Most Vietnamese businesses have to borrow from banks to maintain operations and expand production, as their equity capital is low and such debt financing often accounts for 50 to 70 percent of total operating cash. However, the high lending rates have led to lower competitiveness to exporting firms. Debts of companies are from many different sources, [...]

State auditor digs for ‘hidden’ profits of banks Posted: 03 Aug 2010 09:38 PM PDT State Audit of Vietnam (SAV) has found that three state-owned commercial banks declared their 2008 profits lower than the audited figures by hundreds of billion dongs. Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) reported its profit in 2008 lower than 795 billion dong, while Vietcombank and Mekong Housing Development Commercial JS Bank (MHB)’s [...]

Interbank market drying up as loan caps bite Posted: 03 Aug 2010 09:37 PM PDT Lending on the Vietnamese interbank market has ground to a near halt due to a limitation on loans, which could hinder the government’s efforts to convince banks to cut interest rates to boost economic growth. Earlier this year, Central Bank Governor Nguyen Van Giau asked banks to keep interbank loans at under 20 percent of total [...]

SBV hints at easing monetary policy to maintain growth Posted: 03 Aug 2010 09:36 PM PDT The State Bank of Vietnam the country’s central bank (SBV) from July 26 to July 30 withdrew a total of 688 billion dong from the open market operations (OMOs), reported Saigon Securities Incorp. (SSI), Vietnam’s leading brokerage. According to SSI, this figure was very low compared with the amount that SBV pumped into the market at [...]

Tax collection up 6.1tr dong m-o-m Posted: 03 Aug 2010 09:36 PM PDT Tax collection in July was estimated to reach 43.285 trillion dong, increasing by 6.1 trillion dong compared to the actualised figure in June, Ministry of Finance (MoF) reported. Some sectors made big contribution to state budget such as oil and gas, cement, paper, beer, automobile manufacturing with growth of over 14%. Tax collection from 405 large [...]

ADB projects modest growth for Pacific Posted: 03 Aug 2010 09:35 PM PDT The economies of the Pacific region, led by resource-rich East Timor, are projected to expand 4.3 percent this year but inflation remains a concern, driven by high fuel and utility prices, the Asian Development Bank (ADB) said on Monday. Excluding East Timor and Papua New Guinea, growth in the 12 Pacific islands is seen unchanged at [...]

Cambodia fertiliser deal signed Posted: 03 Aug 2010 09:33 PM PDT The Cambodian International Five Star Fertiliser Company on Monday signed an agreement with China’s Jiangsu Right Machinery Group to transfer technologies for fertiliser production to a new plant in Phnom Penh. Two production lines equipped with new liquefied urea technology will be installed at the US$65 million fertiliser plant, financed by Viet Nam’s Five Star Group [...]

Green city approved in Vinh Phuc Province Posted: 03 Aug 2010 09:12 PM PDT FLC Joint Stock Company has been given the go-ahead to invest in a VND3 trillion (US$157.9 million) green city in the northern province of Vinh Phuc. The project, designed by Singapore architects, will occupy an area of 115ha. It will have a trade centre, villas, a park, a sport centre and a luxury resort. Ground clearance is [...]

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