Vietnam Business News

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• Experts say competitive power market needs more conditions
• VNM to build $120m Milk Plant in Binh Duong
• Apartments for rent a potential segment
• HCM City exports rise 7.9pct
• Rubber export rises 80pct in first seven months
• Markets anxiously await data
• Vinashin ex-chair detained over mismanagement
• VietinBank to fund 8tr dong for Vinachem’s projects
• Vietnam banks may fail to meet SBV’s capital adequacy norm
• Large banks have chances to promote dollar credits

Experts say competitive power market needs more conditions Posted: 09 Aug 2010 11:08 PM PDT Most experts in the energy sector have advocated for the development of a competitive power market to address the chronic power shortage in the country, but said more strict conditions are required to make that near-term vision a reality. As the government has entrusted the Ministry of Industry and Trade to prepare a legal framework for [...]

VNM to build $120m Milk Plant in Binh Duong Posted: 09 Aug 2010 10:59 PM PDT Vietnam Dairy Products JSC. (VNM) on August 6 kicked off construction on the Vietnam Milk factory with an investment of $120 million, it said in a filing posted on the Hochiminh Stock Exchange's website on August 9. The factory is built on an area of 20 hectares in My Phuoc industrial zone, Binh Duong Province. It [...]

Apartments for rent a potential segment Posted: 09 Aug 2010 10:57 PM PDT The HCM City Real Estate Association (HoREA) is encouraging property developer to look into the segment of apartment for rent, foreseeing it as a potential segment given the increasing demand for accommodation. Le Hoang Chau, chair of HoREA, said that many property developers had overlooked the segment for years for the sake of profit. Instead, they [...]

HCM City exports rise 7.9pct Posted: 09 Aug 2010 10:56 PM PDT HCM City’s export-import turnover rose 7.9 percent to $21 billion in the first seven months, from the same period last year, according to the municipal People’s Committee’s statistics. The value of exports includes $3.5 billion from private sector, an increase of 102%; $2.9 billion from foreign-invested sector, an increase of 114 percent and $2.75 billion from [...]

Rubber export rises 80pct in first seven months Posted: 09 Aug 2010 10:56 PM PDT Rubber export gained over 300 thousand tons in first seven months, worth $900 million, its volume fell by 6%, earnings increased 80% year-on-year, according to Vietnam Rubber Association. Although rubber export volume to China sharply decreased, the country still has been the biggest rubber import market of Vietnam with volume of over 160,000 tons in seven [...]

Markets anxiously await data Posted: 09 Aug 2010 10:52 PM PDT Asian markets trod water yesterday August 9 with traders anxiously awaiting a crucial US Federal Reserve meeting and Japanese stocks suffering under the pressure of a stronger yen. A poor set of US jobs data on Friday weighed on sentiment as they raised fears of a double-dip recession in the world’s biggest economy. TOKYO: Nikkei slid 0.72 [...]

Vinashin ex-chair detained over mismanagement Posted: 09 Aug 2010 10:48 PM PDT Ministry of Public Security police last night detained the ex-chair of Vietnamese shipbuilding giant Vinashin Business Group, Pham Thanh Binh, over alleged mismanagement charges. The arrest was made following a police raid on Binh’s residence in the capital city of Hanoi. He would be in police custody over a period of four months so that investigators [...]

VietinBank to fund 8tr dong for Vinachem’s projects Posted: 09 Aug 2010 10:45 PM PDT Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has signed comprehensive cooperation agreement with Vietnam National Chemical Group (Vinachem) to fund nearly eight trillion dong for three priority projects of Vinachem, including Ha Bac Nitrogenous Fertilizer Plant's improving project, Radial Truck Tyre Plant's construction project and a fertilizer manufacturing plant. The big 17 trillion [...]

Vietnam banks may fail to meet SBV’s capital adequacy norm Posted: 09 Aug 2010 10:43 PM PDT Many banks have said they may fail to raise the statutory minimum capital adequacy ratio from the current 8 percent to 9 percent on schedule as per the requirement of State Bank of Vietnam (SBV). On May 20, 2010, the State Bank issued Circular No. 13/2010/TT-NHNN regulating the minimum capital adequacy ratio for credit institutions. This [...]

Large banks have chances to promote dollar credits Posted: 09 Aug 2010 10:42 PM PDT Although experts predict that credit growth in foreign currencies, mainly US dollars from now to end-2010 will face difficulties, but opportunities to increase foreign currency loans for strong export creditors remains. Truong Van Phuoc, general director of Vietnam Export-Import Bank (Eximbank) said that for his bank, the possibility to grow the foreign currency credit in the [...]

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