Vietnam Business News

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• Galileo Investment Group gets extended deadline by December 21
• Vietnam publishes report on competitiveness for the first time
• Overseas investment efficiency is not as satisfactory as expected
• UAE wants to enter into strategic cooperation ties with Vietnam
• Stock market ends week uptrend
• Vietnam PM admits shipping scandal responsibility
• Ha Long Shipbuilder starts new 53,000-tonne cargo ship project
• Interbank FX rate may climb to 19,800 dong/US dollar in next Q1: Barclays Capital says
• Sacombank introduces Sacombank UnionPay cards
• VIB launches new domestic personal guarantees up to 85pct

Galileo Investment Group gets extended deadline by December 21 Posted: 26 Nov 2010 12:11 AM PST Nguyen Chi Hien, head of Phu Yen province Department of Planning and Investment announced lately that the local authority has agreed to extend the deadline for the US-based Galileo Investment Group, Inc, the main investor of Creative City project by up to December 21, 2010. After that deadline, if the investor cannot make deposit to ensure [...]

Vietnam publishes report on competitiveness for the first time Posted: 26 Nov 2010 12:10 AM PST Research group from the Central Institute for Economic Management (CIEM) and the Singapore-based Asia Competitive Institute (ACI) has released information about the workshop on the Vietnam Competitiveness Report 2010 in Hanoi on November 30. This report has been compiled by the group of experts from CIEM and ACI, under the instruction of Prof Michael Potter, a [...]

Overseas investment efficiency is not as satisfactory as expected Posted: 26 Nov 2010 12:09 AM PST The efficiency of the overseas investments of Vietnamese businesses throughout the last 21 years is at low level. The total capital transferred abroad for investment was $1.79 billion, and the profit was just $39 million (accumulated revenue was $981 million). The profit ratio of the whole period since Vietnam’s first investment abroad in 1989 is [...]

UAE wants to enter into strategic cooperation ties with Vietnam Posted: 26 Nov 2010 12:09 AM PST “UAE highly appreciates potentials as well as important role of Vietnam in Southeast Asia and wants to develop investments in Vietnam in coming time”, United Arab Emirates (UAE) minister of Economy, Sultan Bin Saeed Al Mansouri, emphasized in the interview with the Vietnam News Agency on the occasion of his on-going visit to Vietnam to [...]

Stock market ends week uptrend Posted: 26 Nov 2010 12:05 AM PST Entering into the last trading session this week, the optimistic psychology of investors still retained. Particularly, the index of Hochiminh Stock Exchange (STC) edged 0.09 points or 0.02 percent to 439.94 pts, marking the fourth consecutive gain on the southern bourse. Meanwhile, the HNX Index tumbled 0.5 points or 0.49 percent to 101.57 pts. On the southern bourse, [...]

Vietnam PM admits shipping scandal responsibility Posted: 26 Nov 2010 12:04 AM PST Vietnam’s prime minister admitted government failures Wednesday in the case of state-run shipping group Vinashin, which has been driven to the brink of bankruptcy ahead of a key Communist Party Congress. “As head of the government, I would like to take responsibility over the limits and weaknesses” of the Vietnam Shipbuilding Industry Group (Vinashin), premier Nguyen [...]

Ha Long Shipbuilder starts new 53,000-tonne cargo ship project Posted: 26 Nov 2010 12:03 AM PST Ha Long Shipbuilding Co, under Vietnam Shipbuilding Industry Corp (Vinashin) officially started building the new cargo ship of 53,000 tonnes named HL16 for Thailand-based Thoreseen Thai Sea Transportation Co yesterday in Ha Long City, Quang Ninh province. The new ship was designed by Denmark’s CarlBro Co that meets the technical standards given by DNV International Registration [...]

Interbank FX rate may climb to 19,800 dong/US dollar in next Q1: Barclays Capital says Posted: 26 Nov 2010 12:02 AM PST The State Bank of Vietnam (SBV)’s allowance for more gold imports is considered causing more pressure on the dong in the context that Vietnam are facing heavy trade deficit. In the latest report, Barclays Capital Investment Bank forecasted the dong/US dollar FX rate may climb to 19,800 dong per US dollar in Q1, 2011 in the [...]

Sacombank introduces Sacombank UnionPay cards Posted: 26 Nov 2010 12:00 AM PST Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank – coded STB) and China UnionPay officially signed the cooperation contract for issuing the international cards of Sacombank UnionPay. The new cards will allow the customers to make payment and withdraw cash in over 90 countries in the world, especially those Mandarin-speaking countries such as China, Singapore, Malaysia, [...]

VIB launches new domestic personal guarantees up to 85pct Posted: 25 Nov 2010 11:59 PM PST Vietnam International Commercial Joint Stock Bank (VIB) has lately launched the new products of Domestic Personal Guarantees for its customers, including individuals and business households, permitting the commercial transactions to be carried out promptly and conveniently. The lender released that this programme may last till December 31, 2010 in order to support the enterprises to fulfil [...]

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