Vietnam Business News

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• Bourbon leaves Vietnam
• Exchange rate on US dollar damages Vietnam’s profits
• Vietnam’s Techcombank to raise $153.9 million via bonds
• Firms scramble for loans despite higher rates
• Hackers pose growing threat to internet banking system
• Booming IT sector is ‘engine for growth’
• New invoice law keeps printing houses busy
• Bike prices rev up on high demand
• Tet price controls take hold in south
• Optimism over Vietnam’s business environment

Bourbon leaves Vietnam Posted: 03 Dec 2010 10:47 PM PST From Paris where the Bourbon group is listed with the code of GBB, the Dow Jones Newswires on November 18 announced that Bourbon Tay Ninh Joint Stock Co (HOSE-coded SBT) officially sold out its remaining 68.75 percent stake in the venture to Vietnamese partner for 34 million euro. Local newswire Thoi Bao Kinh Te Saigon newspaper [...]

Exchange rate on US dollar damages Vietnam’s profits Posted: 03 Dec 2010 10:45 PM PST Domestic businesses are not allowed to use USD bought in the free market for their payments, therefore, they have to buy USD at high prices to sell it to banks at prices no higher than 19,500 dong/USD. After that, they sign contracts to buy USD back from these banks to legalise the origin of USD. However, [...]

Vietnam’s Techcombank to raise $153.9 million via bonds Posted: 03 Dec 2010 10:41 PM PST Vietnam’s Techcombank, 20 percent owned by HSBC Holdings Plc, said on Friday it would raise 3 trillion dong ($153.9 million) by selling 10-year convertible bonds later this month. The debt, to be issued to existing shareholders, would carry a zero percent coupon during the first five years and a planned annual coupon of 15 percent for [...]

Firms scramble for loans despite higher rates Posted: 03 Dec 2010 10:41 PM PST Banks’ current lending rates are much higher than in October but companies are still struggling to borrow as they have entered the peak manufacturing and trading season. A bank staff counts Vietnamese banknotes. Banks have hiked lending rates strongly but this has not deterred companies from borrowing – Photo: Le Toan HCM City � Banks’ current [...]

Hackers pose growing threat to internet banking system Posted: 03 Dec 2010 07:48 PM PST Hackers attacked more than 1,000 websites last year, double the 2008 figure and three times more than that in 2007, said Pham Viet The, head of the Computing Department at the Ministry of Public Security. A survey of 40 banks conducted by the Bach Khoa Inter-network Security Centre (BKIS) found that 20 of them were unsecured. The [...]

Booming IT sector is ‘engine for growth’ Posted: 03 Dec 2010 07:44 PM PST The information technology (IT) industry had become an important economic sector that contributes significantly to gross domestic product (GDP), Deputy Director of the National Steering Committee on Information Technology Do Trung Ta said yesterday. Ta said that from 2001-09, the IT sector had an annual 20 to 25 per cent increase in revenue, triple the nation’s [...]

New invoice law keeps printing houses busy Posted: 03 Dec 2010 07:44 PM PST Local printing houses have become overwhelmed with orders to print invoices ever since a new decree stipulated that most businesses must print their own invoices instead of buying them from tax agencies. Under the decree, which becomes effective in January next year, companies are allowed to print the so-called red invoices that serve as official proof [...]

Bike prices rev up on high demand Posted: 03 Dec 2010 07:42 PM PST The prices of motorbikes are rising nationwide with retailers ramping up their profit margins to take advantage of end-of-the-year. Shops in Ha Noi have reported an influx of buyers, with motorbikes, especially scooters, being sold as soon as they land on the shop floor. Staff at a Honda agent in Xuan Thuy street said each day they [...]

Tet price controls take hold in south Posted: 03 Dec 2010 07:42 PM PST The southern provinces of Binh Duong, Dong Nai, and Ba Ria-Vung Tau are accelerating their own programmes to stabilise prices from now through the first quarter of 2011. The Dong Nai Department of Industry and Trade said it has earmarked VND63.7 billion (US$3.1 million) for the purpose. The Dong Nai Food Industry Corp received VND26 billion, Bien [...]

Optimism over Vietnam’s business environment Posted: 03 Dec 2010 08:42 AM PST Up to 76 per cent of 227 interviewed domestic and foreign businesses said they will expand their operations in Vietnam over the next three years, according to a report on Vietnam's business environment. The report, jointly conducted by the World Bank (WB), the International Financial Corporation (IFC) and the Vietnamese Ministry of Planning and Investment, was [...]

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