Vietnam Business News

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• What will happen if banks do not have required capital?
• Wintek kicks-off its touch screen plant in Vietnam
• Vietnam ranks 12th in long-term tourism growth
• Nation to establish gold trading floor
• Banks accept 15% cap on deposit interest
• ASEAN economies prosper during Viet Nam’s tenure
• Foreign reserves keep growing
• IPs need improved local management
• HCM City bank accounts up 400%
• Car taxes cut from January 1

What will happen if banks do not have required capital? Posted: 11 Dec 2010 07:27 AM PST Under the current regulations, all commercial banks must have a minimum chartered capital of three trillion dong by the end of 2010, which means that banks have only two weeks more to complete their capital increases. A question has been raised as to how the banks, which cannot raise their chartered capital before the deadline [...]

Wintek kicks-off its touch screen plant in Vietnam Posted: 11 Dec 2010 07:20 AM PST On December 12, Taiwan's Wintek Corporation will sign a land leasing contract with the Saigon Bac Giang Industrial Zone Joint Stock Company to lease 60 hectares for its $150 million plant in the Quang Chau Industrial Zone. Wintek's plant, its first in Vietnam, will manufacture touch screen and be put into operation within 2011 to manufacture [...]

Vietnam ranks 12th in long-term tourism growth Posted: 11 Dec 2010 07:19 AM PST Among 181 countries and territories listed by the World Travel and Tourism Council (WTTC), Viet nam ranked 47th, 54th and 12th, respectively in terms of the overall tourism development, the sector's contribution to the national economy, and the long-term (10-year) tourist growth.According to WTTC, in 2010, Vietnam's tourism directly contributed VND 73,800 billion to the [...]

Nation to establish gold trading floor Posted: 11 Dec 2010 07:13 AM PST Viet Nam is to establish a national gold trading floor. The proposal from the Bank for Investment and Development of Viet Nam (BIDV) comes as part of a move to replace the current climate of speculation and turmoil with a transparent gold market. BIDV official Nguyen Manh said the move was necessary given that some of [...]

Banks accept 15% cap on deposit interest Posted: 11 Dec 2010 07:11 AM PST Twelve commercial banks in Ha Noi have entered an agreement with the State Bank of Viet Nam’s Ha Noi branch and the Viet Nam Banking Association (VNBA) to cap deposit interest rates at 15 per cent. The agreement, which takes effect today, was made after the central bank called Techcombank and SeABank for offering interest as [...]

ASEAN economies prosper during Viet Nam’s tenure Posted: 11 Dec 2010 07:10 AM PST The ASEAN Economic Community recorded many successes in 2010, said Chairman of the ASEAN Economic Community (AEC) Council Vu Huy Hoang while reviewing the AEC’s operations this year. In his review, Hoang, who is Viet Nam’s Minister of Industry and Trade, stated that during Viet Nam’s term as chair of ASEAN in 2010, the bloc had [...]

Foreign reserves keep growing Posted: 11 Dec 2010 07:10 AM PST Overseas remittances and foreign investment inflows picked up in November, helping ease pressure on foreign currency reserves, the State Bank of Viet Nam said yesterday. Remittances reached US$7.6 billion in the first 11 months of the year, exceeding an estimate of $7.3 billion earlier last week. The department projected that remittances in December would total an aditional [...]

IPs need improved local management Posted: 11 Dec 2010 07:10 AM PST Although industrial parks have expanded greatly in the last 20 years, they have not contributed to socio-economic development as much as was previously predicted, according to an official of the Ministry of Planning and Investment. Since the Tan Thuan Export-Processing Zone first began operating in 1993, as many as 253 IPs have been opened, including export-processing [...]

HCM City bank accounts up 400% Posted: 11 Dec 2010 07:09 AM PST A recent survey conducted at 100 commercial banks in HCM City found that individual accounts at these banks have increased from 5.5 million in 2006 to 19.5 million in September this year. The survey, which was released by the State Bank of Viet Nam’s HCM City branch at the Banking Viet Nam 2010 conference on Thursday, [...]

Car taxes cut from January 1 Posted: 11 Dec 2010 07:09 AM PST The Ministry of Finance yesterday issued a new tariff on vehicle imports with tax cuts spelling benefits for car buyers from January 1. Under the new tariff regime, the import tax on vehicles with less than nine seats and having a cylinder of 1.8–2.5 litres will be shaved 1 percentage point to 82 per cent. But [...]

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