Vietnam Business News

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• Banks fall short of profit targets
• Bike shortage leads to the scratching of heads
• Vietnam shipbuilder Vinashin defaults on loan: report
• Real estate prices too high for most
• Property remains promising channel for investors
• Property Firms Need More Cash To Operate
• Electronics market hit by price rises, poor publicity
• Enhancing transparency on real estate market
• FDI promotion to get extra momentum
• Sales of retail spaces in downtown Hanoi booming

Banks fall short of profit targets Posted: 25 Dec 2010 08:09 AM PST Scores of local banks have found it hard to achieve 2010 profit targets despite modest ambitions. DongA Bank said its profit this year would be around VND750 million ($37.5 million), equal to last year's figure even though the bank had set a pre-tax profit target of VND1.1 trillion ($55 million) for 2010. The bank attributed its shrinking [...]

Bike shortage leads to the scratching of heads Posted: 25 Dec 2010 08:09 AM PST A shortage of the recently launched Honda Vietnam's PCX 125 scooters contradicts the Japanese firm's assertion it is still expanding production. Honda Vietnam introduced locally-assembled PCX scooters for the first time in September 2010, around a half year after the introduction of the imported PCX into the Vietnamese market. According to Tetsuya Kawahara, senior chief of [...]

Vietnam shipbuilder Vinashin defaults on loan: report Posted: 25 Dec 2010 08:08 AM PST Nearly-bankrupt Vietnamese shipbuilder Vinashin has defaulted on a loan to international lenders and told them it will pay only interest, the Wall Street Journal reported Friday. Citing a person familiar with the matter, the paper said Vinashin (Vietnam Shipbuilding Industry Group) did not meet a deadline earlier this week to pay the first 60 million dollar [...]

Real estate prices too high for most Posted: 25 Dec 2010 08:07 AM PST The prices of homes and apartments in Viet Nam are out of control and have skyrocketed beyond the reach of most buyers, says Viet Nam Construction Materials Association chairman Tran Van Huynh The prices of homes and apartments in Viet Nam are out of control and have skyrocketed beyond the reach of most buyers, says Viet [...]

Property remains promising channel for investors Posted: 25 Dec 2010 08:06 AM PST Fast urban development and young population, especially in big cities like HCMC and Hanoi, are among elements making the country a promising destination for not only local property development companies but also foreign ones Fast urban development and young population, especially in big cities like HCMC and Hanoi, are among elements making the country a promising [...]

Property Firms Need More Cash To Operate Posted: 25 Dec 2010 08:05 AM PST The Ministry of Construction plans to raise the legal capital requirement of real estate companies to ensure they are viable and operate transparently, says Deputy Minister Nguyen Tran Nam. The law currently required property developers to have minimum legal capital of VND6 billion (US$300,000), Nam said, adding that real estate firms with limited resources might not [...]

Electronics market hit by price rises, poor publicity Posted: 25 Dec 2010 08:03 AM PST Sales of consumer electronics and household appliances in Ha Noi and HCM City have slowed despite heavy, and sometimes confusing, sales promotions by retailers. Pham Quang Thinh, a shopper in HCM City, said he wanted to buy a 40-inch Samsung LCD TV advertised at an electronics centre for VND16 million (US$744), a discount of nearly VND4 [...]

Enhancing transparency on real estate market Posted: 25 Dec 2010 08:03 AM PST The undersupply of real estate products has awarded thick profits to investors over the past time. Boosting the market transparency in the midst of undersupply is becoming a hard job for authorities. Dealing in all forms The robust development of the property market in recent years has puzzled Vietnamese authorities because existing management mechanism is no longer [...]

FDI promotion to get extra momentum Posted: 25 Dec 2010 08:03 AM PST Overseas investment liaison offices will offer a significant boost to Vietnam wooing foreign direct investment. After investment liaison offices were set up in Vietnam's strategic markets such as the US, Japan, South Korea, Singapore and Taiwan, the country has seen remarkable improvements in inbound investment promotion activities. However, boosting investment efficiency closer cooperation between these overseas liaison [...]

Sales of retail spaces in downtown Hanoi booming Posted: 25 Dec 2010 08:02 AM PST Despite of the frozen property market this year, office builders' sales of renting luxury retail space in Hanoi remain positive, with occupation rates always at 100 percent. The entire retail space in downtown Hanoi has been rented with an unchanged price of US$54 per square meters, according to a second quarter report of the commercial property [...]

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