Vietnam Business News

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• Small change conversion service booming during pre-Tet days
• Difficult for foreign banks to re-arrange VND capital mobilization market
• Should electricity, coal and petroleum prices be curbed or floated?
• VGA proposes MoF to remove 10% tax on exporting material gold
• Vietnam seeks to raise listing standard, scale up market
• Vietnam cuts petrol import tax to zero
• Japanese investors praise Vietnam’s renovation achievements
• Businesses struggling to arrange capital
• Vietnam faces power shortages
• Vietnam to become 14th economy in the world by 2050

Small change conversion service booming during pre-Tet days Posted: 15 Jan 2011 08:02 AM PST The black market is heating up these days with a booming small change conversion service. Despite the exorbitant fees, the services are attracting a lot of clients because commercial banks refuse to give the service to clients. Dinh Tien Hoang, Dinh Le and Nguyen Xi are well known streets in Hanoi for the money exchange service. [...]

Difficult for foreign banks to re-arrange VND capital mobilization market Posted: 15 Jan 2011 08:02 AM PST The opening of the market under the WTO commitments is a golden opportunity for foreign banks to obtain a bigger market share in Vietnam dong capital mobilization. However, analysts say in this business it will not be easy for foreign banks to get the upper hand over Vietnamese banks. The interest rates applied as of January [...]

Should electricity, coal and petroleum prices be curbed or floated? Posted: 15 Jan 2011 08:01 AM PST On the threshold of the 11th Communist Party Congress, coal, petroleum and electricity producers and distributors harshly proposed to raise retail prices. If the prices of essential goods increase, Vietnam may fail to curb the inflation rate. But if not, the producers will continue incurring loss, which will badly affect the national economy. Incurring loss, raising [...]

VGA proposes MoF to remove 10% tax on exporting material gold Posted: 15 Jan 2011 06:50 AM PST The Vietnam Gold Traders’ Association (VGA) has proposed the Ministry of Finance (MoF) to remove the 10% tax rate on exporting material gold, the local online newspaper Nguoi Lao Dong reported. Imposition of 10% tax rates on exporting material gold will make it unprofitable for gold traders to export gold as the differences in prices would [...]

Vietnam seeks to raise listing standard, scale up market Posted: 15 Jan 2011 06:49 AM PST Vietnam to Raise Standard of Companies Listed, Boost Market Vietnam is seeking to raise the standard of companies listed on its two stock exchanges to boost the "scale" of the market, the regulator said. The State Securities Commission plans to raise the minimum registered capital for companies listing on the Ho Chi Minh City Stock Exchange to [...]

Vietnam cuts petrol import tax to zero Posted: 15 Jan 2011 06:48 AM PST The Ministry of Finance has issued Circular No 07/2011/TT-BTC to guide the implementation of import tax cuts for gas and oil in 2710 group. In details, import tax on gasoline fell to 0% from previous 6%, kerosene to 2% from 6%, diesel to 0% from 2%; and fuel oil (mazut) to 2% from 5%.

Japanese investors praise Vietnam’s renovation achievements Posted: 15 Jan 2011 06:46 AM PST Many Japanese people admire Vietnam's achievements in its renovation process which started 25 ago. Susumu Igarashi, Director of the Social Innovation Company, dealing in securities and financial investment in Vietnam and other ASEAN countries, said he first heard of Vietnam's renovation in 1995 when the first wave of Japanese investment hit Vietnam. At the time, Japanese newspapers [...]

Businesses struggling to arrange capital Posted: 15 Jan 2011 06:45 AM PST Drawing up business plans for a new year has never been a difficult task for business managers unlike now when seeking capital is the biggest headache for them. "If the interest rates for loans stay are high as they are, we will miss a lot of opportunities to develop," said the director of a garment [...]

Vietnam faces power shortages Posted: 15 Jan 2011 06:45 AM PST Viet Nam would face a power shortage of 3 billion kWh this year because of a lack of water in reservoirs, according to Electricity of Viet Nam (EVN). EVN deputy director Duong Quang Thanh made the statement yesterday at a Ha Noi conference to launch the group’s targets for this year. Thanh said water levels at reservoirs [...]

Vietnam to become 14th economy in the world by 2050 Posted: 15 Jan 2011 06:38 AM PST PricewaterhouseCoopers (PwC), one of the world's largest providers of assurance, tax, and business consulting services, predicted that Vietnam's GDP will rank 14th in the world by 2050. PwC made its short-term prediction for up until 2014 and a long-term one for 2050 based on the World Bank statistics. Specifically, the strongest economies in the Asia will consist [...]

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