Vietnam Business News

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• ATMs overloaded, but cash transactions rule
• Housekeeping services in demand during Tet
• Trading on a rock solid reputation
• Preserving values of festivals
• Paradise found
• Credit hurdles to trip up foreign-backed projects
• Hanoi real estate most expensive in Vietnam
• Interest rates wing clipping for businesses
• Coffee price surpasses US$2,000 per tonne
• Vietnam aims for a place in the top three garment and textile exporters

ATMs overloaded, but cash transactions rule Posted: 02 Feb 2011 02:15 AM PST Stopping at an automated teller machine (ATM) booth of the Bank for Investment and Development of Vietnam in Hanoi, Le Thu Ha is elated, as nobody is waiting to withdraw cash. The elation is short-lived, though. "My house is near an ATM of the bank. But I have not been able to withdraw cash from it for [...]

Housekeeping services in demand during Tet Posted: 02 Feb 2011 02:14 AM PST Many companies are now offering a one-off service during Tet: housekeeping in Vietnam. The Lunar New Year is the biggest festival in Vietnam and many people go away on vacation, especially to take advantage of the long holiday, but a myriad things still need to be done at home. Step in these housekeeping companies. They take care [...]

Trading on a rock solid reputation Posted: 02 Feb 2011 02:12 AM PST Vietnam has become more active in negotiating and participating in free trade agreements (FTAs) both at regional and global levels as part of its increasingly deep global integration. Deputy Industry and Trade minister Nguyen Cam Tu tells VIR about the both upsides and challenges that the signing of FTAs brings to Vietnam. Vietnam has so far inked [...]

Preserving values of festivals Posted: 02 Feb 2011 02:10 AM PST Vietnam currently has over 8,000 festivals from grass-roots to national levels that can be divided into such categories as folk, historic-revolutionary, religious, foreign-origin, and cultural-sport-tourism. The last category has emerged during the country's renewal process and international integration. In Vietnam, Spring is seen as the season of festivals. Since the old days, traditional festivals have become an [...]

Paradise found Posted: 02 Feb 2011 02:10 AM PST Looking for somewhere new to discover or explore in Vietnam? Pham Ha, CEO of Luxury Travel, selects five must-see destinations for 2011 The Mekong Delta A new experience this year is taking a river barge cruise on Song Xanh and discovering floating market, enjoying exotic food and meeting friendly people. Tourists can travel upstream to Mekong River, [...]

Credit hurdles to trip up foreign-backed projects Posted: 02 Feb 2011 02:08 AM PST Foreign manufacturers are seeing new credit barriers to develop investment projects in Vietnam, which could reduce net capital inflows this year. According to the Law on Credit Institutions, effective from January 1, 2011, a foreign bank branch and a locally incorporated bank will no longer provide loans to a customer exceeding 15 per cent of its [...]

Hanoi real estate most expensive in Vietnam Posted: 02 Feb 2011 02:08 AM PST In 2010, the real estate price in Hanoi increased by 30 percent. In some areas the land prices increased by 100 percent or more. Experts say there are latent risks in Hanoi's real estate market. Money pouring in again Despite simply owning a garage in Lai Chau town, Nguyen Van Tuyen e has four apartments in Hanoi. [...]

Interest rates wing clipping for businesses Posted: 02 Feb 2011 02:07 AM PST Businesses suffer from a chronic capital shortage. However, the problems seems more serious in 2011, as commercial banks plan to tighten credit. Tran Ngoc Anh, Director of Do Ba Company Ltd, says that in general, a footwear company can get a gross profit of 5-7 percent. "The production cycle takes three months, from the time when [...]

Coffee price surpasses US$2,000 per tonne Posted: 02 Feb 2011 02:06 AM PST The export price of coffee (FOB) at Ho Chi Minh City Port increased to US$2,025 per tonne on February 1. The rise in export price pushed the price of coffee beans in Dak Lak province up to VND39,000 per kilogram, almost VND1,000 per kilogram more compared to the previous day. The price of top quality coffee [...]

Vietnam aims for a place in the top three garment and textile exporters Posted: 02 Feb 2011 02:06 AM PST "In 2011, the garment and textile sector should strive to be among the top three garment and textile exporters in the world", said Deputy Prime Minister Hoang Trung Hai at a recent conference to implement the sector's tasks for 2011. Industries aim for a bigger share of total exports The Vietnam Garment and Textile Association (Vitas) has [...]

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