Vietnam Business News

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• IP workers get the hump
• Meeting examines plan to build Red River tunnel
• HCMC to build four hospitals on outskirts
• Proposal for two airports to service HCMC
• SBV urges curb on loans for non-production activities
• Dak Lak ready for coffee festival
• Vietnam ETF loses in February
• Capital property burns a big hole in the pocket
• Social housing ready to come onstream
• SBV will have tough hands on rate cap violating banks

IP workers get the hump Posted: 02 Mar 2011 12:03 AM PST Many Vietnamese industrial park workers are threatening to turn their backs on jobs due to poor wages. According to a Vietnam General Confederation of Labour survey of 2,100 labourers in seven cities and provinces in late November 2010, only 3.9 per cent of the respondents felt satisfied with their salaries while the majority 50.9 per [...]

Meeting examines plan to build Red River tunnel Posted: 02 Mar 2011 12:02 AM PST A four-lane tunnel may be built under the Red River, linking Hoan Kiem district of Hanoi with Long Bien district. Delegates discussed the project during a meeting last weekend hosted by the municipal People’s Committee. The tunnel aims to reduce traffic congestion in the capital. The tunnel will start at the end of Tran Hung [...]

HCMC to build four hospitals on outskirts Posted: 02 Mar 2011 12:01 AM PST Construction of four new hospitals in Ho Chi Minh City’s outlying districts will begin in September this year to ease crowding in central areas, the City People’s Committee said at a meeting last week. The committee approved construction of a pediatrics hospital in Binh Chanh district and general hospitals in Cu Chi, Hoc Mon, and [...]

Proposal for two airports to service HCMC Posted: 02 Mar 2011 12:01 AM PST The Ho Chi Minh City People’s Committee has submitted to the Ministry of Construction a request to keep Tan Son Nhat Airport operational for the city’s development even after Long Thanh International Airport becomes operational. The committee said Tan Son Nhat International Airport has a strategic location and plays an important role in the socio-economic [...]

SBV urges curb on loans for non-production activities Posted: 02 Mar 2011 12:00 AM PST The State Bank of Vietnam (SBV) has asked chairpersons of the people's committees of provinces and cities to instruct SBV branches and credit organisations in the localities to keep loans to non-production sectors such as real estate and securities at reasonable levels. In a document issued on March 1, the central bank also urged its [...]

Dak Lak ready for coffee festival Posted: 01 Mar 2011 11:58 PM PST The Central Highlands province of Dak Lak is ready for the third coffee festival scheduled for March 10-15, vice chairman of the provincial People's Committee Tran Hieu affirmed. "All preparations for the third Buon Ma Thuot coffee festival have completed," he said at a press briefing on March 1. An opening ceremony will take place [...]

Vietnam ETF loses in February Posted: 01 Mar 2011 11:55 PM PST Emerging markets investors seem to love and hate the Market Vectors Vietnam (NYSEArca: VNM) at the same time. The volatility in both directions allows them to make money and those in it for the long term are set up for diversity. VNM was the hardest-hit ETF in February, losing nearly 15%. Where's the love? * [...]

Capital property burns a big hole in the pocket Posted: 01 Mar 2011 11:54 PM PST Hanoi continues to be one of the most expensive cities in Asia for renting a two bed-room property. According to ECA International's latest accommodation report, Hanoi was ranked sixth and Ho Chi Minh City the 11th most expensive in Asia during 2010 for renting apartments. Also according to the report, Tokyo was the most expensive [...]

Social housing ready to come onstream Posted: 01 Mar 2011 11:53 PM PST Government efforts to ease the dearth in low-income accommodation are gradually bearing fruit. Thousands of social residential units will come online this year and private realty companies are taking aim at these segments. Hanoi's Construction Department and relevant authorities last week announced that there would be 3,500 units from five social housing developments in the [...]

SBV will have tough hands on rate cap violating banks Posted: 01 Mar 2011 11:45 PM PST The State Bank of Vietnam (SBV) will strictly penalize the lenders who broke deposit interest rate cap of 14% p.a., the Governor Nguyen Van Giau said in press conference March 1 after the news that some local lender raised the rate to 17%. If some bank raises interest rates to 17% p.a., it must have [...]

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