Vietnam Business News

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• VDT Association makes its debut
• State to aid poor households with agricultural insurance
• State budget collections up 12.7 percent in two months
• Foreign tourists increase in February
• Shares continue to decline on both exchanges
• Power prices to be market-regulated after 2012
• Affordable flats to hit market
• Military insurer to hike charter capital to 500b dong
• Many commercial banks hoard US dollars: SBV official
• UK to cut off foreign aid to 16 nations including Vietnam

VDT Association makes its debut Posted: 02 Mar 2011 11:08 PM PST The Vietnam Digital Communications Association (VDTA) was set up in Hanoi on March 2. Minister of Information and Telecommunications Le Doan Hop was elected as Chairman of the association and Nguyen Anh Tuan, editor-in-chief of the online newspaper Vietnamnet as Deputy Chairman. The VDT Association was founded by voluntary individuals and organisations in the digital [...]

State to aid poor households with agricultural insurance Posted: 02 Mar 2011 11:07 PM PST The Prime Minister has signed a decision on agricultural insurance for the 2011-2013 period, which provides 100 percent insurance for poor households or peasants on a trial basis. The state will also provide an 80 percent assistance package for households and individuals who are a shade above the poverty line, 60 percent for other groups, [...]

State budget collections up 12.7 percent in two months Posted: 02 Mar 2011 11:06 PM PST State budget collections are estimated to reach VND104,680 billion in the first two months of the year, up 12.7 percent against the same period last year, according to the Ministry of Finance. Of the total figure, the domestic sector has contributed VND70,570 billion, up 15 percent compared to the same period last year. The Ministry [...]

Foreign tourists increase in February Posted: 02 Mar 2011 11:06 PM PST Viet Nam welcome nearly 543,000 foreign tourists in February, a year-on-year increase of 21.6 per cent, reported the General Statistics Office (GSO). The number pushed up the total number of foreign tourists in the first two months of the year to more than 1 million, up by 19.5 per cent in comparison with the same [...]

Shares continue to decline on both exchanges Posted: 02 Mar 2011 11:05 PM PST Shares continued to retreat this morning after a steep decline on both the HCM City and Ha Noi stock exchanges yesterday. In HCM City, the VN-Index lost another 1.2 per cent over yesterday to finish at 452.34 points. Both trading volume and value fell over 32 per cent with just over 30.7 million shares worth [...]

Power prices to be market-regulated after 2012 Posted: 02 Mar 2011 07:55 PM PST Prices of electricity will be based on market rates and not on state subsidy anymore starting 2012, the finance ministry said, adding that subsidies for petrol and oil prices will be further cut down this year. This recent release to local media occurred in the context of a 15% hike in power rates applicable this [...]

Affordable flats to hit market Posted: 02 Mar 2011 07:55 PM PST Nearly 3,000 apartments for low-income earners in the capital are expected to go on sale on March 5 with an aim to reduce the pressure on housing accommodations. Accordingly, low-income earners will be able to apply for a flat under five projects. Sai Dong new residential housing block in Long Bien district will provide about [...]

Military insurer to hike charter capital to 500b dong Posted: 02 Mar 2011 07:54 PM PST Military Insurance Joint Stock Co (MIC) recently announced the business plan in 2011 whereby its revenue growth would be 25% this year and a year on year profit growth at 20%. In 2011, MIC also plans to increase the chartered capital to 500 billion dong, upgrade the company to be Military Insurance Joint Stock Corp, [...]

Many commercial banks hoard US dollars: SBV official Posted: 02 Mar 2011 07:53 PM PST The tension of the forex rate was caused by partly the US dollar hoarding of institutions and individuals, but also commercial banks, Tran Minh Tuan, State Bank of Vietnam (SBV)'s deputy governor said at the meeting on summing up the banking operations in 2010 and carrying out the tasks in 2011 held in HCM City [...]

UK to cut off foreign aid to 16 nations including Vietnam Posted: 02 Mar 2011 07:51 PM PST Under the proposed plans, nations including Angola, Kosovo, Vietnam and Cambodia will no longer receive aid from Britain. Russia and China are also expected to be stripped of millions of pounds a year, as the coalition Government focuses more overseas aid on volatile states like Afghanistan and Somalia. But the Government has been criticized for [...]

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