Vietnam Business News

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• Tourism Year 2011 kicked off in Phu Yen
• Sea and Island Week 2011 to open in Nha Trang
• State clamps down on pricing violations
• MoF ready for heart-to-heart tax talks
• New terminal at Da Nang International Airport to be opened
• Open funds ‐ opportunities for Vietnam market
• Interest rate race distorts Vietnam banking system
• Forex stores attacked
• Foreign bankers have plenty to chew over
• Lending interest rate hardly to decline, experts say

Tourism Year 2011 kicked off in Phu Yen Posted: 03 Apr 2011 11:02 PM PDT The National Tourism Year 2011, themed "Exotic Beaches and Islands", was kicked off on Friday evening in the central coastal province of Phu Yen. The event, with various activities, will also take place in other central provinces of Quang Nam, Quang Ngai, Binh Đinh, Khanh Hoa, Ninh Thuan, Binh Thuan and Đa Nang City. Vietnam [...]

Sea and Island Week 2011 to open in Nha Trang Posted: 03 Apr 2011 11:01 PM PDT The Sea and Island Week 2011 will take place in the central coastal city of Nha Trang, Khanh Hoa Province from June 6-8. The event will be attended by Party and State leaders, representatives of embassies, international organizations, and 28 coastal provinces and cities in the country. Activities to mark World Environment Day (June 5) [...]

State clamps down on pricing violations Posted: 03 Apr 2011 11:01 PM PDT "If we discover any violations, we will require these enterprises to reduce their declaration prices in line with the regulations" State agencies plan to call time on hikes in milk and drug prices by tightening controls on price declarations for these vital products. Nguyen Anh Tuan, vice head of the Ministry of Finance (MoF)'s Price [...]

MoF ready for heart-to-heart tax talks Posted: 03 Apr 2011 11:00 PM PDT The Ministry of Finance has gone on a road trip to show the country just how serious it is about fairness when it comes to business tax. Nearly 100 enterprises across Vietnam will receive visits from tax inspection teams after deputy minister of Finance (MoF) Do Hoang Anh Tuan gave the plans the go ahead [...]

New terminal at Da Nang International Airport to be opened Posted: 03 Apr 2011 10:54 PM PDT The new terminal at Da Nang International Airport is expected to be put into operation in May 2011, according to the Middle Airports Corporation (MAC). The new terminal will help improve the quality of aviation services for Da Nang city and the central region. The MAC said that it will focus on finding investors to [...]

Open funds ‐ opportunities for Vietnam market Posted: 03 Apr 2011 10:54 PM PDT Vietnam’s market needs to have diverse investment products that can meet different requirements on liquidity risk, the discount between the price of fund certificates and the net asset value (NAV) – the tools that have a high transparency and reflect the real value of invested assets. The open fund will be a perfect solution to [...]

Interest rate race distorts Vietnam banking system Posted: 03 Apr 2011 10:53 PM PDT Interest rate management has forced local lenders to break fundamental market rules to mobilise funds. Last week, Southeast Asia Commercial Bank (SeABank) shot up its non-term deposit interest rate to 12 per cent, per year, while the maximum interest rate is capped at 14 per cent, per year. Other banks like VP Bank have already [...]

Forex stores attacked Posted: 03 Apr 2011 10:52 PM PDT "This order is a little bit reminiscent of the compulsory forex surrender requirement in the early 2000s". State-owned corporations are set to provide a sizeable chunk of US dollars to the market. Last week, State Bank governor Nguyen Van Giau revealed that by the end of March, total dollar-denominated banking system deposits of state owned [...]

Foreign bankers have plenty to chew over Posted: 03 Apr 2011 10:52 PM PDT Tomaso Andreatta, banker and deputy chairman of EuroCham Vietnam, talks about recent changes to banking regulations and their impacts on foreign banks. Under Vietnam's amended Law on Credit Institutions effective from January 1, 2011, a foreign bank branch's lending to a single customer is capped at 15 per cent of the branch's equity instead of [...]

Lending interest rate hardly to decline, experts say Posted: 03 Apr 2011 10:51 PM PDT The credit growth rate of commercial banks is relatively low in the first quarter of the year, but many lenders still offer depositors the interest rates that are higher than the central bank's 14 percent cap, experts said. Statistics from the State Bank of Vietnam show that the outstanding loan of banks in Ho Chi [...]

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