Vietnam Business News

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• Dollar deposit rate cap not hamper overseas remittance
• Bosch Group opens $43m facility
• Machine tool expo open soon
• Small banks expect changes to central bank crimp on credit growth
• Exports increases make companies worried stiff
• VN hopes to export $15b annually to Latin America
• Auto industry ‘a priority’
• EU free-trade pact requires thorough preparation: expert
• US firm proposes to build 7 airports in central under PPP model
• Another electric car service to open in Hanoi

Dollar deposit rate cap not hamper overseas remittance Posted: 15 Apr 2011 12:54 AM PDT "The central bank's move to cap dollar deposit interest rates at 3%would not affect overseas remittance", the Vietnam Association of Financial Investors was quoted by the state-run online newspaper VietnamPlus as saying. "No countries in the world raise their foreign currency deposit interest rates to a "too high" level for the purposes of attracting overseas [...]

Bosch Group opens $43m facility Posted: 15 Apr 2011 12:52 AM PDT The German global technology and service provider Bosch Group yesterday opened a high tech production facility for push-belts used for Continuously Variable Transmission (CVT) in automobiles. Located on 16 hectares in Long Thanh Industrial Park in southern Dong Nai Province, the 30-million euro (US$43.3 million) plant is part of the group’s Gasoline Systems division. In [...]

Machine tool expo open soon Posted: 15 Apr 2011 12:52 AM PDT The Manufacturing Ha Noi 2011 exhibition will be held between April 19-22 at the Viet Nam Exhibition and Fair Centre by Viet Nam Trade Fair and Advertising Joint Stock Corp, Yorkers Trade and Marketing Service Co Ltd, and Chan Chao International Co Ltd. The expo will showcase machine tools used in automation, plastics and rubber [...]

Small banks expect changes to central bank crimp on credit growth Posted: 15 Apr 2011 12:51 AM PDT The State Bank of Vietnam has confirmed there will be no concessions to any bank that attempts to ‘hurdle’ credit increases this year. But many banks are still expecting a change in the central bank’s policy, reflected in the profit plans made by banks. In the draft plan submitted to the shareholders’ meeting on April [...]

Exports increases make companies worried stiff Posted: 15 Apr 2011 12:50 AM PDT Though seafood and garment companies had an impressive growth rate in export turnover in the first quarter of the year, they did not have good profits. Some companies even incurred losses. The problem may become even more serious in the second quarter. Export growth rate positive, profit negative The Vietnam Textile and Apparel Association (Vinatas) [...]

VN hopes to export $15b annually to Latin America Posted: 14 Apr 2011 09:06 PM PDT Viet Nam’s exports to Latin America were expected to reach US$6 billion in 2015 and about $13 to $15 billion in 2020, according to an export scheme approved by the Ministry of Industry and Trade. The ministry’s plans also target a national export growth rate of 25 to 30 per cent annually, increasing its market [...]

Auto industry ‘a priority’ Posted: 14 Apr 2011 09:05 PM PDT The Government should encourage the development of auto manufacturing centres in VietNam to help strengthen the domestic auto industry, according to a seminar held in Chu Lai Open Economic Zone, central Quang Nam Province yesterday. While Viet Nam has auto manufacturing plants across the country, these factories are scattered, a key weakness in plans for [...]

EU free-trade pact requires thorough preparation: expert Posted: 14 Apr 2011 09:05 PM PDT Viet Nam should prepare thoroughly before signing the planned free trade agreement (FTA) with the EU as it is the biggest market for the country’s exports, experts have said. “A free trade agreement between Viet Nam and EU will boost bilateral trade and investment from the EU, but serious studies should be conducted to ensure [...]

US firm proposes to build 7 airports in central under PPP model Posted: 14 Apr 2011 09:01 PM PDT The US-based Airport Management Co has recently proposed to invest in airports in the central region of Vietnam under the public-private partnership (PPP) model. This proposal was sent to the Ministry of Planning and Investment (MoPI) by the representative from Cedona Group, the consulting company under ADC-HAS. The airports in the proposal include Chu Lai, [...]

Another electric car service to open in Hanoi Posted: 14 Apr 2011 09:00 PM PDT Another electric car service for tourism is scheduled to go into operation at Tay Ho district, Hanoi on Sep 2 to mark National Independence Day. Some 20 electric cars will take visitors for sightseeing around West Lake and other famous landscapes including different pagodas, communal houses, temples and parks, said the state-owned Tay Ho company, [...]

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