Vietnam Business News

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• Vietnam rice export reaches $1.2Bln as of Apr 15
• Nokia enters Bac Ninh province with “special incentives”
• Foreigners eager to MobiFone’s IPO
• Vung Tau sailboat project to be suspended
• SBV limits banks in mutual investment
• Ho Chi Minh City requests tax reduction
• Military Bank releases 2010 performance
• Bank arm registers $143 mln loss, CEO arrested
• Prominent Vietnamese businesses receive awards
• Vietnam attends tour expo in RoK

Vietnam rice export reaches $1.2Bln as of Apr 15 Posted: 17 Apr 2011 10:38 PM PDT Vietnam is estimated to export $1.2 billion worth of 2.139 million tons of rice as of the April 15, the Vietnam Food Association (VFA) said. In the first half of April alone, the country earned $136.319 million worth of 290,040 tons of rice. Asia market topped among the biggest rice importers of Vietnam with 42.44%, [...]

Nokia enters Bac Ninh province with “special incentives” Posted: 17 Apr 2011 09:05 PM PDT Nokia, the global well-known technology group, signed a deal to rent land in Vietnam-Singapore Industrial Park Bac Ninh (VSIP Bac Ninh) to build a plant after reaching an agreement with Ministry of Planning and Investment (MPI) in February, even though an official investment certificate has not been granted, the state-newspaper Thoi Bao Kinh Te Viet [...]

Foreigners eager to MobiFone’s IPO Posted: 17 Apr 2011 09:04 PM PDT Foreign investors want to hold stake into network operators in Vietnam, but the equitization process is challenging the investors. Currently, Vietnam Post and Telecommunication Group (VNPT) holds 100 percent stake into both two large mobile networks namely VinaPhone and MobiFone. Implementing the new regulations, VNPT will have to make the privatization for their one of [...]

Vung Tau sailboat project to be suspended Posted: 17 Apr 2011 09:04 PM PDT The local Department of Planning and Investment has proposed the government revoke an investment license for an Australia-invested project to produce sailboats in Vung Tau tourism city. The information is provided by Nguyen Phuoc Le, diredtor of the department. The reasons cited are that the investor – Corsair Marine Park – is not financially capable [...]

SBV limits banks in mutual investment Posted: 17 Apr 2011 09:02 PM PDT Each bank will be allowed to invest in maximum two other banks with a ratio of no more than 5 percent of charter capital of each targeted bank, the local newswire VnExpress reported, citing the State Bank of Vietnam (SBV) draft circular on safety of the banking system. Thus the draft circular aims to limit [...]

Ho Chi Minh City requests tax reduction Posted: 17 Apr 2011 09:01 PM PDT Ho Chi Minh City's People's Committee has asked the Ministry of Finance to reduce corporate tax by at least 30 percent for small-and-middle-size businesses that are suffering from financial hardships. Ho Chi Minh City's People's Committee has asked the Ministry of Finance to reduce corporate tax by at least 30 percent for small-and-middle-size businesses as [...]

Military Bank releases 2010 performance Posted: 17 Apr 2011 09:01 PM PDT Military Bank has released the 2010 business report with 2.288 trillion dong in pretax profit, growing 52 percent year on year; charter capital of 7.3 trillion dong, up 38 percent, and a yearly growth of more than 60 percent in total assets, total deposits and total outstanding loans; and a bad debt ratio of 1.26 [...]

Bank arm registers $143 mln loss, CEO arrested Posted: 17 Apr 2011 09:00 PM PDT The Ministry of Public Security Saturday arrested Vu Quoc Hao, former general director of state-owned Agribank's Financial Leasing Company II (ALC II) after the State Audit of Vietnam found $143.4 million in loss at the company. The police also arrested Ton Quang Viet, former deputy head of the Leasing Department at ALC II, and Dang [...]

Prominent Vietnamese businesses receive awards Posted: 17 Apr 2011 09:00 PM PDT A ceremony has been held in Hanoi to present the Vietnam Fund for Supporting Technological Creations (VIFOTEC) Award and the World Intellectual Property Organization (WIPO) 2010 Award for scientific and technological creations. The VIFOTEC award was given to 41 projects involved in mechanics automation, material technology, information technology, electronics, telecoms, bio-technology, environmental-friendly technology, proficient use [...]

Vietnam attends tour expo in RoK Posted: 17 Apr 2011 08:59 PM PDT A show of Vietnamese traditional ao dai (long robe) was part of activities to open the Daegu-Gyeongbuk Tour Expo 2011 in the Republic of Korea (RoK)'s Daegu city, one of the three largest tourism fairs in the East Asian country. Vietnam introduced the images of its landscape, people and information on tours and flights to [...]

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