Vietnam Business News

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• Investors wary of red tape tangle
• Vung Ro digs for oil partner
• Vietnam plans fund to promote tra fish exports
• More time needed to implement new power price policy: officials
• First building with hanging gardens inaugurated
• Fake cooking gas retailers get smarter
• Dollar inflows to local lenders surge on rate cap move
• Vietnam mulls raising fuel circulation fee by 43%
• Vietnam inflation likely to ease from end q2/2011, double digit for whole year
• Kinh Do looks to expand global presence

Investors wary of red tape tangle Posted: 24 Apr 2011 11:59 PM PDT Foreign investors in Ho Chi Minh City are growing increasingly frustrated by what they see as an overabundance of red tape in the metropolis. "Formalities to obtain a business license for a foreign company are 15 times more difficult than for a local company, making any project very expensive," said Alain Cany, chairman of EuroCham. [...]

Vung Ro digs for oil partner Posted: 24 Apr 2011 11:57 PM PDT Investors in the long-delayed Vung Ro oil refinery and seaport project in central Phu Yen province are calling for a new partner to ramp up the project's progress. Director of the province's Department of Planning and Investment Nguyen Chi Hien said Vung Ro Petroleum LLC – the joint venture between UK's Technostar Management Limited and [...]

Vietnam plans fund to promote tra fish exports Posted: 24 Apr 2011 11:53 PM PDT The Ministry of Agriculture and Rural Development has proposed creating a new fund to promote and support Vietnamese tra fish exports. Under the plan, tra fish (pangasius) exporters will contribute 1-2 US cents on every kilogram of fish they sell to the fund, which will also receive local and international donations. The fund will be [...]

More time needed to implement new power price policy: officials Posted: 24 Apr 2011 11:50 PM PDT Despite a new regulation allowing electricity prices to be changed based on market conditions in June, officials say more time is needed before they can put the rule into effect. The government has said power prices will be adjusted as often as once every three months if input costs rise or fall. The policy is [...]

First building with hanging gardens inaugurated Posted: 24 Apr 2011 11:41 PM PDT A luxury apartment complex, the first in Vietnam having hanging gardens, was inaugurated in Ho Chi Minh City on April 24 after two years of construction. The Ruby Garden building is designed with giant hanging gardens on alternate floors around the four surfaces of the building. The 12-storey building has 302 apartments and 12 penthouses [...]

Fake cooking gas retailers get smarter Posted: 24 Apr 2011 11:40 PM PDT Fake cooking gas sellers in Ho Chi Minh City are becoming more sophisticated in their operations. Last year if they were content to put their telephone numbers on cylinders belonging to genuine operators so they could supply replacements, now they have begun to print and distribute their own brochures and leaflets. The names on the [...]

Dollar inflows to local lenders surge on rate cap move Posted: 24 Apr 2011 11:37 PM PDT Local public have rushed to sell dollars for the dong about two weeks after the State Bank of Vietnam (SBV) capped dollar deposit interest rates at 3% and raise required reserve rate for dollar-denominated deposits by 2%. Dollar inflows transferred on account last week doubled from the week earlier, an unnamed director of a big [...]

Vietnam mulls raising fuel circulation fee by 43% Posted: 24 Apr 2011 11:37 PM PDT Vietnam is mulling over raising fuel circulation fee to help cover higher transport, logistics costs for oil import companies. The Price Management Department under the Ministry of Finance (MoF) proposed to raise fuel circulation fee to help cover higher transport costs for oil import companies, The Nguyen Tien Thoa , vice director of the department [...]

Vietnam inflation likely to ease from end q2/2011, double digit for whole year Posted: 24 Apr 2011 11:36 PM PDT Vietnam consumer price index (CPI) will only start falling from the end of the second quarter of this year due to government policies lag, the analyst with local financial website NDHMoney forecast. The government's Resolution 11 has been really working and Cutting aggregate demand policy is "specific" for high inflation situation, the analyst cited Nguyen [...]

Kinh Do looks to expand global presence Posted: 24 Apr 2011 09:30 PM PDT The Kinh Do food and beverage corporation, listed at the HCM City Stock Exchange as KDC, plans to issue 20 million global depositary receipts (GDR) this year. Its shareholder annual meeting last Saturday approved the new issue via private placement and authorised executive board to choose the suitable time and method to gain the best [...]

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