Vietnam Business News

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• Railway freight surcharge increases to 15pct
• Cut public spending at all costs, says academic
• Quoting in dollars, despite law
• Dong saving interest rates may not be eased soon: experts
• WB lends $330 mln for northern hydropower project
• Province to get tough on tardy tourism projects
• SHB gains 152b dong combined profit in Q1
• FPT to kick off construction on Da Nang technology and urban zone soon
• Consistent measures needed to curb inflation
• Banks to stop gold deposits to curtail risks

Railway freight surcharge increases to 15pct Posted: 28 Apr 2011 09:02 AM PDT In a bid to balance between revenue and expenditures, stabilise production and business, Railway Freight Transport Co has officially applied “fuel surcharge increase” for railway freight transport to 15 percent, Vietnam Railway Corp said. This surcharge excludes value added tax (VAT) and will be selected on the shipping bill. Previously, with the Ministry of Finance [...]

Cut public spending at all costs, says academic Posted: 28 Apr 2011 09:02 AM PDT State firms should not be allowed to hijack the anti-inflation agenda in their pursuit of profits, he warns in an interview to Tuoi Tre. What do you think about the effect of Resolution 11? The government's Resolution 11 issued early this year to cut public spending will only produce results in the next six to [...]

Quoting in dollars, despite law Posted: 28 Apr 2011 09:02 AM PDT Though it is illegal, many goods and services here are now quoted in US dollars rather than the local currency to satisfy affluent customers' demand. For many businesses and customers, quoting in dollars is a sign of class. A one-year membership at golf club in Kim No Commune, Dong Anh District, Hanoi for instance is [...]

Dong saving interest rates may not be eased soon: experts Posted: 28 Apr 2011 09:02 AM PDT With the consumer price index (CPI) increasing nearly 10 percent in the first four months this year, interest rates will be unlikely to be eased, according to financial experts. A financial expert said that with solutions to stabilise the foreign exchange market, the VND/USD exchange rate will stabilise in the coming months, but interest rates [...]

WB lends $330 mln for northern hydropower project Posted: 28 Apr 2011 09:01 AM PDT The World Bank (WB) Board of Executive Directors has approved a new loan of $330 million for Vietnam to support the Trung Son Hydropower Project (TSHPP) in northern Thanh Hoa Province. The mid-sized multipurpose hydropower project will help meet growing domestic demand for electricity and bring flood control and irrigation benefits to rural and poor [...]

Province to get tough on tardy tourism projects Posted: 28 Apr 2011 07:50 AM PDT Authorities in the Mekong Delta province of Kien Giang warn they will get tough with tardy tourism projects and have started by canceling five that investors have not completed in time. Kien Giang Tourism Joint Stock Co was to have developed three of them, namely Ba Hon Park and Bai Duong Resort in Kien Luong [...]

SHB gains 152b dong combined profit in Q1 Posted: 28 Apr 2011 07:47 AM PDT Saigon-Hanoi Commercial Joint Stock Bank (SHB) has recently said its combined fiscal statement in Q1 2011 with after tax profit at 151.86 billion dong, rising 25.65 percent against the same period last year. Accordingly, the bank’s net interest income in Q1 was 393.5 billion dong, rising 85 percent year-on-year. SHB’s net profit from services gained [...]

FPT to kick off construction on Da Nang technology and urban zone soon Posted: 28 Apr 2011 07:44 AM PDT FPT Da Nang Urban Joint Stock Co, under FPT Group, on April 27 said that it would officially begin construction on FPT Da Nang technology and urban zone (FPT City Da Nang) in Ngu Hanh Son district in the central coastal city of Da Nang on April 29. This is the first model technology urban [...]

Consistent measures needed to curb inflation Posted: 28 Apr 2011 07:35 AM PDT Measures to curb inflation need to be implemented more drastically and synchronously in the context of continuing rises in the consumer price index (CPI) in recent months, economic experts said. The requirement has become more urgent at a time when April's CPI climbed to 3.32 per cent, the highest and most extraordinary level since May, [...]

Banks to stop gold deposits to curtail risks Posted: 28 Apr 2011 07:34 AM PDT The State Bank of Vietnam (SBV) is considering a deadline to stop gold deposit and lending activities in an effort to prevent risks and insecurity for the domestic market, six months after taking measures to restrict gold trading activities. A regulation to this effect is expected to be released in May or June. At a [...]

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