Vietnam Business News

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• Capital-thirsty property developers forced to sell
• Hue airport runway maintenance delayed by a week
• Russian oil firm to operate Vietnamese offshore gas block
• Income from securities could get tax waiver
• Vietnam’s dong has best week since 1997 after dollar rates curb
• Lending rate for production sector climbs to 20pct/yr
• Experts call for austerity measures
• Businessmen learn a lesson from selling fibers to China
• Kinh Do to list on London exchange
• Prices likely to climb another 2 percent in May

Capital-thirsty property developers forced to sell Posted: 01 May 2011 06:55 AM PDT Facing a shortage of capital, many real estate companies in Ho Chi Minh City have been selling off their projects as the last resort. Irrigation Construction Corporation No. 4, for instance, has sold its Thuy Loi 4 high-rise apartment building project in Binh Thanh District to Irrigation Real Estate Investment Joint Stock Company No. 4 [...]

Hue airport runway maintenance delayed by a week Posted: 01 May 2011 06:53 AM PDT Vietnam Airlines has said flights to Hue will continue for a week longer than it announced earlier since maintenance of runways at Phu Bai airport has been delayed until May 13. It had said earlier that flights to the central city from Ho Chi Minh City and Hanoi will cease from May 5 to June [...]

Russian oil firm to operate Vietnamese offshore gas block Posted: 01 May 2011 06:52 AM PDT Russian TNK-BP has signed the transfer agreements on the Vietnamese offshore gas Block 06.1 so that it will take over the operating role of the gas field as soon as possible this year. The agreements, which will now be submitted to the Vietnamese Ministry of Industry and Trade to receive final approval, were signed by [...]

Income from securities could get tax waiver Posted: 01 May 2011 06:52 AM PDT To revive the stock market, the Ministry of Finance has recommended waiver of tax on income from securities this year, reported Dau Tu Chung Khoan (Securities Investment). They now pay a 5 percent tax on dividends and a 0.1 percent flat tax on transactions. Deputy Minister of Finance Do Hoang Anh Tuan said the recommendation [...]

Vietnam’s dong has best week since 1997 after dollar rates curb Posted: 01 May 2011 06:51 AM PDT The Vietnamese dong completed its best week since at least 1997 after the central bank set a cap on dollar deposit rates, spurring companies and individuals to shift more money into local currency. Government bonds fell. The State Bank of Vietnam set a ceiling on dollar deposit rates on April 13, restricting interest payments for [...]

Lending rate for production sector climbs to 20pct/yr Posted: 01 May 2011 06:51 AM PDT Statistics from the State Bank of Vietnam (SBV) showed the lending rate for non-production sector jumped to 23 percent per year during the trading week between April 16 and 22. As reported by the central bank, during last week, the dong lending rate for production and business sectors increased to 17-20 percent per year from [...]

Experts call for austerity measures Posted: 01 May 2011 06:48 AM PDT Economic experts have called for the Government to take the bitter pill in fighting inflation by taking over the job of slashing public investments rather than leaving it to local and central authorities and State corporations. It has been months since the Government ordered local authorities and State-owned corporations to scale down public investments by [...]

Businessmen learn a lesson from selling fibers to China Posted: 01 May 2011 06:46 AM PDT Many Vietnamese enterprises thought that they would make fat profits when they could sell fibers to Chinese businessmen at high prices. However, it later turned out they took a loss because they had to buy materials at higher prices. At first, T textile and garment company in HCM City believed that it could make a [...]

Kinh Do to list on London exchange Posted: 01 May 2011 06:45 AM PDT Vietnam's leading confectioner Kinh Do Corp. (KDC) expects to deliver a private placement of 20 million shares to Deutsche Bank Trust Company Americas as an indirect way to list on the London Stock Exchange, said the CEO of the local firm. Tran Le Nguyen told reporters at the company's general meeting late last week in [...]

Prices likely to climb another 2 percent in May Posted: 01 May 2011 06:43 AM PDT Vietnam’s inflation is expected to ease to 1.8-2 percent in May following April’s one-month surge of nearly 4 percent, says a domestic market management team. April’s consumer price index (CPI) rose by 3.32 percent over March, the highest rate of increase since May 2008. April’s figures pushed national inflation in the first four months of [...]

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