Vietnam Business News

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• Diesel price hike hits fishing in Ca Mau
• Four new generators linked to power grid
• Banks to wait on central bank for ATM installation
• Possible new law on deposit insurance
• May 10: VN Index tops 480 on thin trade
• CBRE launches project management service
• Paradox in FDI attraction in processing
• Techcombank inks deal with Wells Fargo Bank
• Full House opens building material and home decor store
• State banks ‘picky’ strategic partnership

Diesel price hike hits fishing in Ca Mau Posted: 10 May 2011 12:34 AM PDT Many fishermen in the southernmost province of Ca Mau have stopped going out to sea after diesel prices were hiked by a whopping 40 percent this month. Since the beginning of May Song Doc fishing port in Tran Van Thoi Commune, one of the biggest in the Mekong Delta region, usually bustling and noisy, has [...]

Four new generators linked to power grid Posted: 10 May 2011 12:34 AM PDT Four new generators for the national power grid were brought into operation in the first four months of this year, adding a total 1,215 MW of electricity to the national power supply, according to the Electricity of Viet Nam Corporation (EVN). The generators include Turbine No. 2 at Son La Hydro-power Plant, Turbine No. 2 [...]

Banks to wait on central bank for ATM installation Posted: 10 May 2011 12:34 AM PDT The State Bank of Vietnam has prohibited installation of new ATMs until it resolves the contentious issue of cash-withdrawal fees, Nguyen Thu Ha, chairman of the Vietnam Banking Association's Card Society, said. Many banks including Vietcombank have been planning to set up ATMs, and they have now have to wait for the central bank's go-ahead. [...]

Possible new law on deposit insurance Posted: 10 May 2011 12:26 AM PDT A new law on deposit insurance might be set in place during the 2011-12 period in an effort to build an effective governing system, the General Director of the Deposit Insurance of Viet Nam said yesterday. Deposit insurance is defined as a measure implemented in many countries in order to protect bank depositors, in full [...]

May 10: VN Index tops 480 on thin trade Posted: 10 May 2011 12:25 AM PDT Vietnam's stocks continued to post gain as investors hunted bargains but caution was seen in shrinking volume. The benchmark VN Index gained 3.82 points or 0.8% to 481.29. Volume fell 5% to 17.97 million shares traded for VND365.91 billion of which put-through trading accounted for 3.4 million shares worth VND73.47 billion. Shrinking volume indicated the [...]

CBRE launches project management service Posted: 09 May 2011 09:43 PM PDT The property services provider CB Richard Ellis Vietnam (CBRE) has announced to put into service its project management to capitalize on the increasing demand of fitting out in the office market in Vietnam. John Harris, associate director of project management for CBRE, said that over a quarter of a million square meters of commercial space [...]

Paradox in FDI attraction in processing Posted: 09 May 2011 09:42 PM PDT Contrary to initial expectations, an overwhelming number of FDI projects in the processing sector did not create any remarkable changes in technology while increasing competitive pressure on domestic businesses. According to the Foreign Investment Agency (FIA), by March 2011, there were 7,442 valid projects in the processing industry, accounting for 59.5 percent of the total [...]

Techcombank inks deal with Wells Fargo Bank Posted: 09 May 2011 09:41 PM PDT Vietnam Technological Commercial Joint Stock Bank (Techcombank) and Wells Fargo Bank have recently signed a memorandum of understanding (MoU) to jointly provide banking and financial services for corporate customers of each other in Vietnam and the US. Under the MoU, Techombank will offer banking and financial services for corporate customers of Wells Fargo in Vietnam [...]

Full House opens building material and home decor store Posted: 09 May 2011 09:41 PM PDT Full House Corporation on Saturday opened its first home decoration and building materials center as a one-stop shop in the southern province of Binh Duong. This is the first outlet of the local firm's Domus Center chain which consists of building materials and home furnishing items supermarkets throughout the country. The one-stop shop model saves [...]

State banks ‘picky’ strategic partnership Posted: 09 May 2011 09:39 PM PDT Under the Circular No 10 issued by the State Bank of Vietnam (SBV) recently, foreign banks in Vietnam will have very little chance of becoming strategic partner of Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB), Bank for Investment and Development of Vietnam (Bidv) and Mekong Housing Bank (MHB). One of the most stringent [...]

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