Vietnam Business News

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• Swiss to support green energy drive
• Over-production drives down steel prices
• City sees 20% drop in remittances
• Businesses starved for capital
• Travellers to be allowed to buy dollars
• State Bank halts licences for new ATMs
• Rules for foreign traders without commercial presence
• Coffee exporters must unite
• Vietcombank says Q1 profit at 1.335tr dong
• Interbank forex rate slips for second straight day to 20,698 dong/US dollar May 11

Swiss to support green energy drive Posted: 11 May 2011 12:39 AM PDT Switzerland will provide Viet Nam with non-refundable aid worth US$2.43 million to help implement the Renewable Energy Development Project (REDP). The bilateral agreement was signed yesterday in Ha Noi by Deputy Minister of Industry and Trade Hoang Quoc Vuong and Ambassador Beatrice Maser Mallor – Head of Economic Cooperation and Development under the Swiss State [...]

Over-production drives down steel prices Posted: 11 May 2011 12:38 AM PDT Viet Nam’s steel industry is caught in a conundrum. Supply far exceeds demand and existing capacities are not being fully utilised, but even more projects with large designed capacities have been licensed. A Lao Dong (Labour) newspaper report yesterday cited Viet Nam Steel Association (VSA) figures that at the end of the year’s first quarter, [...]

City sees 20% drop in remittances Posted: 11 May 2011 12:37 AM PDT Inward remittances through commercial banks in HCM City dipped by 19.6 per cent against March to US$367.6 million in April due to economic turmoil and the return of many Vietnamese workers from countries facing political instability, the State Bank of Viet Nam’s branch in the city announced. A top official from the State Bank of [...]

Businesses starved for capital Posted: 10 May 2011 09:52 PM PDT Capital is the most important issue to Vietnamese enterprises, particularly small- and medium-sized ones, a seminar in Ha Noi on capital solutions for businesses heard yesterday. A survey by the Viet Nam Chamber of Commerce and Industry found the top priorities of businesses were all capital, said chamber chairman Vu Tien Loc. But while almost [...]

Travellers to be allowed to buy dollars Posted: 10 May 2011 09:51 PM PDT Vietnamese citizens will be allowed to buy foreign currency worth up to US$1,000 to travel abroad for 10 days, or $100 per day, under a draft circular of the State Bank of Viet Nam regulating treasuries trading. The regulation is planned to be effective from July 1. “I think it is a good move of [...]

State Bank halts licences for new ATMs Posted: 10 May 2011 09:51 PM PDT The State Bank of Viet Nam has announced that licences for transaction offices or departments, savings funds and Automatic Teller Machines (ATM) for commercial banks have been suspended. However, many commercial banks, including Vietcombank, disagreed with the State Bank’s decision to suspend commercial banks setting up ATMs, said Nguyen Thu Ha, chairwoman of the Bankcard [...]

Rules for foreign traders without commercial presence Posted: 10 May 2011 09:50 PM PDT The General Department of Customs issued Official Letter No 1858/TCHQ-GSQL on April 28, guiding customs procedures for cargo exported to bonded warehouses and then re-imported, as well as import/export rights of foreign traders without a commercial presence in Viet Nam. Customs procedures for cargo which is reimported from a bonded warehouse are similar to those [...]

Coffee exporters must unite Posted: 10 May 2011 09:50 PM PDT Coffee exporters must unite to establish firms that are strong enough to compete against foreign rivals, said industry insiders. Former chairman of the Viet Nam Coffee and Cacao Association (Vicofa) Doan Trieu Nhan admitted that domestic coffee exporters were facing major challenges due to the cost of taking out business loans compared to their foreign [...]

Vietcombank says Q1 profit at 1.335tr dong Posted: 10 May 2011 09:47 PM PDT Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) has recently announced the business results in the first quarter of this year with after tax profit at over 1.335 trillion dong after spending 400 billion on its credit risk backup fund. Unlike other large credit institutions whose net interest income from services tended to increase [...]

Interbank forex rate slips for second straight day to 20,698 dong/US dollar May 11 Posted: 10 May 2011 09:46 PM PDT As announced by the State Bank of Vietnam (SBV), the interbank average forex rate today Wednesday (May 11) is at 20,658 dong/US dollar, falling 5 dong/US dollar from 20,703 dong/US dollar yesterday and marking the fall for the second consecutive day this week. With the fall of 5 dong/US dollar, the interbank forex rate today [...]

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