Vietnam Business News

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• Wilbur-Ellis company obtains license to operate as a specialty chemicals and ingredients distributor in Vietnam
• EVN secures credit for Lai Chau hydropower plant
• Vietnam sets over $6.6m for energy development
• Municipal governance considers to revoke 22 projects
• Should SBV purchase US dollar at this time?
• State fails capital mobilization via 3-year bonds
• Steel projects breaking planning, wasting minerals
• Ha Noi to promote rural industry
• Bank deposit interest rates surge
• New players sprout up in City’s fresh-food chain market

Wilbur-Ellis company obtains license to operate as a specialty chemicals and ingredients distributor in Vietnam Posted: 19 May 2011 10:56 PM PDT Effective today, Connell Brothers (Vietnam) Company (“CBC Vietnam”), a subsidiary of Wilbur-Ellis Company, will operate as a fully licensed distributor of specialty industrial chemicals and ingredients in the Vietnam market, allowing the company to expand and simplify its distribution operations for its customers and suppliers. CBC Vietnam services local, regional and multinational customers and suppliers [...]

EVN secures credit for Lai Chau hydropower plant Posted: 19 May 2011 09:17 PM PDT Electricity of Vietnam Group (EVN) has secured a credit agreement with Vietnam Development Bank for handling the resettlement of local people who gave land to the Lai Chau hydropower plant. The VND4.6 trillion credit, signed in Hanoi on May 19, will also be used for the manufacture of machinery in service of the Lai Chau [...]

Vietnam sets over $6.6m for energy development Posted: 19 May 2011 09:16 PM PDT Ministry of Industry and Trade and United Nations International Development Organization (UNIDO) lately signed a cooperation deal in launching the project of boosting energy efficiency in industry through maximizing system and standardize energy management in Vietnam, the VnExpress reported. Accordingly, the project prioritizes construction of capacity of equipment producers and distributors, energy service consultants and [...]

Municipal governance considers to revoke 22 projects Posted: 19 May 2011 09:16 PM PDT Thai Nguyen provincial governance on May 17 said that only 137 of 217 works and ground clearance projects had been handed over to investors because of standstill in ground clearance, inadequacies in compensation policy. Till the end of first quarter of 2011, there were around 460 projects granted with the investment certificates and approval with [...]

Should SBV purchase US dollar at this time? Posted: 19 May 2011 09:10 PM PDT The foreign currency market last week saw many changes as listed forex rate in the banking system continued being kept at low level. On May 13, at Vietcombank, US dollar was purchased at 20,520 dong and sold at 20,620 dong while the buying price at Eximbank ranged between 20,520-20,545 dong per US dollar and the [...]

State fails capital mobilization via 3-year bonds Posted: 19 May 2011 09:06 PM PDT None of 1 trillion dong of 3-year government bonds was raised in the tender May 19 on the Hanoi Stock Exchange (HNX). The bonds have a maturity of three years, issued on May 23, 2011 by State Treasury. However, there were eight members joining the tender with lawful bidding volume of 971 billion dong. The [...]

Steel projects breaking planning, wasting minerals Posted: 19 May 2011 09:06 PM PDT Continued establishment of steel projects actually has caused many difficulties for the heavy industry in Vietnam. Those are steel mills with outdated technologies, energy wastage and environmental pollution. Steel sector planning has been broken by "multi-billion US dollar projects" as well as tiny ones. The problem is whether the steel sector is out of law? [...]

Ha Noi to promote rural industry Posted: 19 May 2011 09:04 PM PDT The Ha Noi People’s Committee plans to spend VND235 billion (US$11.7 million) on stimulating industry in rural areas during 2011-15, officials announced. Hoang Xuan Thuy, director of the Ha Noi Industrial Promotion Centre, said from 2005-10, VND34.3 billion ($1.6 million) from the municipal budget was spent on programmes that aimed to stimulate industry. The city’s [...]

Bank deposit interest rates surge Posted: 19 May 2011 09:03 PM PDT The deposit interest rate at some commercial banks has significantly exceeded the State Bank of Viet Nam’s cap and has hit 19 per cent per year. While banks are officially quoting the same 14 per cent interest rate for dong deposits, credit officials have been offering depositors between 16-19 per cent per year. “Many depositors [...]

New players sprout up in City’s fresh-food chain market Posted: 19 May 2011 09:03 PM PDT Fresh-food chains are mushrooming in HCM City, with many new players entering what they think will be a promising industry. The first shop exclusively for fresh foods was set up by Saigon Co.op, the country’s largest supermarket chain, in District 5 as recently as in 2008. Since then, the company has opened 17 more around [...]

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