Vietnam Business News

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• Vietnamese auto industry addicted to imports
• Customers snub city’s traditional markets
• Central bank honors foreign banker for 1st time
• Plan to auction guesthouse decried
• Vietnam to export 6.4 million tonnes of rice
• ANZ opens Signature Priority Banking branch in Hanoi
• Costs spoil tourism’s mass appeal
• Park to replace giant steel complex
• Powering up market trial
• No time for backward steps Macro

Vietnamese auto industry addicted to imports Posted: 23 May 2011 12:36 AM PDT An increase in imports has compromised the "Made in Vietnam" strategy for the auto industry, which focused on domestic assembly and production. Both producers and joint ventures have tended to import vehicles from other Southeast Asian countries rather than focusing domestic manufacturing. Thailand has the largest auto factories in the region. Although there are plants [...]

Customers snub city’s traditional markets Posted: 23 May 2011 12:36 AM PDT Many retail markets in HCM City are facing a sharp decrease in stall occupancy rates, causing financial problems for market managers. At Pham Van Hai Retail Market in Tan Binh District, for example, most stalls selling fresh food closed by 10am the other day, far earlier than normal. Market vendor Huynh Thanh Hai said she [...]

Central bank honors foreign banker for 1st time Posted: 23 May 2011 12:34 AM PDT Thomas William Tobin, former CEO of HSBC Bank (Vietnam) Ltd, has become the first foreign banker to be awarded a Certificate of Merit by the central bank. Tobin was conferred the prestigious accolade by the director of the State Bank of Vietnam's Emulation and Commendation Department Saturday for his outstanding performance and contributions to Vietnam's [...]

Plan to auction guesthouse decried Posted: 23 May 2011 12:33 AM PDT The Ministry of Finance has approved a plan by the Ministry of Foreign Affairs to auction the 3.7ha Government Guesthouse in downtown HCM City and use the proceeds to fund major projects not specified as yet. However, experts have criticised the proposal, saying the complex, built in the 1950s, should be preserved for its historic, [...]

Vietnam to export 6.4 million tonnes of rice Posted: 22 May 2011 10:34 PM PDT The US Department of Agriculture forecast that Vietnam would export around 6.4 million of rice in 2011, according to the US financial news agency, Bloomberg. The Vietnam Food Association (VFA) said Vietnam had exported 2.869 million tonnes of rice by May 19, earning US$1.356 billion. The Vietnam Ministry of Industry and Trade expected to see [...]

ANZ opens Signature Priority Banking branch in Hanoi Posted: 22 May 2011 09:37 PM PDT ANZ today opened a Signature Priority Banking branch in Hanoi, providing greater convenience to its affluent retail banking customers in Vietnam. The new branch complements ANZ's first Signature Priority Banking branch in Ho Chi Minh City, which was opened in September 2010. Joe Farrugia, head of Retail Banking & Wealth Management ANZ Vietnam, said: "Vietnam [...]

Costs spoil tourism’s mass appeal Posted: 22 May 2011 09:37 PM PDT Land and import tax policy hurdles and soaring power prices may jeopardise Vietnam's ability to attract more tourism property developers. Celadon International Company's chief executive officer Paul Stoll said: "The land tax policy, applied on the total land area rather than the based construction area, requires additional investment to be allocated to land which may [...]

Park to replace giant steel complex Posted: 22 May 2011 09:36 PM PDT The government has agreed to develop an industrial park on the site of the country's ever-largest foreign invested project in Ninh Thuan province. Prime Minister Nguyen Tan Dung last week allowed the province to convert the $9.8 billion Ca Na steel complex, revoked two months ago, into Ca Na Industrial Park. He also agreed to [...]

Powering up market trial Posted: 22 May 2011 09:20 PM PDT The competitive power market trial from July 1, 2011 has drawn great public attention. Under current regulations, 83 power businesses with an annual production capacity of over 30 megawatts per year are eligible to participate in the competitive power market to win the right for selling power to the national power system. However, multi-purpose power [...]

No time for backward steps Macro Posted: 22 May 2011 09:20 PM PDT Local economists are warning inflation will continue to spiral unless the government sticks to its guns on tightened fiscal and monetary policies until the year's end. Nguyen Duc Thanh, director of the Vietnam Centre for Economic and Policy Research (VEPR) under the Hanoi-based University of Economics and Business, said inflation would possibly climb to 18 [...]

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