Vietnam Business News

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• EVN steps up hydropower project in Cambodia
• Vietnam-Japan relations see positive development
• Sky falls in on private airlines
• PM approves equitisation and restructuring plan for Petrolimex
• 651tr dong set for oil and gas distribution and production
• Most inward remittances poured into realty market
• US dollar lending rate lower
• Vietnam moves to limit dollar hoarding, trade gap
• US dollar lending continues being tightened
• Petrolimex to auction 2.5% of its charter capital

EVN steps up hydropower project in Cambodia Posted: 02 Jun 2011 11:04 PM PDT EVN International JSC, a subsidiary of Electricity of Vietnam (EVN), has laid out its plan of compensation and resettlement for local residents living around its new hydropower project in the Cambodian province of Stung Treng . The Han Se San II hydropower project, a joint venture between EVN International and Cambodia's Royal Group, is located [...]

Vietnam-Japan relations see positive development Posted: 02 Jun 2011 11:03 PM PDT Party Politburo member Truong Tan Sang has spoken highly of the positive development of Vietnam-Japan relations over the last 40 years. In his talks with Japanese Prime Minister Naoto Kan in Tokyo on the second day of his Japan visit, Sang, who is also permanent member of the Secretariat of the Communist Party of Vietnam [...]

Sky falls in on private airlines Posted: 02 Jun 2011 11:03 PM PDT Several underperforming private airlines face having their wings clipped. Indochina Airlines (VP), Vietjet Aviation Joint Stock Company and Trai Thien Air Cargo have just a month to satisfy the requirements set by the Civil Aviation Administration of Vietnam (CAAV) to maintain air transport trading licences. In late January 2011, VP which stopped flying for around [...]

PM approves equitisation and restructuring plan for Petrolimex Posted: 02 Jun 2011 11:01 PM PDT Vietnam National Petroleum Corp (Petrolimex) with a chartered capital of 10.7 trillion dong will auction 27,425,933 shares or 2.56% of its chartered capital to the public. The prime minister Nguyen Tan Dung recently approved the equitisation and restructuring plan for Petrolimex whereby the state holding will be retained and the company will issue more shares [...]

651tr dong set for oil and gas distribution and production Posted: 02 Jun 2011 11:01 PM PDT Ministry of Industry and Trade (MoIT) has recently issued a decision approving the development plan of oil and gas distribution and production system for the period 2010-2020 and orientation to 2025. The decision noted that the state economy still remains a key role in the production and distribution of petroleum, of which, it encourages the [...]

Most inward remittances poured into realty market Posted: 02 Jun 2011 11:00 PM PDT Most inward remittances sent to Vietnam have been being used to purchase land and a smaller part is for savings and buying products of long-term use. At a conference on international migration held on June 1 in Hanoi, Nguyen Viet Cuong and Daniel Mont from the World Bank (WB) said the assessment is based on [...]

US dollar lending rate lower Posted: 02 Jun 2011 11:00 PM PDT The State Bank of Vietnam lately issued Circular 14 regulating the maximum deposit rates for US dollar at credit institutions, accordingly from June 2, banks are allowed to raise deposits from residents at maximum 2% a year and from institutions at 0.5% per annum only. The maximum threshold includes costs for promotion under various forms, [...]

Vietnam moves to limit dollar hoarding, trade gap Posted: 02 Jun 2011 10:59 PM PDT Vietnam lowered the ceiling on dollar deposit rates on Thursday in its latest attempt to limit the circulation of the U.S. currency in the economy, which is struggling with a widening trade deficit and stubbornly high inflation. The central bank said it cut the dollar deposit rate on bank deposits by individuals to 2 percent [...]

US dollar lending continues being tightened Posted: 02 Jun 2011 10:59 PM PDT With the State Bank of Vietnam's decision of raising compulsory reserve ratio on US dollar deposits by 1%, which was issued on Jun 1, US dollar loan rates at banks may be increased in the coming time, according to the VnExpress. According to Decision No 1209/QD-NHNN, from June, banks (excluding Agribank) have to set aside [...]

Petrolimex to auction 2.5% of its charter capital Posted: 02 Jun 2011 10:59 PM PDT Prime Minister approved the equitisation and restructuring plan of Petrolimex accordingly, the firm will have to maintain state ownership at minimum 75% and issue shares for capital raising. Petrolimex has a charter capital of 10.7 trillion dong. Total shares for IPO of Petrolimex is 1.070 billion including 1,01,401,867 shares belonging to the state (equaling to [...]

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