Vietnam Business News

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• WTO commitments prevent tax hikes to curb imports
• Prices of essential goods to stabilise
• Farmers fret over high fertiliser prices during growing season
• Seafood sector sees strong growth
• HN taxation bureau collects $11.3 million from tax evaders
• Dollar exchange to hold steady till year-end: ANZ
• Banks target higher second-half earnings
• Vietnam attends rice conferences in Thailand
• China purchases cashew bean at record price
• Vietnam Social Policy Bank to tender 2tr dong of bonds on June 24

WTO commitments prevent tax hikes to curb imports Posted: 22 Jun 2011 01:20 AM PDT Two key economic indicators, inflation and trade deficit, have plagued Viet Nam’s economic recovery for the last two years, and caused the Government to walk a policy tightrope. In February, the Government proposed a five-prong approach to address the dual problems of inflation and trade deficit. The approach sought to foster domestic production, encourage exports, [...]

Prices of essential goods to stabilise Posted: 22 Jun 2011 01:20 AM PDT The inflation rate is expected to rise by 1.2 to 1.4 per cent in June, with price increases slowing in most categories of agricultural commodities and other essential goods, the director of the price management department of the Ministry of Finance, Nguyen Tien Thoa, has said. Rice prices were expected to stabilise or decline slightly [...]

Farmers fret over high fertiliser prices during growing season Posted: 22 Jun 2011 01:20 AM PDT A strong increase in fertiliser prices during June has caused farmers, who need to spray their summer-autumn crops, much worry, according to the Ministry of Industry and Trade’s Market Watch Team. Le Quoc Phong, deputy chairman of the Viet Nam Fertiliser Association and general director of the Binh Dien Fertiliser JSC, confirmed that urea and [...]

Seafood sector sees strong growth Posted: 22 Jun 2011 01:19 AM PDT Viet Nam’s seafood sector has made remarkable progress, especially in exporting tra and basa fish, in the past decade, according to a report from the Fisheries Directorate under Viet Nam’s Ministry of Agriculture and Rural Development. Chu Tien Vinh, deputy Director General of the Directorate of Fisheries, said the sector earned US$5 billion from exports [...]

HN taxation bureau collects $11.3 million from tax evaders Posted: 22 Jun 2011 01:19 AM PDT The taxation office collected VND232 billion (US$11.3 million) in fines from tax evaders in the first half of this year. Thai Dung Tien, deputy chief of the Ha Noi Taxation Bureau, said in the last six months tax receipts totalled VND54.6 trillion ($2.6.6 billion), an increase of 11.1 per cent compared to the same period [...]

Dollar exchange to hold steady till year-end: ANZ Posted: 22 Jun 2011 01:18 AM PDT The US dollar-Vietnamese dong exchange rate is expected to hold steady to the end of this year, but ANZ bank anticipates a dong devaluation early next year. According to the bank’s report released today, Government efforts to stabilise the foreign exchange market and restore confidence in the dong were having a positive effect. The dong [...]

Banks target higher second-half earnings Posted: 22 Jun 2011 01:18 AM PDT Local commercial banks are hoping to earn higher profits in the next two quarters of the year so that they can meet their annual pretax targets, but current market conditions make this a difficult task. The first half of the fiscal year is almost over, but pretax profits at many banks only meet 20-30 per [...]

Vietnam attends rice conferences in Thailand Posted: 22 Jun 2011 01:17 AM PDT Vietnam together with world-leading rice trading nations are attending the World Rice Standard Summit 2011 in Nakhon Sawan province, Thailand, on June 22. Earlier, Vietnam also had a chance to seek international trade partners at the Thailand National Rice Conference in Bangkok on June 20. The two events are aimed at boosting rice production and [...]

China purchases cashew bean at record price Posted: 22 Jun 2011 01:16 AM PDT The country exported two batches of primarily processed cashew bean with total volume of 63 tons at a record high of 45,000 yuan per ton equaling to $7,000 per ton via Mong Cai border gate, a source from Ministry of Industry and Trade said. Cashew price to China is increasing rapidly because the buyer demands [...]

Vietnam Social Policy Bank to tender 2tr dong of bonds on June 24 Posted: 22 Jun 2011 01:15 AM PDT Vietnam Social Policy Bank will tender 2 trillion dong worth of government-guaranteed bonds including 500 billon dong of 2-year bonds, 1 trillion dong of 3-year bonds and 500 billion dong of 5-year debts, the Hanoi Stock Exchange (HNX) announced. The payment method is made once when due, interest will be paid annually on issuance date. [...]

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