Vietnam Business News

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• Lao Bao trade zone gets a master plan
• Footwear exports hit record high in June
• PetroVietnam announces higher earnings for 2011
• Delays likely in office building projects
• Striking the right balance in the Labour Code
• Steel consumption slumps in June
• Market research key to survival
• Vietnam property market still safe
• Vietnamese bonds rise for 2nd day after borrowing costs lowered
• Investors pump into banking shares

Lao Bao trade zone gets a master plan Posted: 05 Jul 2011 09:09 PM PDT The central province of Quang Tri has announced a master plan to upgrade Lao Bao special trade and economic zone on the Viet Nam-Laos border area by 2025 to include a residential urban area. Deputy head of the zone’s management board Nguyen Van Binh said the plan had been approved by Prime Minister Nguyen Tan [...]

Footwear exports hit record high in June Posted: 05 Jul 2011 09:09 PM PDT Monthly leather and footwear exports for the first time exceeded the threshold of US$600 million in June, according to the General Statistics Office. June’s export earnings of $610 million lifted the industry’s exports in the first six months of the year to nearly $3 billion, up 31 per cent from the same period last year, [...]

PetroVietnam announces higher earnings for 2011 Posted: 05 Jul 2011 09:08 PM PDT The PetroVietnam Group, the nation’s State-owned oil and gas group, has posted profits of VND49.9 trillion (US$2.4 billion) so far this year, PetroVietnam’s President Phung Dinh Thuc said at a meeting yesterday. “Our growth has nearly doubled after two years, and we plan to exceed our targets set earlier this year,” Thuc said. Although two [...]

Delays likely in office building projects Posted: 05 Jul 2011 09:08 PM PDT 0ffice building projects scheduled to enter the market from 2013 onward show signs of delay in HCM City, according to a property service consultant. Chris Currie, associate director for office services of the real estate services provider CBRE Viet Nam, said projects including SJC Tower and BIDV Tower, both in the downtown area, showed no [...]

Striking the right balance in the Labour Code Posted: 05 Jul 2011 09:07 PM PDT The Labour Code of Viet Nam has been undergoing considerable debate and re-drafting. With the participation of the International Labour Organisation (ILO), Vietnamese lawmakers have attempted to standardise certain provisions of domestic law to be consistent with the conventions of the ILO, attempting to balance social needs and domestic development with international integration. Through the [...]

Steel consumption slumps in June Posted: 05 Jul 2011 09:06 PM PDT The Viet Nam Steel Association (VSA) has reported a June slump in both steel production and consumption due to a Government cut in expenditure. According to the association, domestic steel makers produced only 330,000 tonnes of steel, a month-on-month decrease of 24.6 per cent,There are now more efforts to bring things to a conclusion and [...]

Market research key to survival Posted: 05 Jul 2011 09:05 PM PDT Market research was key to enhancing business in the context of growing fierce competition, according to chairwoman of the Hau Giang Pharmaceutical Company Pham Thi Viet Nga. Nga said that in difficult financial circumstances, businesses had to tighten their management and minimise costs to survive and grow. It was also necessary to invest in in-depth [...]

Vietnam property market still safe Posted: 05 Jul 2011 09:04 PM PDT Vietnam's real estate market would not collapse even though it is now in a downturn and credit has been tightened, Deputy Construction Minister Nguyen Tran Nam said at press briefing Friday. Nam said that many officials and the public have expressed concerns that the market could fall apart due to credit payment difficulties, but it [...]

Vietnamese bonds rise for 2nd day after borrowing costs lowered Posted: 05 Jul 2011 09:03 PM PDT Vietnam's five-year bonds rose for a second day after the central bank lowered borrowing costs yesterday. The State Bank of Vietnam cut the repurchase rate by one %age point to 14 %, according to an e-mailed statement. The move came even after consumer prices rose 20.8 % in June from a year earlier, the most [...]

Investors pump into banking shares Posted: 05 Jul 2011 09:02 PM PDT Investors with strong financial base have poured large amount into banking share since they expected investment in banks were safest and financial sector would rally soon. "If I have idle investments, I will definitely pump all into banking shares, instead of depositing in lenders. Nothing is as profitable as banking shares," said an investor in [...]

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