Vietnam Business News

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• Vung Ang EZ attracts nearly US$12 billion
• Banks lend $1.46 bln to thermal power plant in vietnam
• Interbank dong, dollar trading both rise, dong o/r rates up 0.61%
• Petrolimex, Petrochina in talks over $212 mln pipeline
• Japanese city urged to increase investment in Vietnam
• Minimum wage set for early rise
• Firms cool on registration codes
• Power outlook set to brighten up
• Tough credit hits realty sector
• 3 banks not yet raise charter capital to minimum vnd3tln

Vung Ang EZ attracts nearly US$12 billion Posted: 10 Jul 2011 09:35 PM PDT Since its establishment five years ago, the Vung Ang Economic Zone (EZ) have attracted 103 businesses, including 24 foreign investors with a total registered capital of nearly US$12 billion. The EZ covers neatly 23,000ha in nine communes of Ky Anh district with its Vung Ang-Son Duong Deep-water Port, capable of receiving 5-35,000- tonne ships by [...]

Banks lend $1.46 bln to thermal power plant in vietnam Posted: 10 Jul 2011 09:33 PM PDT Twelve foreign banks will join hands to lend more than $1.46 billion to Mong Duong 2 coal-fired power plant in northern Vietnam, the plant’s operator said on Monday. The first disbursement is expected next month for the $1.95 billion 1,240-megawatt plant in the coal hub province of Quang Ninh, AES-VCM Mong Duong Power Co said [...]

Interbank dong, dollar trading both rise, dong o/r rates up 0.61% Posted: 10 Jul 2011 09:32 PM PDT Trading value of the dong and dollar both increased to VND 154.531 trillion and $3.069 billion on the inter-bank market during the week ending June 29, said the State Bank of Vietnam (SBV) in a statement. Overnight trading of the dong was VND 63.511 trillion, accounting for 41% of total dong trading value; while that [...]

Petrolimex, Petrochina in talks over $212 mln pipeline Posted: 10 Jul 2011 09:31 PM PDT Petrolimex, Vietnam’s largest oil product distributor, has discussed with China’s top oil producer, PetroChina , a $212 million project to build a pipeline for taking Chinese refined products to Vietnam, the Vietnamese firm said. Petrolimex, Vietnam’s largest oil product distributor, has discussed with China’s top oil producer, PetroChina , a $212 million project to build [...]

Japanese city urged to increase investment in Vietnam Posted: 10 Jul 2011 08:31 PM PDT Vietnamese Politburo member has suggested Japan's Osaka city have supportive policies for Japanese businesses to expand operations and increase investment in Vietnam. Truong Tan Sang, also standing member of the Secretariat of the Communist Party of Vietnam Central Committee, made the suggestion while receiving the Osaka Mayor, Kunio Hiramatsu, in Hanoi on July 9. In [...]

Minimum wage set for early rise Posted: 10 Jul 2011 08:31 PM PDT The government looks set to push ahead with an earlier than planned, fourth quarter rise in the country's minimum wage. It is a move the Ministry of Labour, Invalids and Social Affairs (MoLISA) said would not blunt Vietnam's competitive edge on labour costs. In a proposal sent to the government early this month, MoLISA proposed [...]

Firms cool on registration codes Posted: 10 Jul 2011 08:30 PM PDT Businesses' concerns over a lack of flexibility when it comes to registering their business activities have been eased. According to Ministry of Planning and Investment's (MPI) Business Registration Department executives, businesses have two options when it comes to registering. They can write down in their enterprise registration certificates that they operate in areas specified in [...]

Power outlook set to brighten up Posted: 10 Jul 2011 08:30 PM PDT 'The movements on the Hai Duong and Mong Duong 2 projects are really positive at this time' Vietnam's manufacturers can look forward to more stable power supply in future with two giant coal-fired power plants slated to come online. The investors of the two plants, both independent foreign power producers, have now completed administrative procedures [...]

Tough credit hits realty sector Posted: 10 Jul 2011 08:29 PM PDT Nguyen Van Duc, deputy general director at Dat Lanh Property Company, said banks were more reluctant to sign new funding contracts with property developers in 2011. "For signed credit contracts, banks are also slowing the process," said Duc. By June 10, according to the State Bank Governor Nguyen Van Giau, total loans for the property [...]

3 banks not yet raise charter capital to minimum vnd3tln Posted: 10 Jul 2011 08:29 PM PDT As many as 3 banks haven't raised minimum charter capital to VND 3 trillion as requested by the State Bank of Vietnam in the amended Decree 141 due to sluggish local stock market, the online newspaper Dau Tu Chung Khoan reported July 8. Gia Dinh Bank failed to scale up its charter capital to VND3 [...]

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