Vietnam Business News

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• Unable to access bank loans, businesses seek black credit
• Concerns rise over price hikes
• Few accept loans to build boarding houses
• Vietnam likely imposes 10% tax on gold jewelry export
• Average 6-month interbank interest rate soars to 18%
• Vietnam, Japan cooperate in food and foodstuff production
• Dong Nai grows greener – and greener
• FPT corporation makes high profits in H1
• Big bio-agriculture complex to be built
• Lang Son, Guangxi discuss grapes planting

Unable to access bank loans, businesses seek black credit Posted: 21 Jul 2011 11:37 PM PDT The bank policy on tightening credit has caused thousands of businesses' lives to be hung by a thread, because they do not have money to keep production. As a result, many of them have to "leap in the dark" by accessing black credit at the interest rates of up to 108 percent per annum. Tran [...]

Concerns rise over price hikes Posted: 21 Jul 2011 11:36 PM PDT Policymakers and experts warned on Tuesday that the nation's economic prospect in the second half of the year would be gloom with higher commodity prices and limited room for policy maneuvering. Economist Nguyen Minh Phong said at a conference held by the Finance Ministry on Tuesday in Hanoi to review pricing issues that the consumer [...]

Few accept loans to build boarding houses Posted: 21 Jul 2011 11:35 PM PDT Family households and individuals are shying away from applying for loans to build boarding houses for low-income earners because of requirements under Decision 18, which came into force on April 7. The HCM City People’s Committee has offered loans but few people are taking them up on the offer. About 90 per cent of boarding [...]

Vietnam likely imposes 10% tax on gold jewelry export Posted: 21 Jul 2011 11:34 PM PDT Vietnam may impose a tariff of 10% on gold jewelry export in an effort to prevent local firms from exporting bullion under the form of jewelry products with low purity, said Ngo Huu Loi, Head of Tax Policy Department under Ministry of Finance. Vietnam may impose a tariff of 10% on gold jewelry export in [...]

Average 6-month interbank interest rate soars to 18% Posted: 21 Jul 2011 11:34 PM PDT The average interbank interest rate on July 19 for 6-month term surged to 18% p.a. , up 1.5% from the previous day, according to the State Bank of Vietnam (SBV)'s data on its website. The average interbank interest rates for other terms also soared by between 0.2% p.a. and 0.58% p.a. compared to those on [...]

Vietnam, Japan cooperate in food and foodstuff production Posted: 21 Jul 2011 11:33 PM PDT Vietnam's Dong Nai Food Industrial Corporation and Japan's Marubeni Corporation on July 21 signed a strategic cooperation agreement on food and foodstuff production. The aim is to serve strategic agriculture projects by supplying agricultural produce for the cattle-feed processing industry, as well as minimizing losses after harvest and increasing the use of domestic materials to [...]

Dong Nai grows greener – and greener Posted: 21 Jul 2011 08:50 PM PDT Authorities in the southern province of Dong Nai have set long-term targets for building a green sustainable economy, with strategies that protect and expand the forest cover. Since closing the forest gates in 1997, the province has become the largest forest area in the southwestern region, with green cover representing more than 54 per cent [...]

FPT corporation makes high profits in H1 Posted: 21 Jul 2011 08:50 PM PDT Despite the global turmoil, FPT corporation continued to perform well in the first six months, posting a revenue of VND12.1 trillion (US$592 million), up 22 per cent over the same period last year. The corporation’s deputy general director, Nguyen The Phuong, said the corporation’s pre-tax profit reached VND1.2 trillion ($60 million), an 11-per -cent growth [...]

Big bio-agriculture complex to be built Posted: 21 Jul 2011 08:49 PM PDT Viet Nam’s biggest hi-tech bio-agriculture complex will be built in the Central Highlands province of Lam Dong early next year, according to the deputy director of the provincial Department of Science and Technology, Dr Le Xuan Tham. The project will cost about VND2 trillion (US$97 million), of which VND350 billion ($17 million) is from the [...]

Lang Son, Guangxi discuss grapes planting Posted: 21 Jul 2011 08:49 PM PDT The Department of Science and Technology of the north border province of Lang Son hosted a scientific workshop on July 20 on cooperation in planting grapes with Guangxi province of China . Attending the workshop were leaders, technicians from the two provinces' Departments of Sciences and Technology along with some concerned departments and sectors and [...]

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