Vietnam Business News

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• Vietnam’s forex reserves at 1.6 months of import: ADB says
• Exports to Argentina soar
• China pays slighty lower latex price
• Firms flout disclosure deadline
• Real estate floors to go under microscope
• City changes tune on solid waste imports
• Foreign companies under scrutiny
• FDI plunges in property sector
• Exporters seek Japan toehold
• Competition for produce heats up at border

Vietnam’s forex reserves at 1.6 months of import: ADB says Posted: 30 Jul 2011 05:33 AM PDT Vietnam’s foreign reserves cover only 1.6 months of import, which’s the lowest among emerging East Asian countries, said Asian Development Bank in its semi-annual publication “Asian Economic Monitor” released in July. According to trade figures in Jan-July, Vietnam’s foreign reserves are now estimated at $13 billion compared to $12.4 billion estimated by ADB earlier in [...]

Exports to Argentina soar Posted: 30 Jul 2011 05:31 AM PDT Export activities between Viet Nam and Argentina increased 3.4 folds during the past five years, according to General Department of Customs statistics. Exports last year recorded revenues of US$917 million compared to only $271.6 million in 2006. During the first six months of this year, footwear and textile sectors experienced growth rates of more than [...]

China pays slighty lower latex price Posted: 30 Jul 2011 05:30 AM PDT The price of natural rubber exported to mainland China has decreased by roughly 1,000 yuan (US$ 155) to 31,000 yuan ($4812) per tonne against early July, according to the Viet Nam Rubber Association. The decrease has been attributed to an excess supply of rubber at Viet Nam-China border areas and Viet Nam having increased its [...]

Firms flout disclosure deadline Posted: 30 Jul 2011 05:30 AM PDT Only about 210 of the 682 companies on the nation’s two stock exchanges have released their earnings reports for the second quarter, in accordance with the July 25 deadline mandated by law. In other words, about 70 per cent of the companies remained out of compliance with disclosure regulations. Among the leading firms that were [...]

Real estate floors to go under microscope Posted: 30 Jul 2011 05:29 AM PDT The Ministry of Construction (MoC) in co-operation with city and provincial authorities will inspect all real estate trading floors to make sure trading and brokerage operations are in good order, Pham Gia Yen, chief ministry inspector, has said. Deputy Minister of Construction Nguyen Tran Nam said drastic action was necessary because of a recent series [...]

City changes tune on solid waste imports Posted: 30 Jul 2011 05:29 AM PDT The HCM City People’s Committee has revoked its approval of a plan to import 10,000 tonnes of solid waste meant for testing waste management facilities belonging to a private firm. The solid waste treatment plant in question is located in the city’s Binh Chanh District. In an official dispatch sent on Thursday, the city administration [...]

Foreign companies under scrutiny Posted: 30 Jul 2011 05:29 AM PDT The HCM City Tax Department said its efforts to crack down on transfer price abuse by foreign-invested firms have proved successful, with tax revenues in the first seven months increasing by 22 per cent. It joined battle two years ago with foreign-invested firms that under-reported profits or claimed losses by manipulating transfer pricing and they [...]

FDI plunges in property sector Posted: 30 Jul 2011 05:28 AM PDT Foreign investment in the property sector this year has been the lowest in the last five years, with analysts attributing it to the lingering impact of the economic meltdown. FDI in the first half was US$5.66 billion, or just over than half the amount pledged in the same period last year. Of which, investment in [...]

Exporters seek Japan toehold Posted: 30 Jul 2011 05:28 AM PDT Exports to Japan have surged after the recent disasters but businesses are finding it difficult to enter the market. Cao Tien Vi, chairman of the Sai Gon Paper Corporation, said quality was always a priority for the Japanese. They were willing to negotiate on prices but never on quality. Vi said Japanese importers would refuse [...]

Competition for produce heats up at border Posted: 30 Jul 2011 05:27 AM PDT The Ministry of Industry and Trade has ordered border provinces to report on any difficulties that food wholesalers have had in purchasing agricultural produce, following reports that Chinese traders are buying up substantial quantities of meat, seafood, eggs and other products. However, it was difficult to confirm the rumours since no official statistics were yet [...]

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