Vietnam Business News

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• State Bank forms advisory panel of top commercial banks
• Lending interest rates have not decreased as declared
• Strong hand to knock market into shape
• Vinacomin to divest from non-core business
• Vietnam may lose Buon Ma Thuot coffee brand
• In preparing for FTAs, Vietnam needs to install non-tariff barriers
• Da Nang chosen for low-carbon city project
• Ciencos keep staying outside WB and ADB funded projects
• HCM City woos Japanese trade investors
• Gold price regains 400,000 dong to 47.5m dong/tael

State Bank forms advisory panel of top commercial banks Posted: 14 Sep 2011 10:28 PM PDT The State Bank of Viet Nam plans to establish a standing group of 12 leading commercial banks which represent 85 per cent of market share to address issues that arise in the banking system. The group, to be known informally as G12+1, will meet every three months or as required to improve interaction between the [...]

Lending interest rates have not decreased as declared Posted: 14 Sep 2011 10:28 PM PDT Businesses complain that the actual lending interest rates they have to pay are not as low as announced by commercial banks. In fact, the interest rates of 17-19 percent quoted by banks are being applied only to a few clients. After the State Bank of Vietnam showed its determination to ease the interest rates, a [...]

Strong hand to knock market into shape Posted: 14 Sep 2011 10:27 PM PDT Vietnam Association of Financial Investors (VAFI) just forwarded a 'special' letter to new Minister of Finance (MoF) Vuong Dinh Hue and State Bank Governor Nguyen Van Binh detailing strong reforms. These include bringing the lending rate to 12 per cent per year, modifying bullion market management and cutting down 20 per cent of joint stock [...]

Vinacomin to divest from non-core business Posted: 14 Sep 2011 10:27 PM PDT The Viet Nam National Coal and Mineral Industries Group, or Vinacomin, has announced plans to withdraw capital from the Viet Nam Aviation Insurance Joint Stock Co (VNI) and officially set in motion plans to pull out from its non-core business this year. Vinacomin’s total investment in VNI is roughly VND50 billion (US$2.4 million) and the [...]

Vietnam may lose Buon Ma Thuot coffee brand Posted: 14 Sep 2011 10:26 PM PDT The fact that Vietnamese "Buon Ma Thuot" geographical indication has been discovered as stolen by a Chinese enterprise, has raised the worry that Vietnamese real coffee products with Buon Ma Thuot brand cannot enter the Chinese market. The problem lies in the fact that a Chinese company has registered the trademark "Buon Ma Thuot" as [...]

In preparing for FTAs, Vietnam needs to install non-tariff barriers Posted: 14 Sep 2011 10:26 PM PDT Pham Chi Lan, a well known economist in Vietnam, has urged relevant ministries to consider installing non-tariff barriers to control the imports, which she believes a very important thing that needs to be done in preparing for the implementation of free trade agreements (FTAs). From now to 2015, under the commitments Vietnam has made in [...]

Da Nang chosen for low-carbon city project Posted: 14 Sep 2011 10:25 PM PDT APEC energy and transport ministers have selected Vietnam's Da Nang city, together with Thailand's Koh Samui and Peru's San Borja, for a green model city project. The project is aimed at reducing CO2 emissions from public transportation and households business by using environmental technologies. It also aims to promote the use of solar, wind and [...]

Ciencos keep staying outside WB and ADB funded projects Posted: 14 Sep 2011 10:25 PM PDT The plan to rescue seven civil engineering construction corporations (Ciencos) by joining the bids for big-scale infrastructure projects using the loans from the World Bank (WB) and the Asian Development Bank (ADB) proves to have low feasibility. It is now clear that it is nearly impossible for the seven Ciencos, the leading construction and installation [...]

HCM City woos Japanese trade investors Posted: 14 Sep 2011 10:24 PM PDT An official from the Investment and Trade Promotion Centre (ITPC) of Ho Chi Minh City has called on Japanese enterprises to pour their investment into the city, especially into trade and services. Nguyen Anh Ngoc, ITPC Deputy Head, was speaking to about 150 delegates at a seminar co-organised by HCM City People's Committee and the [...]

Gold price regains 400,000 dong to 47.5m dong/tael Posted: 14 Sep 2011 05:45 PM PDT At 8:15 am local time on September 14, the local gold price increased 250,000-450,000 dong per tael from yesterday to 47.5 million dong per tael. The SJC gold price in Hanoi is quoted at 47.3-47.52 million dong per tael, up 400,000 dong/tael in selling price from late yesterday. The gap between the buying and selling [...]

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