Vietnam Business News
Vietnam Business News |
- HSBC Viet Nam sees strong growth
- Techcombank best in emerging market
- Cooking gas distributors agree to cut prices
- Steelmakers face power rate hike
- PetroVietnam oil profits hit record high
- Special eco-commercial zone sinking with low consumption
- Banks shoot to minimise risks, bad debt
- Stocks rebound after holiday
- Lamenting of losses, EVN still posts strong growth
- Japanese group to buy Vietnamese Food Company
HSBC Viet Nam sees strong growth Posted: 03 Apr 2012 12:34 AM PDT HSBC Viet Nam’s pre-tax profits grew 40 per cent last year to VND1.97 trillion (US$94 million). Its results announced last week show net operating turnover before loan impairment charges – of less than 1 per cent of loans – was up 44 per cent to VND2.16 trillion ($103 million). Total assets as of December 31 [...] |
Techcombank best in emerging market Posted: 03 Apr 2012 12:33 AM PDT The Global Finance Magazine recently awarded the prize of “Best Emerging Market Bank 2012 in Asia” to the Commercial and Technology Joint Stock Bank (Techcombank). Last year, the bank posted a pre-tax profit of VND4.2 trillion (US$200 million), up 53.2 per cent over the previous year. Its total assets increased by 20.4 per cent, reaching [...] |
Cooking gas distributors agree to cut prices Posted: 03 Apr 2012 12:32 AM PDT Members of the Viet Nam Gas Association have agreed to lower the retail price of gas by up to VND46,000 (over US$2) for a 12kg cylinder for April. Customers will be able to purchase 12kg gas cylinders for between VND405,000 to VND410,000 (about $20), depending on the brand. Nguyen Sy Thang, the association’s president, said [...] |
Steelmakers face power rate hike Posted: 03 Apr 2012 12:31 AM PDT The Electricity of Viet Nam (EVN) has proposed a price increase on electricity consumption by steel and cement industries. According to the Ministry of Industry and Trade (MoIT), it cost the power sector about VND2.547 trillion (US$121.3 million) to provide cheap power to the steel and cement sectors in 2010 alone. Foreign invested steel manufacturers [...] |
PetroVietnam oil profits hit record high Posted: 03 Apr 2012 12:28 AM PDT The PetroVietnam Group last year earned a record of over VND207 trillion (US$9.8 billion) from petroleum services, equal to 30.8 per cent of its total turnover. The figure, which was 25 to 30 per cent higher than the set target, was released at a conference held in the southern Vung Tau City last weekend to [...] |
Special eco-commercial zone sinking with low consumption Posted: 03 Apr 2012 12:25 AM PDT The VND500-billion (US$24 million) Lao Bao Special Economic – Commercial Zone in the central province of Quang Tri has fallen into disuse over the last few years as there are almost no customers. The Lao Bao Commercial Center, where most of the commercial activities of the zone gather, last month saw nearly 50 percent of [...] |
Banks shoot to minimise risks, bad debt Posted: 03 Apr 2012 12:24 AM PDT Commercial banks are striving to applying several risk control measures, essentially improving credit quality and reducing bad debt, as they confront a worsening problem with non-performing loans. The problem of non-performing loans turning into dead loans is predicted to worsen this year, when enterprises face more difficulties in carrying out their production and business operations. [...] |
Posted: 03 Apr 2012 12:24 AM PDT Shares opened this morning’s session in green after the three-day national holiday. On the HCM City Stock Exchange, the VN-Index retreated for a few minutes but finally rallied by nearly 1 per cent, reaching 445.26 points. The VN30 rose 1.1 per cent to 505.56 points. Advancers outnumbered decliners by 162-70. The value of trades, however, [...] |
Lamenting of losses, EVN still posts strong growth Posted: 03 Apr 2012 12:22 AM PDT Despite repeatedly complaining of losses over the last few years, the Electricity of Vietnam Group, commonly known as EVN, has paradoxically posted strong growth in revenue during these loss-stricken periods. Last year the power monopoly increased the power price by 15.28 percent, but saw its revenue rise by as much as 27 percent, raising questions among [...] |
Japanese group to buy Vietnamese Food Company Posted: 03 Apr 2012 12:21 AM PDT The Japanese Sojitz Group plans to cooperate with its fellow food agency to buy Huong Thuy Trade, Services and Production Company and use its infrastructure to expand shares in Vietnam. Sojitz which is currently holding 25.01 per cent of Huong Thuy's shares will buy an additional 25.99 per cent of shares while its fellow agency, [...] |
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