Vietnam Business News

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• Developers adopt new survival strategies
• Credit squeeze is leaving firms on their knees
• Ministry mulls sinking $1.8 bln into loss-making shipping line
• Animal feed imports drop to 618m USD
• Shares soar on high volumes and values
• Growth target under threat
• Southern police unearth illegal gas trading ring
• Banks try to charge all possible fees on ATM transactions
• The world’s big guys who have to pack up and go
• Hanoi’s billionaires spend money on seaside villas

Developers adopt new survival strategies Posted: 07 May 2012 12:50 AM PDT The State Bank of Viet Nam has loosened its grip on real estate loans recently in a long-awaited move that some industry insiders say may help revive the stagnant market. The central bank excluded some types of real estate loans from the list of “non-production” loans – a credit category that commercial banks have been [...]

Credit squeeze is leaving firms on their knees Posted: 07 May 2012 12:50 AM PDT The State Bank recently cut key interest rates on government concerns over signs of economic stagnancy in Vietnam, such as high inventories and negative credit growth. LienVietPostBank's vice chairman Nguyen Duc Huong tells VIR's Nguyen Hanh why he supports the moves. Some international financial institutions argued the State Bank's recent moves to cut key rates, [...]

Ministry mulls sinking $1.8 bln into loss-making shipping line Posted: 07 May 2012 12:49 AM PDT Although most of the vessels in the ship fleets of the Vietnam National Shipping Lines, or Vinalines, have been operating inefficiently, the Ministry of Transport plans to pour in another VND100 trillion, or US$1.8 billion, to "modernize the fleets" by 2020. The ministry proposed an industrialization and modernization plan that included a two-phase investment into [...]

Animal feed imports drop to 618m USD Posted: 07 May 2012 12:47 AM PDT Vietnam spent 618 million USD to import animal feed in the first four months of this year, down 19.3 percent from the same period last year, according to the Ministry of Agriculture and Rural Development. Pham Duc Binh, deputy chairman of the Vietnam Animal Feed Association, attributed the lower import value to decreasing prices of [...]

Shares soar on high volumes and values Posted: 07 May 2012 12:46 AM PDT Stock closed this morning’s session higher at both national stock exchanges on high volumes and values. On the HCM City Stock Exchange, the VN-Index gained 1.18 per cent to stand at 481.92 points on a turnover of nearly VND1.27 trillion (US$60.4 million). Advancers outnumbered decliners by 205-51, of which 117 codes hit the daily limit [...]

Growth target under threat Posted: 07 May 2012 12:46 AM PDT Continued high inventory levels and low industrial production growth are threatening the government's economic growth target. Firms' high inventory levels and negative credit growth are symptoms of economic stagnancy The Ministry of Planning and Investment (MPI) last week reported that Vietnam's inventory level in this year's first four months grew 35 per cent, far higher [...]

Southern police unearth illegal gas trading ring Posted: 07 May 2012 12:45 AM PDT Following the discovery of illegal cooking gas extraction in the southern province of Dong Nai, the provincial economic police (PC46) announced on Saturday that they have unearthed a large-scale illegal gas trading racket. "There's now enough ground to confirm that the Gas Viet Co Ltd run by 48-year-old Dang Gia Tuong is operating a ring [...]

Banks try to charge all possible fees on ATM transactions Posted: 06 May 2012 09:27 PM PDT After rejecting the proposal by commercial banks to collect fees from cash withdrawal transactions from ATMs, the State Bank has turned the green light on the fee collection, despite the strong opposition from the public. Governor of the State Bank of Vietnam Nguyen Van Binh stated at Agribank's 2012 business conference recently–that banks would be [...]

The world’s big guys who have to pack up and go Posted: 06 May 2012 09:26 PM PDT A lot of big guys, who have been prospering in the world market, did not succeed with their business performance in Vietnam and have to leave the potential market. In July 2009, VimpelCom, a big mobile network operator in Eastern Europe and Central Asia, joined forces with Vietnamese Gtel to set up a new mobile [...]

Hanoi’s billionaires spend money on seaside villas Posted: 06 May 2012 09:19 PM PDT Billionaires seem to be unhurt by the economic difficulties. They still can spend millions of dollars to buy sea-view villas at the resorts. While all the other real estate market segments have been frozen due to the economic difficulties and the tightened monetary and credit policies, the resort real estate segment still has been bustling, [...]

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