Vietnam Business News

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• GM crops still far from mass cultivation
• Vietnam bonds have best week since 2009 on interest-rate outlook
• Ba Huan builds big chicken farm in Binh Duong
• Interbank rates down to three-year lows
• Many SOEs slow in restructuring
• Bianfishco’s savior also in financial constraints
• Enterprises struggle with high inventory
• First-ever private firm receives ODA from Japan
• Local authorities nationwide revoke slow-paced FDI projects
• Fitch affirms Vietnam rating at B+

GM crops still far from mass cultivation Posted: 12 May 2012 03:50 AM PDT Genetically-modified (GM) maize has yet to be grown en masse as there is still a requirement for tests if the variety can be used for animal feed production, but how long it will take is unknown. The Ministry of Agriculture and Rural Development said GM maize does no harm to the environment and biological diversification [...]

Vietnam bonds have best week since 2009 on interest-rate outlook Posted: 12 May 2012 03:49 AM PDT Vietnam's five-year bonds had the best week since January 2009 after the government asked the central bank to lower borrowing costs. The dong was little changed. The instruction posted on its website on May 9 cited slowing inflation as a reason to cut lending rates. Consumer prices climbed 10.54 percent in April from a year [...]

Ba Huan builds big chicken farm in Binh Duong Posted: 12 May 2012 03:48 AM PDT Ba Huan Co., Ltd has started building a large-scale chicken farm in Binh Duong Province at a cost of VND180 billion in a bid to better satisfy domestic consumption demand for chickens and eggs. The 18-hectare farm includes 28 coops for production of chicken eggs and one coop for production of breeders. It will supply [...]

Interbank rates down to three-year lows Posted: 12 May 2012 03:47 AM PDT Interest rates in the interbank market have dipped to the lowest levels in more than three years and local banks are facing excessive money supply on faltering credit demand. Overnight interbank rates on Wednesday hovered in the range of 3-4% a year for one night to one-week terms, easing against previous days. Meanwhile, the rates [...]

Many SOEs slow in restructuring Posted: 12 May 2012 03:42 AM PDT A slew of State-owned enterprises (SOEs) have yet to pass their restructuring schemes to the Prime Minister although this is what they must have done in the first quarter. According to the Steering Committee for Enterprise Reform and Development, only four State conglomerates and two corporations set up under Decision 91 have submitted their restructuring [...]

Bianfishco’s savior also in financial constraints Posted: 12 May 2012 03:38 AM PDT The construction firm 584 Group that has announced to pump VND500 billion for the debt-beleaguered Bianfishcocurrently has a VND1.93 trillion liabilities, around 78 percent of its total assets. Tran Kim Minh, CEO of the Transport Engineering Construction and Business Investment Stock Company 584, better known as NTB for its securities code, has decided to invest the [...]

Enterprises struggle with high inventory Posted: 12 May 2012 03:38 AM PDT Economic difficulties have not only hit manufacturing and real estate companies in the first four months of this year, but also distributors and service companies who saw their inventories rise substantially. Purchasing power slows According to Nguyen Nam Hai, Deputy Minister of Industry and Trade, industrial manufacturing and trade showed signs of recovery in April [...]

First-ever private firm receives ODA from Japan Posted: 12 May 2012 03:36 AM PDT Ho Chi Minh City-based Esuhai Co Ltd has become the first privately-owned firm to receive ODA (Official Development Assistance) loans, which have long been granted only to government-related projects. Esuhai yesterday broke ground on the construction of its Japan – Vietnam Center for Technological Workforce Training and Development, a project funded by the Japanese International [...]

Local authorities nationwide revoke slow-paced FDI projects Posted: 12 May 2012 03:34 AM PDT Local authorities nationwide are now determined to revoke Foreign Direct Investment (FDI) projects that are running far behind schedule, and offering projects to other more capable enterprises. A representative at the Ministry of Planning and Investment said that foreign direct investment in Vietnam has entered a new phase which is witnessing many basic changes. Authorities [...]

Fitch affirms Vietnam rating at B+ Posted: 12 May 2012 03:33 AM PDT Fitch Ratings announced Friday an affirmation of Vietnam rating at 'B+', and evaluated the country's economic outlook as being stable. Vietnam’s foreign- and local-currency issuer default ratings are affirmed at ‘B+’, while the outlook for both ratings is stable, the report said. The country ceiling is also affirmed at ‘B+’, and the short-term foreign currency [...]

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