Vietnam Business News

---

• HCMC: bad debts rise to 5.3% by mid-May/2012
• May 16: Vietnam central bank keeps dollar exchange at vnd20,828
• Gold continued dropping to the lowest level since 2012
• Steel inventories falling
• Vietnam opposes China fishing ban
• A new way of earning money in Vietnam: leasing space
• A drop in output
• Realty market still awaiting more rate cuts
• What life after debt is like
• Mega project aparks nagging worry

HCMC: bad debts rise to 5.3% by mid-May/2012 Posted: 15 May 2012 08:31 PM PDT Bad debts at banks in Ho Chi Minh City, as of mid-May this year, climbed to 5.3% of total outstanding credits, versus 4.3% in late 2011, the local online newspaper Thanh Nien quoted Nguyen Hoang Minh, deputy director of the municipal central bank, as saying. Liquidity of HCMC-based banks has much improved; yet credit institutions in [...]

May 16: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 15 May 2012 08:30 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged for more than 4 months, the longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling [...]

Gold continued dropping to the lowest level since 2012 Posted: 15 May 2012 08:29 PM PDT Vietnam gold continued dropping to the lowest level since 2012 at VND41.02 million/tael on Wednesday morning following world gold prices. SJC Hanoi quoted at VND40.80 million/tael for bid and VND41.02 million/tael for ask, respectively as of 9:02 am, Hanoi time. Sacombank-gold was listed at VND40.80-VND40.93 million/tael for bid and ask, respectively Rong Thang Long gold, a [...]

Steel inventories falling Posted: 15 May 2012 08:25 PM PDT Around 250,000 tons of construction steel remains unsold nationwide, dropping 40,000 tons against early April, said the Vietnam Steel Association (VSA). VSA vice chairman Nguyen Tien Nghi explained steel inventories are significantly falling because manufacturers are producing perfunctorily, with several of them having suspended production due to financial problems. In addition, sales agents nationwide have [...]

Vietnam opposes China fishing ban Posted: 15 May 2012 08:23 PM PDT Vietnam opposes the Chinese Department of Fisheries' ban on fishing in the East Sea, says Le Thanh Nghi, spokesman of the Foreign Ministry. Nghi made the statement on May 15 in response to reporters' questions about Vietnam's reaction to the department declaring its fishing ban in the East Sea between May 16 and August 1. [...]

A new way of earning money in Vietnam: leasing space Posted: 15 May 2012 10:21 AM PDT Billboards have been hung on every space in big cities, on the roads to the airports, above buildings and houses, at schools and in parks. Urbanites now can live well with the new job of leasing space to billboards. Countless images of numberless products and services, from dish washing liquid luxurious cars, from cosmetics to [...]

A drop in output Posted: 15 May 2012 10:09 AM PDT The current difficult situation of the leasing property market "No tenant is on the second floor. Many office service companies have sent their marketing officers over to potential customers' premises to offer leasing contracts which give customers a wide choice. The rent is low, and customers have more incentives than last year." This story is [...]

Realty market still awaiting more rate cuts Posted: 15 May 2012 10:08 AM PDT Many apartment and land plot projects in HCMC are coming to life again as developers have begun to offer their products in the backdrop of the deposit rate ceiling falling to 12% a year. However, realty experts said the market will regain its momentum if the State further cuts the rate cap to 11-12% per [...]

What life after debt is like Posted: 15 May 2012 10:06 AM PDT Recently, PetroVietnam Finance Corporation (PVFC) officially proposed Vietnam Electricity (EVN) restructure the debt incurred by tardy payment to electricity suppliers by issuing domestic government-back bonds. Such a restructuring effort, underpinned by PVFC's advice or otherwise, is important for ensuring the financial health of many firms. Finance Minister Vuong Dinh Hue says that, according to the [...]

Mega project aparks nagging worry Posted: 15 May 2012 10:05 AM PDT The investment capital in the Ha Tinh-based steel complex of Formosa Group has been raised from US$16 billion to US$22 billion. It is now unclear how this capital adjustment will alter the capacity of the project. But behind the huge capital lies a great concern about the environment. Before the capital was revised up to [...]

You are subscribed to email updates from Vietnam Business News To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610