Vietnam Business News

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• Non-SJC gold prices depressed following new regulation
• Bad debt plagues financial sector
• Vietcombank offers VND2 trillion in low-interest loans
• US slashes anti-dumping duty on Vietnamese carbon steel pipes
• Industrial output rises 4.2% in first 5 months
• Time ripe for annual fruit festival
• Wood processors call for lower export duty
• Ministry to inspect six major fuel distributors
• Export taxes on coal may be reduced
• Bank inks deal with IFC, BNP Paribas

Non-SJC gold prices depressed following new regulation Posted: 25 May 2012 09:07 PM PDT While some gold shops have refused to buy non-SJC gold bullion from the people, others have tried to get it at lower prices, as the new regulation on gold market management has come into effect. Previously, the State Bank of Vietnam confirmed that Decree 24 on the management of gold trading activities did not discriminate [...]

Bad debt plagues financial sector Posted: 25 May 2012 08:57 PM PDT While the State Bank of Vietnam (SBV) has claimed the country's ratio of bad debts increased to 3.6% by the middle of April, other studies claim the figure could be three to four times higher. The level of bad debt among commercial banks remains unclear  A group of economists recently released the Vietnam Annual Economic [...]

Vietcombank offers VND2 trillion in low-interest loans Posted: 25 May 2012 08:52 PM PDT The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has announced that it will allocate VND 2 trillion (US$96 million) to provide low-interest loans for business and consumption purposes. The bank will offer loans with a 13% annual interest rate for businesses to help them supplement their working capital. Loans up to a [...]

US slashes anti-dumping duty on Vietnamese carbon steel pipes Posted: 25 May 2012 08:52 PM PDT The US Department of Commerce (DOC) has imposed an anti-dumping duty of nearly 28 percent on Vietnamese carbon steel pipes, according to AFP. Taxes levied on steel producers from Oman and the United Arab Emirates vary from 5.6 to 11.7 percent, but an exporter from India, Zenith Birla Company, has to pay an anti-dumping tax [...]

Industrial output rises 4.2% in first 5 months Posted: 25 May 2012 08:51 PM PDT The national index of industrial production in the first five months of this year increased 4.2 per cent against the same period last year, the Ministry of Planning and Investment reported at a meeting in Ha Noi yesterday. The event was organised by the ministry with an aim to review the economy during the period. [...]

Time ripe for annual fruit festival Posted: 25 May 2012 08:47 PM PDT Performances by art troupes from Cambodia, Laos, Malaysia, Thailand, and Indonesia will be the highlight of the annual Southern Fruit Festival that opens at the Suoi Tien Park in HCM City's District 9 on June 1. The annual event, organised by the city departments of Culture, Sports and Tourism and Agriculture and Rural Development, seeks [...]

Wood processors call for lower export duty Posted: 25 May 2012 08:47 PM PDT The Viet Nam Wooden and Forestry Products Association has asked State offices to reduce the export tax rate on woodchip products from 5 per cent to zero. Meanwhile, a month ago, An Hoa Paper Joint Stock proposed increasing the export tax rate from 5 per cent to 20 per cent to ensure there was enough [...]

Ministry to inspect six major fuel distributors Posted: 25 May 2012 08:46 PM PDT The Ministry of Finance plans to inspect six petrol and oil dealers from the end of May to July. The six dealers are the Viet Nam Oil Corporation, Petec, the Dong Thap Oil, Gas and Trading Ltd Company, Maritime Petrol and Oil Trading Company, Vietnam Airlines Petrol and Oil Ltd Company, and Thanh Le Import [...]

Export taxes on coal may be reduced Posted: 25 May 2012 08:46 PM PDT The export tax rate for coal may be cut from 20 per cent to 10-15 per cent due to the depressed economy, falling prices and low export volumes, according to State offices. In April, the Viet Nam National Coal and Mineral Industries Group (Vinacomin) asked the Government to cut the coal export tax rate to [...]

Bank inks deal with IFC, BNP Paribas Posted: 25 May 2012 08:45 PM PDT Orient Commercial Bank (OCB), the International Finance Corporation (IFC) and French banking giant   yesterday signed an agreement for a credit facility of US$25 million in HCM City. With this contract, OCB will be provided US$25 million, including $15 million from IFC (a member of the World Bank group) and $10 million from co-sponsor BNP [...]

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