Vietnam Business News

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• Sacombank’s power transferred to outsiders
• Vinalines case takes new twist
• ‘Turbulence’ ahead for airlines despite oil price drop
• Pledge to win back investors’ trust
• Fresh hands ready to take VBF forward
• Vietnam has not lost its FDI lustre
• AmCham’s pro-investment policy call
• Free trade fuels business hopes
• Bank restructuring a work in progress
• VAMA proposes lower registration fee amid slow sales

Sacombank’s power transferred to outsiders Posted: 28 May 2012 12:48 AM PDT The transfer of power in the Ho Chi Minh City-based Saigon Thuong Tin Commercial Joint Stock Bank, better known as Sacombank, has been materialized with the introduction of a new board. Eximbank chairman Le Hung Dung (1st, left),and Sacombank chairman Dang Van Thanh (2nd, left), shake hands with one another at the meeting. Photo: Tuoi [...]

Vinalines case takes new twist Posted: 28 May 2012 12:48 AM PDT The Ministry of Public Security has issued an arrest warrant for scandal-hit Vinalines' former chairman Duong Chi Dung, who is still at large. Two weeks ago the ministry (MoPS) ordered police take Dung and two of his longtime colleagues into detention. The two others have been identified as Mai Van Phuc, a former general director [...]

‘Turbulence’ ahead for airlines despite oil price drop Posted: 28 May 2012 12:41 AM PDT Airlines are still in for financial turbulence despite a recent fall in oil prices, with many at risk of posting major losses as the cost of their top input remains historically high. An Air France plane is seen landing at Paris Roissy airport, next to a Singapore Airlines’ Airbus A380, in January. Photo: AFP Airlines [...]

Pledge to win back investors’ trust Posted: 28 May 2012 12:39 AM PDT The first thing we should do now is stabilise the economy as soon as possible. Then we need a strong commitment and real actions to improve infrastructure, workforce and legal frameworks. On the eve of the Vietnam Business Forum (VBF), which will take place on May 29 in Hanoi prior to the Consultative Group (CG) [...]

Fresh hands ready to take VBF forward Posted: 28 May 2012 12:38 AM PDT The Vietnam Business Forum (VBF) on May 29 will witness co-chairmanship by private sector representatives for the first time in its history. VIR's Bach Quang talks with VBF's management board chairman Alain Cany about what can be expected from such a change. What can we expect from the private sector's strengthened role in working with [...]

Vietnam has not lost its FDI lustre Posted: 28 May 2012 12:20 AM PDT While pledged foreign direct investment (FDI) in Vietnam has declined over the past three years, disbursed FDI has levelled off at around $11 billion a year. Samsung is of many foreign investors to have dialed in impressive profits in Vietnam Key fundamentals like cheap labour, a favourable geographical position and political stability still make Vietnam [...]

AmCham’s pro-investment policy call Posted: 28 May 2012 12:20 AM PDT On the eve of this week's Vietnam Business Forum (VBF), American Chamber of Commerce (AmCham)  Hanoi executive director Adam Sitkoff tells VIR that Vietnam faces a stark choice – encourage and harness foreign investment to help deliver a prosperous future for the nation or face losing out to more hungry regional competitors. AmCham has been [...]

Free trade fuels business hopes Posted: 28 May 2012 12:17 AM PDT As Vietnam's economy slows,  future trade opportunities can give businesses some rays of hope. While demand in traditional export markets has declined, Vietnam needs to seek new export markets, while working on the implementation of a free trade agreement (FTA) with the EU and nurturing its domestic demand. More Vietnamese exporters are starting to explore [...]

Bank restructuring a work in progress Posted: 28 May 2012 12:17 AM PDT Some banks that have huge losses, large bad debts, poor liquidity and cannot meet the State Bank's restructuring criteria should let go. With the merger of Saigon Bank, Ficombank and TinNghiaBank into one entity late last year, the State Bank fired the first salvos for dramatic banking system restructuring. Independent banking expert Dr. Nguyen Tri [...]

VAMA proposes lower registration fee amid slow sales Posted: 28 May 2012 12:07 AM PDT The Vietnam Automobile Manufacturers’ Association (VAMA) has proposed a 5 per cent automobile registration fee applied nationwide. The proposal came out in the face of rising numbers of unsold stocks of local automobile assemblers amid the 20 per cent and 15 per cent registration fees recently applied in Hanoi and Ho Chi Minh City. According [...]

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