Vietnam Business News

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• SBV hurries banks to slash interest rates, but banks keep going slowly
• Seminar discusses investment opportunities in Germany
• City to recall slow-moving industrial parks
• Property looks for vital signs of life
• Telcos need to step up
• Firms issue more shares to raise capital
• State urged to aid Song Da Group
• Banks won’t lend on goods
• Credit institutions required to have five years of operation before merger
• Vietnam turns into the consumer of the world’s inventories?

SBV hurries banks to slash interest rates, but banks keep going slowly Posted: 30 May 2012 11:38 PM PDT While the central bank makes every effort to ease the lending interest rates as soon as possible to rescue the enterprises thirsty for capital, commercial banks still remain unhurried. Deposit interest rates went down immediately… The State Bank of Vietnam continuously released the decisions to slash the ceiling deposit interest rate from 14 percent to [...]

Seminar discusses investment opportunities in Germany Posted: 30 May 2012 11:35 PM PDT The Vietnam Bank for Industry and Trade (Vietinbank) has held a seminar on how to access credit and business opportunities in Berlin. The seminar, attended by Vietnam's Vice President Nguyen Thi Doan, is just one of several moves the bank has made on the occasion of the inaugural of its second branch in Germany. When [...]

City to recall slow-moving industrial parks Posted: 30 May 2012 11:34 PM PDT The HCMC government has asked the HCMC Export Processing and Industrial Zones Authority (Hepza) to take tough sanctions against inefficient industrial parks causing a waste of land and polluting the environment. According to the city's instruction issued last Friday, Hepza needs to recall the investment licenses and redeem land from investors who are incapable of [...]

Property looks for vital signs of life Posted: 30 May 2012 11:34 PM PDT The under pressure property market is still attempting to dig itself out of a hole. Pacific Property and Infrastructure Development Joint Stock Company (PPI) is sourcing investors for business cooperation or transfer of its two property projects in Ho Chi Minh City's Thu Duc district. The first project is the Saigon Water Garden mixed-use complex [...]

Telcos need to step up Posted: 30 May 2012 11:33 PM PDT Businesses indolent in deploying registered telecom services face having their licences taken back. Duong Quoc, VietGlobal Communication and SNLink just had their telecom services licences taken back by the Ministry of Information and Communications (MIC) as these firms impinged on Telecom Law's Clause 39, Item 1 which stipulates firms will loose their licences if they [...]

Firms issue more shares to raise capital Posted: 30 May 2012 11:31 PM PDT Many large companies are seeking capital through issuing additional shares in an effort to overcome difficulties in accessing bank loans or to finance dividend payouts. Food processor Masan Group (MSN), one of the top 10 companies by market capitalisation and liquidity on the HCM City Stock Exchange, approved a private issue early this week of [...]

State urged to aid Song Da Group Posted: 30 May 2012 11:30 PM PDT The Ministry of Construction has asked the Prime Minister to approve a proposal to help the Song Da Group balance its capital sources to repay foreign debts owned by its affiliate Ha Long Cement JCS, according to VTC News. Accordingly, Song Da will be allowed to borrow from the Ministry of Finance’s Accumulated Fund for [...]

Banks won’t lend on goods Posted: 30 May 2012 11:19 PM PDT According to a State Bank of Viet Nam regulation, enterprises have been allowed to mortgage their goods to borrow capital from banks, but most bankers have not been willing to do so despite their abundance of capital. Bankers said they still accepted collateral of goods, but they were afraid of mortgage of products like coffee, [...]

Credit institutions required to have five years of operation before merger Posted: 30 May 2012 11:18 PM PDT The State Bank of Vietnam (SBV) has proposed that credit institutions have at least five years of operation before making a merger. The SBV recently approved, in principal, the merger between Hanoi Building Commercial Joint Stock Bank and Saigon-Hanoi Commercial Joint Stock Bank.   The proposal was included in a recent draft circular on the restructuring [...]

Vietnam turns into the consumer of the world’s inventories? Posted: 30 May 2012 11:18 PM PDT While domestically made products have been piling up in enterprises' stocks, imports still have been selling well in the domestic market. Vietnamese manufacturers have been worried stiff with the big inventories. The unsalability of products has been attributed to the weak domestic demand, since people have to fasten their belt in the context of high [...]

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