Vietnam Business News

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• VietJet Air to offer 49 per cent discount on fares
• Sacombank’s big shareholders found buying shares underhand
• Where is cash for purchasing bad debts?
• Paradox trend in interest rate for VND, bullion
• Economic growth targets in reach
• MobiFone, Vinaphone to merge
• Gold adds slight rise
• Northern IPs lure over 3,000 investment projects
• Thua Thien-Hue’s biggest hydropower plant in operation
• Cutting interest rates for capital restructuring

VietJet Air to offer 49 per cent discount on fares Posted: 15 Jun 2012 09:38 AM PDT In a new collaborated deal with Ho Chi Minh City Tourism Association (HTA) and leading travel agencies of Vietnam, VietJet Air will now offer holidaymakers a huge discount of upto 49 per cent on its flights for the next six months. This huge discount travel stimulus will certainly lure travellers to visit Vietnam's various travel [...]

Sacombank’s big shareholders found buying shares underhand Posted: 15 Jun 2012 09:35 AM PDT The appearance of three big shareholders at Sacombank exceedingly astonished the bank's shareholders and the public, who were not informed about the share purchases of the "big guys."On June 8, 2012, the State Securities Commission (SSC) released a decision on imposing fines on three investors, who quietly bought Sacombank's shares without any notice. The three [...]

Where is cash for purchasing bad debts? Posted: 15 Jun 2012 09:22 AM PDT  Although the Minister of Planning and Investment affirmed to "not use budget capital to buy bad debts of banks," many National Assembly deputies wondered where does VND100 trillion ($5 billion) come from to buy bad debts, at the proposal of the central bank. At the Q&A session on the afternoon of June 13, deputy Chu [...]

Paradox trend in interest rate for VND, bullion Posted: 15 Jun 2012 09:21 AM PDT There is a paradox trend in commercial banks that while interest on gold bullion is plummeting, that for Vietnam currency is still increasing despite the State Bank of Vietnam's regulation for lowering cap on interest rate. Governor Nguyen Van Binh of State Bank of Vietnam, said at a National Assembly Session that the ceiling set [...]

Economic growth targets in reach Posted: 15 Jun 2012 09:17 AM PDT Deputy Prime Minister Nguyen Xuan Phuc today affirmed that the economy has overcome difficulties and has started to recover. He said the growth of GDP at 6 per cent this year, inflation at 7-8 per cent and other targets set by the National Assembly, were possible. He made the statement in response to concerns about [...]

MobiFone, Vinaphone to merge Posted: 15 Jun 2012 09:16 AM PDT Vietnam mobile giants MobiFone and Vinaphone will merge as scheduled as part of the Government’s restructuring plan for State-owned enterprises, the Ministry of Information and Communications said. The statement, which ended the long debate and speculation on the fate of the two mobile operators, was made by Minister Nguyen Bac Son during an online conversations [...]

Gold adds slight rise Posted: 15 Jun 2012 09:15 AM PDT Price of gold in Vietnam climbed to VND42.3 million a tael (1.2 ounces) on June 15 as global price surged for five consecutive trading sessions. Saigon Jewelry Company, Vietnam's biggest gold processer and trader, bought the metal at VND42.08 million and sold at VND42.28 million as of 8.15am Vietnamese time. Hanoi-based Phu Quy Jewelry Company [...]

Northern IPs lure over 3,000 investment projects Posted: 15 Jun 2012 09:14 AM PDT Industrial and economic parks in northern provinces have so far attracted more than 3,000 domestic and foreign invested projects with total capitalisation of over US$40 billion. They make up nearly 40 percent of the total number of projects invested in industrial and economic parks across the country, according to a conference of management boards of [...]

Thua Thien-Hue’s biggest hydropower plant in operation Posted: 15 Jun 2012 09:12 AM PDT In Hong Ha Commune, A Luoi District, Thua Thien-Hue Province, the A Luoi Hydropower Plant, the biggest one in Hue city, officially generated electricity on June 14th, after 5 years of construction. The A Luoi plant, costing VND 3.2 trillion, started the construction in June, 2007, by the Central Electricity Joint Stock Company. With capacity [...]

Cutting interest rates for capital restructuring Posted: 15 Jun 2012 09:12 AM PDT Interest rates for short-term deposits had remained high for a long time before being adjusted lower than those for medium- and long-term ones. Economists say the adjustments are appropriate as both inflation and interest rates are following a downward trend. Against this background, it is expected that banks will be able to mobilize medium- and [...]

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