Vietnam Business News

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• June 20: Vietnam central bank keeps dollar exchange at vnd20,828
• Gold almost unchanged, moving around VND42.23 million/tael on Wednesday morning
• New simplified tax registration process to take effect in July
• Credit flowing freely, asserts leading bank
• Local insurers urged to restructure to survive
• Lower interest rates boost real estate market
• Opportunitiesfor garment, footwear and wood furniture businesses
• Businesses at the point of death, banks make fat profits
• Gov’t burdened by cement plants’ debt clearance
• Low-graderice exports likely to fall this year

June 20: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 20 Jun 2012 12:47 AM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged for nearly 6 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 price [...]

Gold almost unchanged, moving around VND42.23 million/tael on Wednesday morning Posted: 20 Jun 2012 12:45 AM PDT Vietnam gold almost unchanged from yesterday close, moving around VND42.23 million/tael on Wednesday morning. World gold inched up in Asia trade this morning. SJC Hanoi quoted at VND42.15 million/tael for bid and VND42.23 million/tael for ask, respectively as of 10:33 am, Hanoi time. Sacombank-SBJ gold was listed at VND42.17-VND42.22 million/tael for bid and ask, respectively. [...]

New simplified tax registration process to take effect in July Posted: 20 Jun 2012 12:43 AM PDT The Ministry of Finance issued Circular No 80/2012/TT-BTC on May 22 regulating tax code registration under the Law on Tax Administration and replacing Circular No 85/2007/TT-BTC of July 2007. Under the new circular, the business licence number of an enterprise established under the Law on Enterprises is also the enterprise’s tax code. The enterprise therefore [...]

Credit flowing freely, asserts leading bank Posted: 20 Jun 2012 12:42 AM PDT There is no basis for enterprises or individuals to continue claiming that they are facing difficulties accessing credit at preferential terms for real estate investments, consumer purchases or commercial purposes, says Bank for Investment and Development of Viet Nam (BIDV) deputy director Tran Xuan Hoang. Since the middle of last month, the bank had been [...]

Local insurers urged to restructure to survive Posted: 20 Jun 2012 12:38 AM PDT While mergers and acquisition deals have heated up among banks and securities companies, the M&A picture for the insurance industry remains rather quiet despite warnings that appropriate and timely restructuring is needed in the sector if some firms are to survive. The restructuring would help boost the financial capacity of insurers, control risks and build [...]

Lower interest rates boost real estate market Posted: 20 Jun 2012 12:35 AM PDT Since the SBV started to lower the interest rate early this year, many banks have also lowered their lending rates, fueling the real estate market. BIDV set their annual interest rate at 16%, with maximum term of 15 years on loans customers who buy homes in the My Dinh urban area, while MB Bank has [...]

Opportunitiesfor garment, footwear and wood furniture businesses Posted: 20 Jun 2012 12:34 AM PDT Coordinationamong sectors and industrial groups is a key measure to help garment, footwear andwood furniture businesses improve their chain value and competitiveness in bothdomestic and foreign markets. Accordingto the United Nations Industrial Development Organization (UNIDO)'s CompetitiveIndustrial Performance (CIP) report in 2011, Vietnam's CIP dropped from 72nd in2005 to 58th in 2008/2009 among 118 countries and [...]

Businesses at the point of death, banks make fat profits Posted: 20 Jun 2012 12:30 AM PDT The finance report about the business performance in the first four months of 2012 showed that enterprises incurred heavy losses, while the 71 commercial banks made fat profit. The huge profit of 97 trillion dong According to the General Department of Taxation (GDT), which analyzed the figures submitted by the enterprises through 63 taxation agencies [...]

Gov’t burdened by cement plants’ debt clearance Posted: 20 Jun 2012 12:30 AM PDT The consequence of the drive to build cement manufacturing plants is quite bitter for the government, who has backed the cement makers in borrowing foreign loans, since it has fallen to them to repay debts for the loss-making facilities. In late May the Ministry of Construction called on the Ministry of Finance to seek approval [...]

Low-graderice exports likely to fall this year Posted: 20 Jun 2012 12:29 AM PDT Vietnam’s rice exports may drop by 1million tonnes compared to last year if the world rice market continues to facedifficulties, according to forecasts from the Ministry of Agriculture and RuralDevelopment. The country’s rice exports may fall to 6.2 million tonnes from the 7.2 milliontonnes of last year. Theministry said the country’s traditional markets including the [...]

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