Vietnam Business News

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• Vietnam bank earnings expected to drop
• Vietnam auto sales drop 41%yoy in h1/2012
• July 11: Vietnam shares gain but volume falls to 6 month low
• Fitch affirms Vietinbank at ‘B’; outlook stable
• Vietnam sells high grade rice at the price for low grade rice
• Sacombank offers soft loans for firms
• State firms get ultimatum
• Non-bank lenders face tax
• Banks open up to the housing real estate market
• Ministry prioritises five coastal economic zones

Vietnam bank earnings expected to drop Posted: 11 Jul 2012 09:49 AM PDT Vietnamese commercial bank earnings may drop after the central bank ordered lenders to reduce interest rates on existing loans to help companies cope with an economic slowdown. Lenders must cut rates on existing loans to below 15 per cent "right after today's conference," Governor Nguyen Van Binh told banks at a conference in Hanoi on [...]

Vietnam auto sales drop 41%yoy in h1/2012 Posted: 11 Jul 2012 09:48 AM PDT Vietnam's auto sales plunged 41% year on year to 42,928 units in the first six months of this year as local demand shrank, said the Vietnam Automobile Manufacturers’ Association (VAMA). Of the figure, car sales tumbled 47% while truck sales dropped 30%. For June, auto sales were 6,555 units, falling 43% on year and 4.6% [...]

July 11: Vietnam shares gain but volume falls to 6 month low Posted: 11 Jul 2012 09:47 AM PDT Vietnamese shares rose first time in 3 days as traders hunted bargain after recent sharp losses, trading volume fell to the lowest level since Jan 30 this year. The benchmark VN Index added 1.89 points or 0.46% to 407.28. Volume fell by 20.8% to 22.8 million shares worth of VND407.15 billion. Put through trading contributed [...]

Fitch affirms Vietinbank at ‘B’; outlook stable Posted: 11 Jul 2012 09:45 AM PDT Fitch Ratings has affirmed Vietnam Joint-Stock Commercial Bank for Industry and Trade’s (Vietinbank) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’. The Outlook is Stable. The agency has also affirmed Vietinbank’s Viability Rating (VR) at ‘b-’ and Support Rating Floor at ‘B’. A full rating breakdown is provided at the end of this release. Vietinbank’s [...]

Vietnam sells high grade rice at the price for low grade rice Posted: 11 Jul 2012 09:43 AM PDT More than a half of the 3.4 million tons of rice exported in the first six months of the year was high grade five percent broken rice. However, the export prices of the products were at the lowest levels. Truong Thanh Phong, Chair of the Vietnam Food Association (VFA), said at the conference reviewing the [...]

Sacombank offers soft loans for firms Posted: 11 Jul 2012 09:42 AM PDT Saigon Thuong Tin Commercial Bank, or Sacombank, has launched a program to provide preferential loans in dong and U.S. dollar for enterprises in need of operating capital for production and business in the second half of the year. The bank began on Tuesday to set aside VND2 trillion to make new loans available for corporate [...]

State firms get ultimatum Posted: 11 Jul 2012 09:42 AM PDT The Government on Monday officially promulgated a resolution asking State-owned groups and corporations to complete a capital withdrawal from non-core investments by 2015. Accordingly, these groups and corporations would have to ensure market principles, transparency and retain State-owned capital and assets at the highest level. The Government said this was considered an important step to [...]

Non-bank lenders face tax Posted: 11 Jul 2012 09:40 AM PDT Decree No 121/2011/ND-CP of December 2011, in Article 1.5, further defines credit services to include loans; discount of valuable papers; guarantees; financial leasing; issuance of credit cards; domestic and international factoring services; and other credit forms in accordance with the laws. In light of these provisions, many non-banking or non-credit enterprises with money to lend [...]

Banks open up to the housing real estate market Posted: 11 Jul 2012 09:39 AM PDT Many banks have started to provide low-interest loans for people real housing demand, which has fostered hopes of jumpstarting the stagnant real estate market. Banks open up to the housing real estate market Director of a trading floor on Khuat Duy Tien Street, in Hanoi, said, “We’ve seen an increased number of customers in June [...]

Ministry prioritises five coastal economic zones Posted: 11 Jul 2012 09:39 AM PDT The Ministry of Investment and Planning has selected five out of 15 coastal economic zones nationwide to receive priority investment over the next three years from the State. The beneficiaries include Chu Lai-Dung Quat in the central provinces of Quang Nam and Quang Ngai, Dinh Vu-Cat Hai in the northern port city of Hai Phong [...]

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