Vietnam Business News

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• June’s auto sales continue to dip: VAMA
• Vietnam’s forex market shows positive signs but pressures expected
• Pepper exports surge 31pc in six months
• Domestic tourism sees low sales
• Property market in Hanoi seen improved in second quarter
• Ministry mulls ways to save non-complying FIEs
• VietinBank cuts rates of old loans to below 15%
• SBV: No worries about bad debts
• Commercial banks still hesitant to reduce interest rates for old debts
• Japan commits more loans to HCM City

June’s auto sales continue to dip: VAMA Posted: 13 Jul 2012 08:45 PM PDT Total car sales in June reached 6,555 units, down 4.6 per cent from the previous month and 43 per cent over the same period last year, according to the Vietnam Automobile Manufacturers' Association (VAMA). Small car sales reached 5,482 units, down 3.8 per cent month on month, and lorry sales reached 3,176 units, down 5.4 [...]

Vietnam’s forex market shows positive signs but pressures expected Posted: 13 Jul 2012 09:54 AM PDT Vietnam’s foreign exchange market has showed positive developments although pressures are building up that could affect the exchange rate between the US dollar and Vietnamese dong (VND) in the second half of this year. The foreigh exchange rate will probably reach 21,500 VND/USD over the current 20,828 VND/USD posted by the State Bank of Vietnam, [...]

Pepper exports surge 31pc in six months Posted: 13 Jul 2012 09:49 AM PDT Vietnam exported 73,000 tonnes of pepper in the first six months of this year, earning $494 million, a year-on-year increase of 4.3 per cent in volume and 31.7 per cent in value, according to the Ministry of Agriculture and Rural Development. In June alone, 13,000 tonnes of pepper were exported with a total value of [...]

Domestic tourism sees low sales Posted: 13 Jul 2012 09:45 AM PDT Some 30 HCMC-based travel firms that participated in a promotion program recorded lower-than-expected sales despite big promotions to boost domestic tourism had been launched two months ago. The domestic tourism stimulus program was initiated by the HCMC Tourism Association (HTA) and Vietnam Airlines. Vietjet Air later joined the program and offered a 40-49% discount on [...]

Property market in Hanoi seen improved in second quarter Posted: 13 Jul 2012 09:45 AM PDT The property market in Hanoi City saw changes in this year's second quarter with a decline in the number of luxury housing products which were offset by more low- to mid-end ones, according to Savills Vietnam. Tran Nhu Trung, deputy director of Savills Vietnam, told the Daily that more people cared about budget products this [...]

Ministry mulls ways to save non-complying FIEs Posted: 13 Jul 2012 09:44 AM PDT Hundreds of foreign-invested enterprises (FIE) that failed to reregister business as required would not have to fold up their businesses if the Government approved a proposal of the Ministry of Planning and Investment. Under the 2005 Enterprise Law, FIEs that did not renew their investment certificates before July 1, 2011 are obliged to disband and [...]

VietinBank cuts rates of old loans to below 15% Posted: 13 Jul 2012 09:42 AM PDT Vietnam Bank for Industry and Trade, or VietinBank, on Wednesday announced that it would lower interest rates of old credit contracts to below 15% per annum from July 15 and provide new loans for enterprises at a rate of 12% per annum. Speaking at the press briefing in Hanoi on Wednesday, VietinBank chairman Pham Huy [...]

SBV: No worries about bad debts Posted: 13 Jul 2012 09:41 AM PDT The State Bank of Vietnam (SBV) said on Thursday the bad debt situation in the banking system is not as bad as feared by the public. Nguyen Huu Nghia, head of banking inspection and supervision at the SBV, told a press briefing that bad debt in Vietnam is lower than in other regional countries. There [...]

Commercial banks still hesitant to reduce interest rates for old debts Posted: 13 Jul 2012 09:41 AM PDT No one can say for sure that commercial banks would accept the loan interest rate of 15 percent per annum to be applied for the old debts, even though this is the instruction given by the State Bank. The central bank has instructed commercial banks to apply the interest rates of no more than 15 [...]

Japan commits more loans to HCM City Posted: 13 Jul 2012 09:35 AM PDT Japan will assist Ho Chi Minh City in establishing financial consultant companies and provide the city with more loans in the coming time. Tadashi Maeda, Senior Advisor of the Japan Cabinet-cum-Managing Executive Officer and Global Head of the Infrastructure Finance Group based in Tokyo made the statement at a meeting with Le Hoang Quan, Chairman of [...]

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