Vietnam Business News

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• Interest on dollar deposits rises
• VIB to make preferential loans to exporters
• Experts eye credit loans for businesses
• Ministry mulls amending fuel trading law
• Outlook still gloomy for property market
• Gold shops turn into pawnshops to flout bullion ban
• Foreign acquisitions raise fears of hostile takeovers

Interest on dollar deposits rises Posted: 14 Jul 2012 06:50 AM PDT Many commercial banks are violating the central bank’s deposit interest-rate cap on the US dollar, according to independent market watchdogs. Under the central bank’s regulations, the ceiling on US dollar deposit interest-rates is limited at 2 per cent per annum. However, some banks are offering interest rates of 4 per cent and even 4.5 per [...]

VIB to make preferential loans to exporters Posted: 14 Jul 2012 06:44 AM PDT A credit agreement was signed between the Viet Nam International Bank (VIB) and the Netherlands Development Finance Company (FMO). Under the agreement, FMO will provide VIB with preferential credit resources through the Asia Development Bank (ADB) 's global trade assistance programme. The money will be lent to import-export firms. — VNS

Experts eye credit loans for businesses Posted: 14 Jul 2012 06:42 AM PDT Senior experts sat down together yesterday to discuss ways of handling low growth of credit loans, 0.76 per cent in the first half this year, caused mainly by large inventories due to the global economic crisis. At an online dialogue yesterday afternoon between leading economists and readers of Viet Nam Economic Times, Cao Sy Kiem, [...]

Ministry mulls amending fuel trading law Posted: 14 Jul 2012 06:41 AM PDT The Ministry of Finance has sought permission from the government to amend Decree No 84 on the management of the fuel trading activities, in a bid to increase the transparency of wholesalers' financial states, and reducing disadvantages for consumers. The adjustments focus on changing the cost price calculation, commission granting, and the deduction for the [...]

Outlook still gloomy for property market Posted: 14 Jul 2012 06:37 AM PDT The outlook for the real estate market towards the end of the year remains gloomy, despite credit loosening policies for the property sector and a reduction in borrowing interest rates. The Ministry of Construction said that difficulties in the domestic economy will have a negative impact on the production and business of construction enterprises and property developers. Many construction and property trading companies have already gone bankrupt [...]

Gold shops turn into pawnshops to flout bullion ban Posted: 14 Jul 2012 06:36 AM PDT With their gold bullion trading activities set to be completely banned in the next six months, many gold shops have switched to functioning as pawnshops to slip through the law loophole to continue trading in the precious metal. Gold shops are still allowed to trade gold bars for the next six months, after which only [...]

Foreign acquisitions raise fears of hostile takeovers Posted: 13 Jul 2012 08:34 PM PDT Several foreign investment funds have recently announced intentions to become major shareholders of some listed companies, raising fears that these funds are positioningthemselves to carry out hostile takeovers during themarket downturn and resulting period of depressed share prices. Refrigeration Electrical Engineering Corp (REE) earlier this month reported that Singapore-based Platinum Victory Ptl Ltd has became its largest shareholder, [...]

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