Vietnam Business News

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• Liquidating loan collaterals: banks are risk takers
• Vietnam inbound remittance on the decline?
• Gov’t allows EVN to gradually raise power price
• Tax cuts cost Vietnam state budget vnd6.1 trillion: ministry
• July 18: Vietnam shares extend gain, heavy ctg deal seen again
• Auto sector hits the brakes
• Tan Tao Group not enjoying walk in the park
• Office doors open to serviced homes
• FIEs manage to fly above the storm as local firms struggle
• Sacombank offers VND1.11 trillion in preferential loans

Liquidating loan collaterals: banks are risk takers Posted: 18 Jul 2012 07:49 AM PDT Incompetence of property right law of banks' staff coupling with complecated legal procedures are two main reasons slowing down the process of liquidating loan collaterals and banks are risk takers in this case, lawyer told local media. Collaterals for bank loans can briefly classified into 7 groups: transport vehicles, valuable papers, real estate, machines, goods, [...]

Vietnam inbound remittance on the decline? Posted: 18 Jul 2012 07:48 AM PDT The decrease in overseas remittance inflows to Vietnam and the decline in the operation of financial channels in the country both have raised big worries if the phenomenon is temporary, or a worrying long term trend? Where does inbound remittance come from? According to the World Bank, Vietnam is the 16th biggest kieu hoi receiver [...]

Gov’t allows EVN to gradually raise power price Posted: 18 Jul 2012 07:48 AM PDT The Government has just allowed the state-owned Electricity of Vietnam Group (EVN) to gradually raise the electricity price in order to make up for losses the State utility company incurred in previous years. Under its sales and investment strategy for the 2011-2015 period approved by the Government, EVN can increase the power price under the [...]

Tax cuts cost Vietnam state budget vnd6.1 trillion: ministry Posted: 18 Jul 2012 07:47 AM PDT Tax cut under the Resolution 29 of the National Assembly will cost Vietnam's state budget some VND6.1 trillion, said the Ministry of Finance. Of the sum, tax cut for businesses and individual businesses is VND4.1 trillion and income tax exemption for level 1 income tax payers of VND2 trillion. The Resolution 29 states that to [...]

July 18: Vietnam shares extend gain, heavy ctg deal seen again Posted: 18 Jul 2012 07:46 AM PDT Vietnamese shares continued to post gain today as investors picked up stocks on hope of better economic conditions in the second half. The benchmark VN Index rose 1.28 points or 0.31% to 418.83. Volume rose 2.6% to 49.4 million shares worth of VND790.7 billion. Put through trading contributed 11.96 million shares worth of VND256.95 billion. [...]

Auto sector hits the brakes Posted: 18 Jul 2012 07:39 AM PDT In respect to Vietnam's auto industry future perspective, industry players assumed at most three stronger brands could survive tough business conditions." Most auto industry players face losing their market shares unless they are shifted into specialised importers after enforcement of the ASEAN-China free trade agreement (ACFTA) with low import tariffs. The ACFTA, effective from January [...]

Tan Tao Group not enjoying walk in the park Posted: 18 Jul 2012 07:37 AM PDT Central Quang Ngai Provincial People's Committee recently revoked investment certificate of the high-profile domestic Tan Tao Group's Pho Phong Industrial Park. The $13.7 million project is among 11 revoked domestic investment projects in the province during the first half of this year. Tran Van Nhan, director of Quang Ngai Provincial Department of Planning and Investment, [...]

Office doors open to serviced homes Posted: 18 Jul 2012 07:35 AM PDT Ho Chi Minh City developers are converting unmarketable offices into serviced apartments to beat the market blues. To underscore the trend, Dragon Fly has transformed its District 3 office project into new serviced apartments called 'DB Court'. A Ho Chi Minh City People's Committee representative told VIR that DB Court was the first successful project [...]

FIEs manage to fly above the storm as local firms struggle Posted: 18 Jul 2012 07:32 AM PDT High export earnings and strong financial capabilities have kept foreign-invested enterprises almost immune from severe impacts of an economic slowdown. The Ministry of Planning and Investment (MPI) reported the economy grew just 4.38 per cent on-year in 2012's first half and started to show deflation signs with consumer price index decreased 0.26 per cent monthly [...]

Sacombank offers VND1.11 trillion in preferential loans Posted: 18 Jul 2012 07:23 AM PDT Sacombank signed an agreement on July 17 offering VND1.11 trillion (US$53.28 million) in preferential loans for 16 selected Ho Chi Minh City-based enterprises. Such enterprises include those operating in egg production, stationery, animal feeds, industrial and civil construction materials and fuels. Under the agreement, each enterprise can borrow between VND30 billion (US$1.44 million) and VND300 [...]

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