Vietnam Business News

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• Motorbikes sales plunge despite promotion race
• HCM City’s FDI down in seven months
• Complicated procedures cause difficulties for exporters
• Banks struggle hard to recover debts from each other
• Credit growth target looks distant
• Ministry struggles to revive economy
• Bank branch receives no customers over two years
• Cashew exports reach US$602 million
• Good signs for farm product exports
• VND9,000 billion for tra fish breeding sector

Motorbikes sales plunge despite promotion race Posted: 26 Jul 2012 10:14 AM PDT Sales of motorcycles are sharply plunging even though agents in partnership with manufacturers are rushing to launch a vast array of promotions, including supporting registration fees for buyers or pulling the prices down. At Honda Vietnam (HVN), the country's largest motorcycle maker, it is unlikely that the target set by former general director Koji Onishi [...]

HCM City’s FDI down in seven months Posted: 26 Jul 2012 10:01 AM PDT The southern economic hub attracted approximately US$820 million in foreign direct investment during the first seven months of this year, down by 57 per cent year-on-year, according to the municipal Statistics Office. Up to 214 new foreign-invested projects, worth over $292 million, were granted licences in the city while 65 operating projects were allowed to [...]

Complicated procedures cause difficulties for exporters Posted: 26 Jul 2012 10:00 AM PDT Complicated administrative procedures have brought difficulties for Vietnamese exporters, limiting their competitiveness. Many local companies have said that they are facing challenges, such as shrimp companies who have had their products sent back due to not meeting export standards of that country. Complicated administrative procedures have brought difficulties for Vietnamese exporters, limiting their competitiveness. Customs [...]

Banks struggle hard to recover debts from each other Posted: 26 Jul 2012 10:00 AM PDT A lot of commercial banks have been put on tenterhooks not only because of the bad debts of hundreds of trillions of dong owed by businesses, but also because they cannot ask money back from other banks. A director of a joint stock bank in the south said his bank lent 200 billion dong to [...]

Credit growth target looks distant Posted: 26 Jul 2012 09:52 AM PDT The government's credit growth target for this year's remaining months may be out of reach. State Bank of Vietnam (SBV) said in its latest report on monetary policy monitoring and banking activities that: "The whole banking system will try to reach the credit growth target of 8-10 per cent during this year's remaining six months." [...]

Ministry struggles to revive economy Posted: 26 Jul 2012 09:46 AM PDT Vu Huy Hoang, Minister of Industry and Trade, chaired a meeting in Ho Chi Minh City on Wednesday, to discuss and gather opinion on a draft project meant to resolve difficulties in production and trade for businesses, as per Government Resolution 13 and 26. On verge of bankruptcy According to Minister Hoang, the economic growth [...]

Bank branch receives no customers over two years Posted: 26 Jul 2012 09:40 AM PDT A branch of the Vietnam Development Bank (VDB) in the southern province of Binh Duong has received no customer for the past two years capable of meeting its criteria for loans. Le Thanh Cung, Chairman of the provincial People's Committee strictly criticised the branch for its bad performance, saying that "What have the branch's 32 [...]

Cashew exports reach US$602 million Posted: 26 Jul 2012 09:40 AM PDT Vietnam shipped over 88,500 tonnes of cashew nuts in the first six months of 2012, earning US$602 million, up 14% year on year. The volume of cashew exports in the six months ending last June surged by 28.2% compared to the same period in 2011. According to the Vietnamese Cashew Association, merchants bought over 235,000 [...]

Good signs for farm product exports Posted: 26 Jul 2012 09:39 AM PDT Despite facing shrinking global markets, agro-forestry and fishery exports rose 12.4 percent in the past seven months to reach US$15.9 billion, according to the Ministry of Agriculture and Rural Development (MARD). Most key farm products benefitted from steady growth in exports, except for rice and rubber. Coffee exports hit 1.2 million tonnes and generated US$2.5 [...]

VND9,000 billion for tra fish breeding sector Posted: 26 Jul 2012 09:38 AM PDT The Prime Minister has approved a VND9,000-billion rescue package for farmers and businesses operating in the tra fish sector. According to Duong Ngoc Minh, Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP), the funds will be channeled through the Bank for Investment and Development of Vietnam (BIDV). However, local businesses are [...]

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