Vietnam Business News

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• Investment priority okayed for five EZ groups
• Rubber prices continue to drop dramatically
• Loans with interest above 15% fall to 24.6%
• State Bank ensures system’s safety after banker’s arrest
• ACB sets aside VND5 trillion for property loans
• Cement sales down so far this year
• Champasak, Quang Ngai review cooperation programmes
• $9.7 bln in bad debts: alarming, but not frightening: c.bank
• Shares continue to close in red
• Garment sector attracts investors since WTO membership

Investment priority okayed for five EZ groups Posted: 22 Aug 2012 12:15 AM PDT The Prime Minister last Friday gave nod to five groups of coastal economic zones (EZ) prioritized to receive State budget funds for development in the period 2013-2015. The five EZ groups are Chu Lai in Quang Nam Province and Dung Quat in Quang Ngai Province; Dinh Vu-Cat Hai in Hai Phong City; Nghi Son in [...]

Rubber prices continue to drop dramatically Posted: 22 Aug 2012 12:15 AM PDT Export rubber prices continue to drop dramatically when trading prices at Mong Cai border gate plunge further and trade remains flat to the point that local rubber traders say the border market is already closed. Last week, SVR3L rubber, the major type for export to China, was offered at Mong Cai border gate at 16,000-15,800 [...]

Loans with interest above 15% fall to 24.6% Posted: 22 Aug 2012 12:14 AM PDT The ratio of loans with annual interest rates higher than 15% fell to VND640 trillion (US$30.72 billion), or 24.6% of total outstanding debts, as of August 16, the State Bank of Vietnam (SBV) said in a recent report. The central bank's report was compiled from data provided by 69 credit institutions, which have 90% of [...]

State Bank ensures system’s safety after banker’s arrest Posted: 22 Aug 2012 12:13 AM PDT The State Bank today assuring the safety of the country's banking system after police arrested a founder of Asia Commercial Bank (ACB) the day before. A State Bank statement said the arrest of former ACB vice chairman Nguyen Duc Kien did not relate to business at the lender, one of Vietnam’s largest banks. It added [...]

ACB sets aside VND5 trillion for property loans Posted: 22 Aug 2012 12:13 AM PDT Asia Commercial Bank, or ACB, has set aside VND5 trillion worth of preferential loans for customers having demands to buy real estates. The loans aim to support local customers or Vietnamese overseas to buy houses, condos, warehouses, factories, farming or forestry land. ACB will provide loans of up to 99 pct of the value of [...]

Cement sales down so far this year Posted: 22 Aug 2012 12:13 AM PDT Total domestic consumption of cement during the first seven months of this year was 27.6 million tonnes, down by 3 per cent against the same time last year and 50 per cent of the yearly target, according to the Ministry of Construction. In July alone, only 4.14 million tonnes of cement were sold, 300,000 tonnes [...]

Champasak, Quang Ngai review cooperation programmes Posted: 22 Aug 2012 12:07 AM PDT A high-level delegation of Laos' Champasak province, led by its Governor Sonxay Siphandon, paid a working visit to the Vietnamese sister province of Quang Ngai on August 21. The two sides reviewed the socio-economic situation in each country and the results of cooperation between the two localities in recent times. On the occasion, Governor Sonsay presented [...]

$9.7 bln in bad debts: alarming, but not frightening: c.bank Posted: 22 Aug 2012 12:07 AM PDT Non-performing loans, which now account for some VND202.1 trillion, or 8.6 percent of total outstanding loans, are at an alarming rate, but not a frightening one, said State Bank of Vietnam governor Nguyen Van Binh. The figure was given by the SBV governor at a recent meeting with the National Assembly's (NA) Standing Committee and other [...]

Shares continue to close in red Posted: 22 Aug 2012 12:06 AM PDT This morning’s trading gave the answer to securities analysts who feared the arrest of bank tycoon Nguyen Duc Kien would continued to negatively affect the market. On the HCM City Stock Exchange, the VN-Index lost 1.43 per cent to 410.89 points. The number of declining stocks tripled that of gainers. The value of trades remained [...]

Garment sector attracts investors since WTO membership Posted: 22 Aug 2012 12:05 AM PDT Vietnam's garment sector has attracted as many as 485 FDI projects worth more than 2 billion USD since the country became a member of the World Trade Organisation (WTO) in 2007. The sector has also seen an annual growth rate of nearly 22 percent in the five year period, according to Le Tien Truong, Deputy Chairman of the Viet [...]

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