Vietnam Business News

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• Do not let wholesalers determine fuel prices
• Deposit interest cap to be tightened in Q4
• Banking industry recovers from scandal
• Cashew paradox: farmers cut trees, firms import
• Deputy PM meets Swiss businesses
• Vietnamese aviation – chances and competition
• Vietnam spends more on IT
• Foreign currency credit falls in city
• Enterprises in Danang lukewarm to banks’ capital offer
• Shipping fees to increase despite low demands

Do not let wholesalers determine fuel prices Posted: 30 Aug 2012 09:32 AM PDT More than a month ago local fuel wholesalers were granted the right to determine fuel retail prices through their own initiative, and consumers have since had to suffer four fuel price hikes in a row, with the latest, which arrived on Tuesday, being the last straw. Even worse, certain dealers and filling stations somehow acknowledged [...]

Deposit interest cap to be tightened in Q4 Posted: 30 Aug 2012 09:30 AM PDT Though inflation increased again in August – earlier than expected after several months of decline – a further interest rate cut is still expected to help businesses currently facing economic difficulties. Deputy director of the Ministry of Finance’s Market and Price Institute Dr. Vu Dinh Anh talked about the issue. Is it feasible to have [...]

Banking industry recovers from scandal Posted: 30 Aug 2012 09:29 AM PDT The domestic monetary market has become more stable after it was shaken by the news that several CEOs of local banks and a financial tycoon were arrested due to alleged illegal activities. On August 20, Nguyen Duc Kien, one of the founders of the Asia Commercial Joint Stock Bank (ACB), and also one of the [...]

Cashew paradox: farmers cut trees, firms import Posted: 30 Aug 2012 09:22 AM PDT While local farmers have been jostling to chop down their cashew trees due to dirt cheap prices, cashew manufacturers have had to import half of the raw materials needed for production. The import rate is expected to rise further in the future, as the local areas for cashew plantations have increasingly decreased, despite the fact [...]

Deputy PM meets Swiss businesses Posted: 30 Aug 2012 09:16 AM PDT The Vietnamese Government always facilitates Swiss businesses' investment and business activities in the country and is eager to listen to comments from Swiss and other foreign investors, Deputy Prime Minister Nguyen Thien Nhan has said. Addressing a meeting with 43 Swiss businesses at the Swiss-Asian Chamber of Commerce (SACC) in Zurich, Switzerland, on August 29, [...]

Vietnamese aviation – chances and competition Posted: 30 Aug 2012 09:11 AM PDT Various airlines in Vietnam are working hard to financetheir fleet expansion as increasing passenger demand presents a positive outlook for the industry. However, with increasing competition, more astute management will be required to reap the benefits. Vietnam Airlines, the national flag carrier, revealed its fleet development plan by recently putting a new A321-200aircraft into operation. The aircraft, leased from VietnamAircraft Leasing Company (VALC), is the first in a deal of10 new A321-200 aircraft purchased by VALC from AirbusAirline. The carrier plan to [...]

Vietnam spends more on IT Posted: 30 Aug 2012 09:03 AM PDT Vietnam's spending on information technology (IT) is growing at an average rate of 17% per year, almost hitting US$3 billion in 2011 and forecast to reach US$3.5 billion in 2012 if the tempo is maintained. Speaking at a workshop on Vietnam information and communication technology held in HCMC on Wednesday, Nguyen Trong Duong, head of [...]

Foreign currency credit falls in city Posted: 30 Aug 2012 09:02 AM PDT Whilst Vietnam dong credit in HCMC by end-July grew 2.11% from late 2011, foreign currency credit dwindled by 4.24%, according to the data of the central bank's branch in HCMC. As of end-May, dong outstanding loans in HCMC dipped 0.72% against the end of 2011, while loans in foreign currency inched up 1%. However, foreign [...]

Enterprises in Danang lukewarm to banks’ capital offer Posted: 30 Aug 2012 09:01 AM PDT Not a single enterprise attended a conference on interest rates and capital access held in Danang City on Tuesday despite the organizer had sent scores of invitation letters to them, a phenomenon explained by a local official as the business circle's disbelief in banks' promises. Phung Tan Viet, vice chairman of Danang City, raised the [...]

Shipping fees to increase despite low demands Posted: 30 Aug 2012 08:58 AM PDT Although weak purchasing power in the European Union (EU) market has hurt export and import activities, many shipping companies have announced to raise fees in September following a rise early this month. According to a representative of freight forwarder HL Cargo, some shipping enterprises including CSCL, K-Line, Hapag-Lloyd and NYK have plans to raise charges [...]

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