Vietnam Business News

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• VN aims to lift sovereign credit rating
• Shares rally on new trading deal
• Vietnam, Bulgaria seek to boost ties
• Piaggio recalls scooter
• Lotte Hanoi reaches for the sky
• Outlook brightens for struggling firms
• Economic downturn killing off property speculators
• Qataris open door to property opportunities
• New auto import rules aid dealers
• Coffee exports hit $2.66 billion

VN aims to lift sovereign credit rating Posted: 04 Sep 2012 03:33 AM PDT The Ministry of Finance has submitted a scheme to the Prime Minister for improving Vietnam’s sovereign credit rating, with a target for the country to achieve investment grade by 2020. Currently, the nation maintains credit ratings from Standard&Poor’s, Moody’s and Fitch Ratings. S&P gives the country an overall rating of BB-, while Moody’s rates it [...]

Shares rally on new trading deal Posted: 04 Sep 2012 03:33 AM PDT Shares rallied on both national stock exchanges on the first day of a new settlement application called Trade Plus Three, or T+3. Investors can now sell shares from their portfolios only three days after they buy, instead of four days as before. The move is expected to boost the liquidity of stocks. On the HCM [...]

Vietnam, Bulgaria seek to boost ties Posted: 04 Sep 2012 03:32 AM PDT Visiting Vietnamese Deputy Prime Minister Nguyen Thien Nhan held talks with his Bulgarian counterpart Simeon Diankov in Sofia on September 3. During the talks, Nhan spoke highly of Bulgaria's socio-economic achievements and EU integration over the past time. He briefed the host about the situation in Vietnam, first of all the economic development, and opportunities for [...]

Piaggio recalls scooter Posted: 04 Sep 2012 03:30 AM PDT Italian scooter manufacturer Piaggio has recalled its Liberty scooter in Vietnam due to strange sound from rim rear wheel. The company has responded to a Vietnam Competition Authority's (VCA), under the Ministry of Industry and Trade, official dispatch dated August 6 requesting an explanation about recalling Liberty scooter and measures to deal with defected scooters [...]

Lotte Hanoi reaches for the sky Posted: 04 Sep 2012 03:25 AM PDT The Lotte Hanoi Centre is one of the few projects which is on right track amid the property market gloom. Lee Jong Kook, general director of Lotte Coralis – the developer of Lotte Hanoi Centre, said the project had reached its 30th floor after more than two years of construction. "This is a very large [...]

Outlook brightens for struggling firms Posted: 04 Sep 2012 03:21 AM PDT Around 2,000 businesses began operating again in June and July after having closed their doors due to the economic downturn, said Deputy Minister of Finance Do Hoang Anh Tuan in Hanoi. Tuan told a recent press conference the businesses were identified by their renewed value added-tax (VAT) and corporate income tax returns. The ministry's figures also [...]

Economic downturn killing off property speculators Posted: 04 Sep 2012 03:18 AM PDT The current economic downturn has seen speculators flee the Ho Chi Minh City real estate market, which is in stark contrast to a few years ago when they flocked to it for big and easy money. Secondary investors – i.e speculators who buy houses and land to resell for profit – have nearly disappeared as [...]

Qataris open door to property opportunities Posted: 04 Sep 2012 03:18 AM PDT Qatari Diar is undertaking various real estate development projects in joint ventures with local governments in Vietnam. One of Qatar's leading real estate companies is eyeing up Vietnam. Vietnamese ambassador to Qatar Le Hong Phan was quoted by Qatar's Gulf Times that negotiations with Doha Qatari Diar Real Estate Company were progressing to establish various [...]

New auto import rules aid dealers Posted: 04 Sep 2012 03:16 AM PDT The General Department of Customs last Thursday asked the Ministry of Finance to loosen requirements for imports of new cars in a bid to increase import tax revenues and save struggling car dealers. The move, which asks for an amendment to Circular 20, would also allow more car importers and dealers to join the market [...]

Coffee exports hit $2.66 billion Posted: 04 Sep 2012 03:15 AM PDT Coffee exports in the first eight months of this year are estimated to reach 1.26 million tonnes, earning US$2.66 billion, up by 31.9 per cent in volume and 26.3 per cent in value against the same period last year. The Ha Noi Moi (New Ha Noi) newspaper reports the two biggest import markets for Vietnamese [...]

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