Vietnam Business News

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• Vietnam’s GDP growth at 5.1 percent: IMF
• Philippines encouraged to invest more in Vietnam
• Rice exports forecast at 7.5 million tons
• Vu Thanh Tu Anh: insufficient resources to tackle bad debt ratio of 10pct
• Vietnam government needs to focus on handling bad debts & inventory: NAEC
• Banks’ sticky hands reach for greenbacks
• Vietnam banks credibility declines – vnr
• Vietcombank & BIDV Kien Giang face risk of losing VND33Bln loans
• Vietnam banks raise dollar rates to lure depositors
• Vietnam central bank net withdraws over VND464Bln via OMO on Oct 15

Vietnam’s GDP growth at 5.1 percent: IMF Posted: 16 Oct 2012 08:55 AM PDT The International Monetray Fund (IMF) has estimated Vietnam's GDP growth in 2012 at 5.1 percent, 0.3 percent lower than its latest prediction in July. In its October World Economic Outlook, the IMF said Vietnam's GDP is likely to reach 5.9 percent in 2013 and 7.5 percent in 2017. Its rate of inflation will be down [...]

Philippines encouraged to invest more in Vietnam Posted: 16 Oct 2012 08:52 AM PDT A trade and investment conference with the theme ' Vietnam – Investment destination' was held on October 16 in Ho Chi Minh City for Filipino businesses to promote cooperation with Vietnam . Addressing the event, which was organised by the Ho Chi Minh City chapter of the Philippines Business Group Vietnam, the Vice Chairman of [...]

Rice exports forecast at 7.5 million tons Posted: 16 Oct 2012 08:51 AM PDT Viet Nam is expected to make a new record in rice export with a volume of 7.5 million tones this year, or a year-on-year increase of 4%, according to the Viet Nam Food Association (VFA). The VFA reported that Viet Nam has so far this year signed contracts to ship 7.2 million tons of rice [...]

Vu Thanh Tu Anh: insufficient resources to tackle bad debt ratio of 10pct Posted: 16 Oct 2012 08:50 AM PDT Research director of Fulbright Economic Teaching Programme Dr Vu Thanh Tu Anh shared some points of view on banking restructuring in particular and economic reform in general. Research director of Fulbright Economic Teaching Programme Dr Vu Thanh Tu Anh shared some points of view on banking restructuring in particular and economic reform in general at [...]

Vietnam government needs to focus on handling bad debts & inventory: NAEC Posted: 16 Oct 2012 08:49 AM PDT The government needs to focus on handling inventory and bad debts promptly, the National Assembly’s Economic Committee Chairman Nguyen Van Giau said in the meeting of the National Assembly Standing Committee early today [Oct 16]. The local newswire TTVN.vn then cited Chairman Nguyen Van Giau as saying that the larger the inventory became, the worse [...]

Banks’ sticky hands reach for greenbacks Posted: 16 Oct 2012 08:48 AM PDT Banks are becoming net purchasers of foreign currencies, creating a good base for the forex market despite exporters' increased demand for foreign currencies at the year-end. US dollars are increasingly becoming hot property for banks Based on State Bank data, in the final week of September and the first week of October, the exchange rate [...]

Vietnam banks credibility declines – vnr Posted: 16 Oct 2012 08:47 AM PDT Reputation of the local banking sector has eroded quickly this year, Vietnam Report JSC (VNR) said in its latest release titled “Vietnamese Banking Industry: Melting Credibility and Difficult Reforms”, the local newswire Dai Doan Ket reported. Accordingly, the banking system unveiled its own restrictions, posing significant impact on the entire economy and leading to the [...]

Vietcombank & BIDV Kien Giang face risk of losing VND33Bln loans Posted: 16 Oct 2012 08:47 AM PDT Kien Giang branches of VCB and BIDV currently face the risk of losing as much as VND33 billion out of over VND54 billion lending to Mai Sao Co., Ltd., the state-run online newspaper Phap Luat TPHCM reported. Kien Giang branches of JS Commercial Bank for Foreign Trade of Vietnam (VCB) and JS Commercial Bank for [...]

Vietnam banks raise dollar rates to lure depositors Posted: 16 Oct 2012 08:41 AM PDT Local commercial banks have been offering above-cap interest rates to draw in foreign currency deposits to fund their demand for the greenback, the local online newspaper Tienphong.vn reported. The newspaper then gave out an example of an unnamed bank, which agreed to pay as high as 5% per annum on dollar deposits worth $20,000 for [...]

Vietnam central bank net withdraws over VND464Bln via OMO on Oct 15 Posted: 16 Oct 2012 08:40 AM PDT The State Bank of Vietnam (SBV ), the country's central bank, net withdrew VND464 billion from commercial banks through open market operations (OMO) on Oct 15, extending the streak of monetary withdrawal on OMO to over 5 weeks. Specifically, the central bank was reported to pump VND855 billion at 8% p.a. for 7-day window and [...]

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