Vietnam Business News

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• Central bank wants people to “melt gold to get Vietnam Dong”?
• Banks may fail to reach annual profit targets as lending declines
• Gov’t shouldn’t rescue weak banks: expert
• Techcombank gets IFC’s most active issuing bank award
• Most gold borrowings are for real estate investments: source
• HCMC urges local banks to ease lending rates
• No adjustment in power, fuel prices
• State firms pay 58% of all corporate taxes
• Rubber price drop sees tire firms rake it in
• FDI enterprises post up trade surplus

Central bank wants people to “melt gold to get Vietnam Dong”? Posted: 30 Oct 2012 11:24 AM PDT It is estimated that 60 tons of gold has been sold, which is considered the result of a new policy on taking full advantage of the gold resource that the central bank attempts to pursue. For a long time, people and analysts have been guessing wildly about the policies the State Bank of Vietnam would [...]

Banks may fail to reach annual profit targets as lending declines Posted: 30 Oct 2012 11:23 AM PDT Commercial banks are having difficulties reaching their full-year profits targets due to slow credit growth Vietnam”s commercial banks are not likely to reach their full-year profit targets as lending has slowed over the first three quarters this year, insiders have said. The State Bank of Vietnam recently said loans in the first nine months this [...]

Gov’t shouldn’t rescue weak banks: expert Posted: 30 Oct 2012 11:23 AM PDT A well-known economic expert last week suggested that the Government should not try to rescue weak banks, but just let them go bankrupt. Jonathan Pincus, Academic Dean of the Fulbright Economics Teaching Program in Vietnam, told a luncheon held by the Eurocham last Friday in HCMC that those banks that fail the "stress test" should [...]

Techcombank gets IFC’s most active issuing bank award Posted: 30 Oct 2012 11:22 AM PDT The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has received the "Most Active GTFP-Issuing Bank in Asia 2012" award of the International Financial Corporation (IFC)'s Global Trade Finance Programme (GTFP). Techcombank was the only Vietnamese bank nominated by IFC for the award, which honoured contributions made by banks to activities of trade finance and [...]

Most gold borrowings are for real estate investments: source Posted: 30 Oct 2012 11:18 AM PDT Most outstanding gold lending of credit institutions currently are for investments in real estate and home purchase, said Nguyen Quang Huy, Head of the central bank's foreign exchange department, the local newswire TTVN.vn reported. Amid sluggish real estate market presently, credit institutions will find it difficult to recover the loans, Huy commented. The central bank [...]

HCMC urges local banks to ease lending rates Posted: 30 Oct 2012 11:18 AM PDT Ho Chi Minh City authorities has recently urged commercial banks in the area to lower lending interest rates further; a move to help firms access cheaper funds for year-end production, the local online newspaper Tuoi Tre ("Youth") reported. According to the local government, the health of HCMC-based companies is much better, indicated by falling number [...]

No adjustment in power, fuel prices Posted: 30 Oct 2012 11:14 AM PDT After running a check of all overhead expenses of the country's sole retail power supplier or EVN, the Ministry of Industry and Trade has ordered the company not to increase prices this month, said a representative of the Electricity Regulatory Authority of Vietnam. Referring to fuel prices, Nguyen Xuan Chien, deputy head of Domestic Market [...]

State firms pay 58% of all corporate taxes Posted: 30 Oct 2012 11:10 AM PDT State-owned enterprises continue to be the leading tax contributors in the list of the 1,000 leading corporate taxpayers in Vietnam, accounting for 58% of total tax payments this year. According to the so-called V1000 profile, released on October 29 by the Vietnam Report Co in co-operation with the General Department of Taxation and online newspaper [...]

Rubber price drop sees tire firms rake it in Posted: 30 Oct 2012 11:09 AM PDT The average rubber latex price in the January-September period fell by up to 34%, helping tire and inner tube producers reduce costs and increase profits. According to the business results of Danang Rubber Company, its net profit in the third quarter was VND73.8 billion, up 92% from the same quarter last year, increasing the total [...]

FDI enterprises post up trade surplus Posted: 30 Oct 2012 11:08 AM PDT Foreign directed investment (FDI) enterprises in Vietnam have continued to post up high export growth rate this year with total trade surplus estimated at US$9.4 billion up to now. Speaking at the press briefing on the nation's industrial and commercial situation on Monday, Phan Thi Dieu Ha, deputy head of the Import-Export Department under the [...]

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