Vietnam Business News

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• Dang Van Thanh withdraws from all Sacombank posts
• Firms flee collapsing real estate market
• Tax official says PVN’s request unprecedented
• Bank scandal flattens market
• Blue chips lead market rebound
• Real estate-related outstanding debts worth 50 billion USD
• Bad debt situation worsens, but more slowly: Cbank
• VNPT shakeup faces legal obstacles
• Vietnam strives to maintain top coffee exporter status
• Garment makers see orders from Japan increase

Dang Van Thanh withdraws from all Sacombank posts Posted: 07 Nov 2012 08:04 AM PST Dang Van Thanh, former chairman-cum-founder of Sacombank, has gotten approval from the bank's board of directors to resign from the bank for personal and health reasons. With the latest resolution from the bank's board of directors, Thanh has withdrawn from all of his posts at the bank after being dismissed from the post of bank [...]

Firms flee collapsing real estate market Posted: 07 Nov 2012 08:04 AM PST Businesses are making a rapid retreat from the property market as they seek to avert potential losses from its bleak outlook. A number of firms and enterprises have withdrawn capital from the market, while adjusting business strategies to focus on more optimistic growth areas. The Viet Nam Construction and Import-Export Corp (Vinaconex) last month announced [...]

Tax official says PVN’s request unprecedented Posted: 07 Nov 2012 08:00 AM PST The request of the state-run oil and gas group PetroVietnam (PVN) to have the incentives it provided to employees exempted from the personal income tax is unprecedented, a top official from the Ho Chi Minh City Tax Agency said Tuesday. PVN has recently called on the Ministry of Finance to exempt certain monetary incentives its [...]

Bank scandal flattens market Posted: 07 Nov 2012 08:00 AM PST Shares failed to rally on the nation’s stock exchanges on Nov. 6, with leading indices closing essentially unchanged as investors remained uncertain about the circumstances surrounding last week’s resignation by former Sacombank chairman Dang Van Thanh. Rumours about the scandal have fanned market concerns about the stability of the banking system. Reflecting those concerns, Eximbank (EIB) [...]

Blue chips lead market rebound Posted: 07 Nov 2012 07:55 AM PST Shares reversed losses to rally this morning, with virtually no change in trading value. On the HCM City Stock Exchange, the VN-Index edged up 0.69 per cent to 379.56 points. Gainers outnumbered losers by 140-64. Share prices, after several declining sessions, have become alluring to investors. Eight of the 30 leading shares by liquidity and [...]

Real estate-related outstanding debts worth 50 billion USD Posted: 07 Nov 2012 07:55 AM PST Minister of Construction Trinh Dinh Dung told the National Assembly, that the total outstanding loans related to real estate is about 50 billion USD. The Minister of Construction said the real estate market is a frozen zone, with very few transactions. Real estate businesses are in trouble while a large proportion of poor people still [...]

Bad debt situation worsens, but more slowly: Cbank Posted: 07 Nov 2012 07:54 AM PST Though the total bad debt of the local banking system has risen to 8.8-10 percent from 3.05 percent of total outstanding loans at the end of 2011, the growth has slowed since June, said the central bank. According to the financial reports of commercial banks, as of September 30, their non-performing loan (NPL) ratios have [...]

VNPT shakeup faces legal obstacles Posted: 07 Nov 2012 07:52 AM PST State-owned telecom VNPT's proposal to merge member units VinaPhone and MobiFone as part of a company reorganization may need to find a way around a roadblock under current Competition Law regulations. At this time, the shake-up plan of VNPT is under consideration by the Ministry of Information and Communications (MIC). One question is whether VNPT's [...]

Vietnam strives to maintain top coffee exporter status Posted: 07 Nov 2012 07:51 AM PST Vietnam has overtaken Brazil as the world's largest coffee exporter when it shipped 1.6 million tonnes from the 2011-2012 crop, earning more than US$3 billion. The coffee sector's recent continuous effort for improvement in yield in has been rewarded with the fifth consecutive year where the total area for growing coffee has exceeded 500,000 hectares [...]

Garment makers see orders from Japan increase Posted: 07 Nov 2012 07:51 AM PST Orders for apparel products from Japan are increasing, possibly due to certain Japanese buyers shying themselves from China, with several Vietnamese textile and garment firms having won export contracts sufficient for their production in many months to come. Vu Dinh Hai, deputy general director of Dongnai Garment Corp. (Donagamex), said his firm now has obtained [...]

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