Vietnam Business News

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• Vietnam’s seafood industry faces tough challenges in 2013
• Long-term loans prove elusive
• Maritime Bank rolls out new debit card
• Commission calls for lending interest rates to be slashed
• Finance firms weigh up contrasting futures
• Struggling banks grapple with radical restructuring plans
• Garment, textile exports enjoy robust growth
• Vietnam to widen trading bands to boost stock markets
• Cement sector marks 83th anniversary
• Vietnam Airlines launches new domestic route

Vietnam’s seafood industry faces tough challenges in 2013 Posted: 09 Jan 2013 10:06 AM PST Last year, the country's seafood industry failed to achieve the export target of $6.5 billion, and this year too, the industry is preparing to face even tougher challenges with difficulties mounting up. Despite a slump in demand from Vietnam's traditional markets such as the EU, the US, and Japan, many seafood producers still received orders [...]

Long-term loans prove elusive Posted: 09 Jan 2013 10:05 AM PST Businesses are finding it difficult to access long-term credit with commercial banks currently preferring to offer o­nly short-term loans, says o­ne corporate executive. The executive, who asked to remain anonymous, said that his company would like to borrow at terms of o­ne or two years in order to anticipate financing and make long-term business plans. [...]

Maritime Bank rolls out new debit card Posted: 09 Jan 2013 10:04 AM PST The joint stock Maritime Bank in co-operation with DDSaigon Company has launched its Capella debit card, enabling holders to draw money at the ATMs of around 30 banks free of charge. The policy will continue, even when banks are expected to start charging fees on withdrawals by their own customers. A total of 300 brands [...]

Commission calls for lending interest rates to be slashed Posted: 09 Jan 2013 10:02 AM PST The National Financial Supervisory Commission has stressed the need to further cut bank lending rates to enable businesses to survive and grow. It is one of several recommendations the NFSC made to the Government late last week while urging it to be more cautious while drafting its fiscal and monetary policies for the year. Nevertheless, [...]

Finance firms weigh up contrasting futures Posted: 09 Jan 2013 10:02 AM PST Industry experts are weighing up the prospects of finance firms and bank mergers. According to the government's state owned enterprises and state groups restructuring plan, state groups and corporations will have to entirely withdrawn investments from non-core businesses by 2015, particularly financial investments. This means that within the next three years, financial businesses are likely [...]

Struggling banks grapple with radical restructuring plans Posted: 09 Jan 2013 10:01 AM PST Struggling banks are racing against time to speed up their restructuring. Under the government approved plans for a banking sector shakeup, the State Bank (SBV) is targeting underperforming banks, with a particular focus on the restructuring of small joint stock banks. Weak banks, including TrustBank, Western Bank, Navibank and GP.Bank, are racing against time working [...]

Garment, textile exports enjoy robust growth Posted: 09 Jan 2013 10:01 AM PST Although global buying power for garments has dropped from US$704 billion in 2011 to $697 billion in 2012 and demand from most major markets such as the US, EU and Korea fallen to an all time low, Vietnam's garment industry still managed an export growth of 12 percent with revenues at $15.8 billion. Last year, [...]

Vietnam to widen trading bands to boost stock markets Posted: 09 Jan 2013 09:53 AM PST Vietnam will raise the trading band on the Ho Chi Minh Stock Exchange, the country’s main stock market, to 7 percent next week from 5 percent now as part ofmarket-boosting measures, regulators said on Wednesday. The trading band on the Hanoi Stock Exchange will also be raised to 10 percent from 7 percent at present, [...]

Cement sector marks 83th anniversary Posted: 09 Jan 2013 09:52 AM PST The Vietnam Cement Industry Corporation (VICEM) marked its 83th anniversary during a ceremony at the Bim Son Cement Plant in Thanh Hoa province on January 8. Praising the sector's achievements, Deputy Prime Minister, Hoang Trung Hai, asked VICEM to continue to promote its capability, apply scientific and technical advancements and reduce costs to decrease the [...]

Vietnam Airlines launches new domestic route Posted: 09 Jan 2013 09:50 AM PST The national flag carrier Vietnam Airlines has announced it will launch a new direct route linking Ho Chi Minh City and northern Thanh Hoa province on February 5. The airline will offer five flights a week, using 184-seat Airbus 321, on Monday, Wednesday, Friday, Saturday and Sunday, to meet the increasing demand of transportation between [...]

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