Vietnam Business News

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• Greedy banks force ATM users to hunt for free-of-charge services
• Exports to EU face uphill battle on weak demand
• Oil and gas group restructured for better operation
• Dairy firms pledge to stabilise prices
• Stock market – while locals act as net-sellers, foreigners buy
• Bad debt settlement – key to bank restructuring
• Interest rate reductions and the other side of the medal
• Vietnam banks start pumping funds to aid real estate market
• Gold owners say licensed shops few and far between
• Japan investment forecast to rise further

Greedy banks force ATM users to hunt for free-of-charge services Posted: 15 Jan 2013 12:36 AM PST With impending charges due on ATM services, consumers are looking for free of charge outlets.  New ATM transaction fees have annoyed cardholders The State Bank of Vietnam's Circular 35 is set to take effect from March 1 this year. As a result, cardholders will be charged a maximum of VND1,000 per transaction at ATMs provided [...]

Exports to EU face uphill battle on weak demand Posted: 15 Jan 2013 12:33 AM PST The Ministry of Industry and Trade (MoIT) has urged exporters to better exploit the European market as exports to the outlet this year were forecast to increase by only 10 per cent against last year’s 16 per cent. The ministry said the country’s staple market exports had shown signs of difficulties this year. According to [...]

Oil and gas group restructured for better operation Posted: 15 Jan 2013 12:32 AM PST The Vietnam National Oil and Gas Group (PVN) will focus on oil and gas survey, exploration and production as its core business line in the 2012-2015 period. It was requested by the Prime Minister when he approved the group's restructuring project. Besides, the group will also be engaged in oil refinery, petrochemical, gas and power [...]

Dairy firms pledge to stabilise prices Posted: 15 Jan 2013 12:28 AM PST Several big dairy companies in HCM City are expanding capacity this year to meet demand for products offered through HCM City’s price-stabilisation programme. Although the current phase of the city programme ends in about three months, the dairy companies have already been working with partners to ensure good prices on imported raw materials. In addition, [...]

Stock market – while locals act as net-sellers, foreigners buy Posted: 15 Jan 2013 12:27 AM PST Local private investors, mostly securities firms, have recently acted as net-sellers on the Vietnamese stock market, while foreign investors continued to be net buyers during the period. In December 2012, they posted 49 million shares worth VND443 billion of net-sold volume and value, respectively. In the first 8 trading sessions of this month, the net-selling volume [...]

Bad debt settlement – key to bank restructuring Posted: 15 Jan 2013 12:21 AM PST The success of the commercial bank restructuring process rests heavily on the settlement of bad debts that continue to obstruct capital mobilisation for the national economy. Over the past 20 years of Doi Moi (Renovation), the shortcomings of local commercial banks have been exposed, particularly through poor management, inadequate human resource training, weak liquidity, and [...]

Interest rate reductions and the other side of the medal Posted: 15 Jan 2013 12:19 AM PST The State Bank of Vietnam successfully eased the interest rates in 2012 in order to make it easier for businesses to access bank loans. However, there is always the other side of a coin. The desire has been contented The top priority task for the government of Vietnam in 2011 was stabilizing the macro economy [...]

Vietnam banks start pumping funds to aid real estate market Posted: 15 Jan 2013 12:18 AM PST Local commercial banks have been introducing various credit packages for consumption and house purchase at preferential interest rates to aid the real estate market, the local newswire Thanh Nien News reported. HDBank currently offers the lowest lending rates for home buyers at 8.6% per annum, applicable in the first three months, in a credit package [...]

Gold owners say licensed shops few and far between Posted: 14 Jan 2013 09:21 PM PST While the State Bank of Vietnam claims that the 2,500 facilities countrywide licensed to trade gold bullion are enough to serve public need, gold bar holders are having trouble finding a proper place to sell their precious metal. The gold bullion trading network of Vietnam was officially narrowed down on January 10, as only those [...]

Japan investment forecast to rise further Posted: 14 Jan 2013 08:09 PM PST Investment of Japanese enterprises is forecast to increase further in 2013, with a focus o­n the items for domestic consumption and export to Asia. Japan is the biggest investor in Vietnam last year with newly-registered and additional capital reaching 5.13 billion USD, accounting for 40% of total investment commitments to the country. At a recent [...]

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