Vietnam Business News

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• Two way street in auto tax news
• Experts explore role of finance in tackling agriculture challenges
• Balance of payment surplus surges beyond expectations
• ANZ has resources for firms to exploit
• SBV faces tricky juggling act
• 2012 a year of full upheavals for banking system
• Hanoi: 2013 January credit growth +1.98%; total deposits + 1.95% M-o-M
• Equipment imports of FDI firms surge
• Beer prices rising ahead of Tet holiday
• DHL extends pickup cutoff time for customers in south

Two way street in auto tax news Posted: 21 Jan 2013 11:41 PM PST No dramatic changes are expected to automobile industry tax policies in the upcoming period. In its recent report, the Ministry of Finance (MoF) said auto industry tax policies would be cautiously devised and still put manufacturers under high pressure to lower selling prices while still ensuring consumer interests. The MoF has recently issued circulars promulgating [...]

Experts explore role of finance in tackling agriculture challenges Posted: 21 Jan 2013 11:40 PM PST Agriculture finance faces a number of challenges in Viet Nam and measures to develop this service among financial institutions were discussed yesterday at a meeting held by the International Finance Corporation (IFC). Agriculture finance was a value chain finance, which meant it occurred at different levels from pre-harvest to commercial trading, said IFC experts. Some [...]

Balance of payment surplus surges beyond expectations Posted: 21 Jan 2013 11:40 PM PST The surplus of the country’s overall balance of payment last year is estimated to hit US$10 billion, much higher than any previous projection, Nguyen Van Binh, a governor of the State Bank of Viet Nam has confirmed. SBV forecast early last year that the 2012 surplus would be roughly $3 billion against $2.6 billion in [...]

ANZ has resources for firms to exploit Posted: 21 Jan 2013 11:37 PM PST ANZ Bank last week joined with other foreign banks to provide a $300 million loan to PetroVietnam Exploration Production Corp. ANZ's global head of natural resources Will Rathvon talks with VIR's Ngoc Linh about the potential of Vietnam's natural resources and how the bank supports its clients in this industry. What is ANZ's role in [...]

SBV faces tricky juggling act Posted: 21 Jan 2013 11:36 PM PST Christian Kamm, president of Kamm Investment, asks whether the State Bank's dollarisation blitz can help get the gold market in order. There are many reasons why gold is essentially money in Vietnam, none more important than the effect of a consistently debasing currency. Certainly, holders of dong have suffered more than enough currency devaluations in [...]

2012 a year of full upheavals for banking system Posted: 21 Jan 2013 08:43 PM PST The Vietnamese banking system experienced a stormy year 2012. However, no collapse or disaster occurred. High bad debt ratio made public The bad debt ratio of the Vietnamese banking system by October 2012 had reached 8.82 percent, the highest ever rate. If noting that the total outstanding loans are estimated at 2700 trillion dong, then [...]

Hanoi: 2013 January credit growth +1.98%; total deposits + 1.95% M-o-M Posted: 21 Jan 2013 08:41 PM PST Total outstanding loans of commercial banks in Hanoi are estimated at VND665.874 trillion in January 2013, up 1.98% on-month, according to statistics from the municipal Statistics Office. Short-term loans rose by 2.1% from last month while medium- and long-term loans climbed by 1.8% M-o-M. Meanwhile, total deposits of Hanoi-based banks in the first month of [...]

Equipment imports of FDI firms surge Posted: 21 Jan 2013 08:32 PM PST While Vietnamese enterprises' import of equipment and machinery was declining, such import by foreign direct investment (FDI) companies increased strongly last year. Statistics of the General Department of Customs indicate the import bill for machinery, equipment, tools and machine parts amounted to US$16.04 billion last year, up 3.2% from 2011. Of this figure, FDI enterprises [...]

Beer prices rising ahead of Tet holiday Posted: 21 Jan 2013 08:27 PM PST Prices of many beer brands have increased slightly just ahead of the buying spree on the country's biggest traditional holiday, Tet (lunar new year). Le Hong Xanh, general director of Sabeco Trading Co., said Saigon and 333 beers had marked up by 5% since last Tuesday, citing the special consumption tax rise from 45% to [...]

DHL extends pickup cutoff time for customers in south Posted: 21 Jan 2013 08:24 PM PST Global express service provider DHL Express has applied an extension of 45 minutes to the pickup cutoff time for customers located in southern Vietnam looking to send packages and documents internationally. DHL Express said in a statement that the change would see counters extending their cutoff times to as late as 17:45 p.m. from Mondays [...]

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