Vietnam Business News

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• 30 FDI projects launched in Da Nang in 2012
• Mergers, acquisitions expected to boom this year
• Foreign stakes to rise in ‘weak’ banks
• Growth compatible with targets
• Garment makers optimistic for 2013
• MB launches money transfers by phone
• Air Mekong fails to pay fuel bill
• VN spends $4.47 bln on mobile phone imports

30 FDI projects launched in Da Nang in 2012 Posted: 04 Jan 2013 07:18 PM PST The Da Nang City's People's Committee licensed 30 Foreign Direct Investment (FDI) projects in 2012, with total registered capital of more than $109 million. Large-scale projects were from Japan, Panama, Singapore, Belgium and the Republic of Korea. In 2012, 16 foreign businesses in the city increased their investment to over $135 million Until now, Da [...]

Mergers, acquisitions expected to boom this year Posted: 04 Jan 2013 07:18 PM PST Mergers and acquisitions are expected to boom this year in the consumer goods and real estate sector, say experts. Big foreign investors had a keen eye on M&As in consumer goods in Viet Nam, with their investments in dairy giant Vinamilk (VNM), food processor Masan Group (MSN), confectionery Kinh Do Corp (KDC) or Golden Gate [...]

Foreign stakes to rise in ‘weak’ banks Posted: 04 Jan 2013 07:17 PM PST The State Bank of Viet Nam is considering a proposal to increase the limit on foreign ownership in 'weak’ banks, says Governor Nguyen Van Binh. Existing government regulations in Decree No 69/2007/ND-CP stipulate that the total foreign ownership in a domestic commercial bank may not exceed 30 per cent of the bank’s charter capital. Binh [...]

Growth compatible with targets Posted: 04 Jan 2013 07:15 PM PST Enhancing macro-economic stability with lower inflation and higher growth remains the focus of this year’s socio-economic development tasks, says the Ministry of Planning and Investment. At a press conference in Ha Noi yesterday, the ministry reported that last year saw improvements in the macro-economy with inflation under control, gross domestic product growth maintained at a [...]

Garment makers optimistic for 2013 Posted: 04 Jan 2013 07:10 PM PST Despite predictions that the domestic economy would continue to face difficulties, garment companies remain optimistic about growth this year. The HCM City-based Century Synthetic Fibre Joint Stock Co (CSF), one of the country’s large garment enterprises, recently approved its business plan for 2013, targeting a significant boost in revenue. “We would strive to make VND1.6 [...]

MB launches money transfers by phone Posted: 04 Jan 2013 07:09 PM PST The Military Commercial Joint Stock Bank (MB), in association with Western Union, has announced a new service enabling people to receive money from overseas Vietnamese via their registered mobile phone numbers (MB Mobile Money). Accordingly, MB's customers can quickly get SMS Banking messages and receive the money a few minutes after the money is sent. [...]

Air Mekong fails to pay fuel bill Posted: 04 Jan 2013 07:09 PM PST Air Mekong (AMK) has been issued with a reminder after failing to pay its fuel bills with the Vietnam Air Petrol Company (Vinapco). A ticket stall for Air Mekong While being a debtor to several aviation service firms, the airline has to buy VND1.3 billion ($62,290) worth of fuel per day to feed its four-plane [...]

VN spends $4.47 bln on mobile phone imports Posted: 04 Jan 2013 04:10 PM PST The import turnovers of many commodities subject to the Vietnam's import restriction still remained high in 2012, and some even posted high increases, said an agency under the Ministry of Industry and Trade. For instance, Vietnam has imported US$4.47 billion worth of cell phones in 2012, a 70 percent increase year-on-year, the agency said. The [...]

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