Vietnam Business News

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• Sharp lending rate cuts unlikely: experts
• Work begins on solar cell plant in Hue
• Vietnam cuts red tape on luxury imports
• Rice exports from Vietnam broke record in 2012
• Purchasing power stagnant, depressed markets ahead of Tet
• Farm produce price volatility unlikely
• US$430 million overseas investment profits remitted
• Air Mekong denies late fuel payments
• VN-Index seen rising to 430 points this week
• Two new airlines join domestic market

Sharp lending rate cuts unlikely: experts Posted: 07 Jan 2013 07:25 PM PST Lending rates may fall in the current macroeconomic context, but it is unlikely they will steeply drop to 5-8% as desired, heard a forum on challenges and opportunities for businesses in 2013 held in HCMC last Saturday. An entrepreneur from the Binh Dinh Businessmen Club in HCMC posed a question as to why lending rates [...]

Work begins on solar cell plant in Hue Posted: 07 Jan 2013 07:24 PM PST Construction on a solar cell plant funded by WorldTech Transfer Investment, began in Phong Dien industrial zone in central Thua Thien – Hue province on January 7. The US$300 million facility will take 30 months to build and have a capacity of 60 MW a year. In the second phase, the plant's capacity will be [...]

Vietnam cuts red tape on luxury imports Posted: 07 Jan 2013 07:24 PM PST The Ministry of Industry and Trade has issued Circular 301 to ease the import of mobile phones, spirits and cosmetics.  Despite import restrictions mobile phones were listed among the top ten products with the highest import turnover The circular taking effect from January 1, 2013 and has replaced the ministry's Circular 197 issued on May [...]

Rice exports from Vietnam broke record in 2012 Posted: 07 Jan 2013 07:21 PM PST Rice exports from Vietnam in 2012 reached a record high of 7.72 million tons, surpassing the target of 7.7 million tons, reported the Vietnam Food Administration yesterday. This is the highest quantity of rice ever exported from the country. Vietnam has set a new record in rice exports thanks to increase in rice production last [...]

Purchasing power stagnant, depressed markets ahead of Tet Posted: 07 Jan 2013 07:18 PM PST In previous years, people started buying goods for Tet Lunar New Year at least a month ahead, creating robust sales and a vibrant market, one that is seriously lacking this year. This year, despite several promotional campaigns, purchasing power remains stagnant and markets are facing a depression. A survey of supermarkets in Ho Chi Minh [...]

Farm produce price volatility unlikely Posted: 07 Jan 2013 07:17 PM PST Prices of coffee, pepper, cashew and rice will unlikely fluctuate as sharply this year as forecast by industry associations. The Vietnam Cashew Association (Vinacas) forecast cashew nuts would be exported at an average price of US$7,000 per ton. Local processors just have a small material supply left while the world's demand for cashew nuts might [...]

US$430 million overseas investment profits remitted Posted: 07 Jan 2013 07:17 PM PST Vietnam enterprises have remitted home profits amounting to US$430 million earned from outbound investments, according to the Ministry of Planning and Investment. Do Nhat Hoang, head of the ministry's Foreign Investment Agency, said in Hanoi last week that such huge profits were mainly obtained from oil and gas exploitation, telecommunications and rubber farming. "Some projects [...]

Air Mekong denies late fuel payments Posted: 07 Jan 2013 07:16 PM PST The privately-held carrier Air Mekong has rejected a news report that it had delayed jet fuel payments for the country's main supplier Vinapco. The Tuoi Tre report cited a source from Vinapco as saying that since the fourth quarter of last year, the fuel seller had eight times written to the airline requesting payments that [...]

VN-Index seen rising to 430 points this week Posted: 07 Jan 2013 07:16 PM PST Securities enterprises expect the VN-Index to beat the 430-point level some time this week after the stock market extended its winning streak for an eighth day in a row and a mild correction last Thursday showed signs of retreating. Although this is a strong resistance, most brokers are optimistic about developments of the stock indices [...]

Two new airlines join domestic market Posted: 07 Jan 2013 07:14 PM PST The Civil Aviation Administration of Vietnam (CAAV) said two more airlines have received licenses to enter the burgeoning domestic aviation market at a time when a slew of challenges are looming as a result of protracted local and world economic woes. CAAV's director general Lai Xuan Thanh said in a recent report submitted to the [...]

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