Vietnam Business News

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• Airlines get new rules on capital
• Over 158,000 taels of gold sold in six auctions
• Sacombank plans to sell maximum 20% stake to foreign investors during 2012-2015
• France becomes HCM City’s key trade partner
• Telecom staff receive Lao friendship medal
• Binh Duong praised for effective ODA utilization
• Big guys try to transfer property projects to stop loss
• VND24,000 billion investment for Central Highlands
• Urgent solutions to boost economic recovery
• Abnormalities found in statistics about Vietnam’s economy

Airlines get new rules on capital Posted: 13 Apr 2013 12:34 AM PDT A minimum of VND300 billion ($14.4 million) is required to set up a commercial airline, following a recent Government decision. The VND300 billion threshold applies to airlines which have less than 10 aircraft and operate solely domestic flights. The minimum capital will increase to VND700 billion ($33.5 million) to fly international routes. But the regulation [...]

Over 158,000 taels of gold sold in six auctions Posted: 12 Apr 2013 10:34 PM PDT Some 158,200 taels of gold bullion (roughly six tonnes) were sold in six auctions held by the State Bank of Vietnam (SBV). In the latest auction on April 12, the bank sold 40,000 of the 52,000 taels put out for sale at prices ranging from VND 42.97 million and VND 42.98 million per tael. Despite [...]

Sacombank plans to sell maximum 20% stake to foreign investors during 2012-2015 Posted: 12 Apr 2013 10:32 PM PDT Saigon Thuong Tin Commercial Joint Stock Bank (STB or Sacombank) planned to sell at most 20% stake to strategic foreign investors for the period from 2012 to 2015, the lender said in its AGM documents sent to shareholders. Its Board of Directors (BOD) revealed that currently some leading financial institutions were actively working to a [...]

France becomes HCM City’s key trade partner Posted: 12 Apr 2013 10:28 PM PDT Ho Chi Minh City Party Committee Deputy Secretary Nguyen Thi Quyet Tam has praised the results of the cooperation between Vietnam and France. At April 12 meeting in HCM City that marked the 40th anniversary of Vietnamese-French diplomatic ties (April 12, 1973–April 12, 2013), Tam highlighted municipal authorities' constant efforts at strengthening the city's multifaceted [...]

Telecom staff receive Lao friendship medal Posted: 12 Apr 2013 10:25 PM PDT The Lao People's Army has awarded the friendship medal to 13 Lao and Vietnamese staff of Laos-based Star Telecom Company Unitel, a joint venture between Lao-Asia Telecom and Vietnam's military telecoms group Viettel. The medals were presented at a ceremony held on April 12 in Vientiane. Major General Duong Van Tinh, on behalf of Viettel, [...]

Binh Duong praised for effective ODA utilization Posted: 12 Apr 2013 10:22 PM PDT Chair of the Audit Committee of the Finnish Parliament Tuija Brax has applauded Binh Duong southern province's effective utilisation of Finnish aid in building a plant making organic fertiliser from waste. Tuija Brax led a delegation from the Finnish Parliament to pay a working visit to the province on April 12. At the meeting, Deputy [...]

Big guys try to transfer property projects to stop loss Posted: 12 Apr 2013 10:19 PM PDT The HCM City in the first quarter of 2013 witnessed 4 high-rise building project transfer deals worth $600 million, according to CBRE, a real estate service provider. In Hanoi, some 70 projects are waiting to be transferred, but the number of successful deals remains limited. HCM City and the multi-million dollar transfer deals Sohovietnam, a [...]

VND24,000 billion investment for Central Highlands Posted: 12 Apr 2013 10:19 PM PDT Nearly VND24,000 billion will be allocated to the areas of the Central Highlands region's strength such as coffee processing, rubber, eco-tourism and modern industry. The second conference on investment promotion for the Central Highlands of Vietnam was held in the Central Highlands province of Gia Lai's Pleiku City on April 12 in the presence of [...]

Urgent solutions to boost economic recovery Posted: 12 Apr 2013 10:13 PM PDT The Government has outlined urgent solutions to accelerate economic recovery, according to its newly-issued Resolution. First, the State Bank of Viet Nam will continue to reduce lending interest rates in early April, intensify investigations at commercial banks, unblock loan conditions and procedures to facilitate credit circulation in the economy, prioritize loans for agricultural production and [...]

Abnormalities found in statistics about Vietnam’s economy Posted: 12 Apr 2013 10:11 PM PDT Economists, while keeping doubtful about the statistics reported by state management agencies, have warned that if they try to "fabricate" the figures, the regulators would not know how sick the economy is to prescribe properly. Bui Trinh, a well-known economist, at the recently held spring economic forum, mentioned the formula for calculating GDP based on [...]

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