Vietnam Business News

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• State Bank’s lower floor price on gold bars ensures auction success
• Collecting pepper tree root, China tries to pluck Vietnamese specialty
• Illegal loaning found at Sacombank
• Lowering interest rates to 10 percent not yet within easy reach?
• Lower rates fail to impress
• Offering more room to foreigners may lead to elimination of big brands
• Agricultural trends for 2013 outlined
• WTO membership fails to stimulate economic growth
• S Korea to test VN shrimp for preservative
• National highway to have more toll stations

State Bank’s lower floor price on gold bars ensures auction success Posted: 05 Apr 2013 12:35 AM PDT The State Bank of Viet Nam’s second gold bar auction yesterday was unexpectedly successful, with 25,700 taels (30,840 ounces) sold. After the failure of the first auction on March 28, which drew only two buyers who bought only 2,000 taels out of an available 26,000 taels (approximately one tonne), the central bank held another auction [...]

Collecting pepper tree root, China tries to pluck Vietnamese specialty Posted: 05 Apr 2013 12:31 AM PDT Chinese businessmen have been collecting the roots of pepper plants in Chu Se district of Gia Lai province, the biggest pepper growing area in Vietnam. Chinese businessmen appeared in the land to collect existing roots in late 2012. At that time, Le Thanh Thiet in Pleiku City told Mai Xuan Dung in Chu Se district [...]

Illegal loaning found at Sacombank Posted: 04 Apr 2013 11:46 PM PDT The State Bank of Vietnam's inspectors have come to a conclusion that the loans to Dang Van Thanh and his family's companies some years ago were illegal, forcing Thanh to pay debts to reduce the outstanding loans to the allowed level. The year 2012 was an eventful time for Dang Van Thanh and his family. [...]

Lowering interest rates to 10 percent not yet within easy reach? Posted: 04 Apr 2013 11:46 PM PDT Not a few commercial banks are willing to reduce interest rates on loans down to 9 or 10 percent, despite low credit growth posing a huge challenge to the national economy. In a recent exchange with a Voice of Vietnam Radio (VOV) reporter, Ass.Prof. Dr Tran Hoang Ngan from HCM University of Economics said the [...]

Lower rates fail to impress Posted: 04 Apr 2013 11:46 PM PDT The central bank’s move last week to cut the dong interest rate cap from 1-month to 12-month terms by 0.5 per cent to 7.5 per cent per annum has caused economists to wonder whether it would also be a good move to lower the lending rate and help businesses to recover their sluggish production. The [...]

Offering more room to foreigners may lead to elimination of big brands Posted: 04 Apr 2013 11:41 PM PDT What will happen if Vietnam allows foreign investors to hold 50 percent or more of listed companies' shares? The answer is that foreign groups would set one foot on Vietnamese enterprises and then take other steps to take over the enterprises. The suggestion by the Vietnam Association of Financial Investors (VAFI) to offer more "room" [...]

Agricultural trends for 2013 outlined Posted: 04 Apr 2013 11:38 PM PDT Prospects for Vietnam's agricultural sector in 2013 were discussed at a seminar in Hanoi on April 4, attended by representatives from ten institutions which specialise in agricultural development and economic forecasting. The event was co-organised by the Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD) and the National Agricultural Policy Centre. Participants said [...]

WTO membership fails to stimulate economic growth Posted: 04 Apr 2013 11:31 PM PDT HA NOI— Economic growth has been lower than expected since Viet Nam joined the World Trade Organisation (WTO) in 2006. A report by the Central Institute for Economic Management (CIEM) found that in the five-year period between 2007-11, agriculture, forestry, fishery, trade and foreign investment all declined compared with the 2002-06 period, as did the [...]

S Korea to test VN shrimp for preservative Posted: 04 Apr 2013 11:30 PM PDT HA NOI — Viet Nam’s shrimp exports are to be tested for Ethoxyquin by South Korea, one of the biggest importers of Vietnamese shrimp in Asia. Ethoxyquin is a substance used in the preservation of fish meat, and most countries apply a maximum residue limit of 77-150ppm. South Korea’s Animal, Plant and Fisheries Quarantine and [...]

National highway to have more toll stations Posted: 04 Apr 2013 11:30 PM PDT The Ministry of Transport is working on a project to upgrade the 1,700km National Highway 1A by 2016, along which 21 new toll stations will be built. At a press conference on April 2, Nguyen Hong Truong, Deputy Minister of Transport said that Highway 1A is now badly downgraded from heavy vehicular traffic, with about [...]

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