The Business Times: EVN opposes Government Inspectorate’s conclusion

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• EVN opposes Government Inspectorate’s conclusion
• Local milk exported to 26 countries
• Vietcombank offers VND1 trillion of bad debts
• SBV betters forex trading management
• Gov’t asked to get tough on cross ownership in banks
• Legal framework prevents foreign investors from buying Vietnam”s bad debts
• G-guaranteed bonds issued to help Vinashin
• State budget facing shortfall as tax collection lags behind target
• VAMC begins bulk buys of bank debts
• Dung Quat refinery spouts profit

EVN opposes Government Inspectorate’s conclusion Posted: 11 Oct 2013 09:24 PM PDT The Electricity of Vietnam Group (EVN) said some contents of the recent Government Inspectorate's conclusion on its non-core business are inaccurate. The Government Inspectorate has recently made its conclusion after inspecting operations of EVN's, saying that ineffective and massive non-core business activities are to blame for the group's large losses. According to the Government Inspectorate, [...] The post EVN opposes Government Inspectorate's conclusion appeared first on Vietnam Business News.

Local milk exported to 26 countries Posted: 11 Oct 2013 09:22 PM PDT Vietnam Dairy Products Joint Stock Company (Vinamilk) announced on October 10 that its dairy products have been exported to 26 countries around the world. Key export markets include the US, Australia, Canada, Russia, Japan, Thailand, China, Turkey, Iraq, Sri Lanka, the Philippines, the Republic of Korea, and the Middle East. In the past nine months of this year, [...] The post Local milk exported to 26 countries appeared first on Vietnam Business News.

Vietcombank offers VND1 trillion of bad debts Posted: 11 Oct 2013 09:07 PM PDT Leaders of Bank for Foreign Trade of Vietnam, or Vietcombank, have offered to sell around VND1 trillion worth of book-value bad debts to Vietnam Asset Management Company (VAMC). However, a source from VAMC said that the enterprise will buy only around VND500 billion worth of bad debts from Vietcombank before the end of the year. [...] The post Vietcombank offers VND1 trillion of bad debts appeared first on Vietnam Business News.

SBV betters forex trading management Posted: 11 Oct 2013 09:05 PM PDT The central bank will put stricter control over foreign exchange trading of 62 local commercial banks after launching Reuters Dealing, a system that collects and extracts forex trading information on the inter-bank market, into operation. The system was provided by Thomson Reuters under a contract signed between the two sides in Hanoi City on Tuesday. [...] The post SBV betters forex trading management appeared first on Vietnam Business News.

Gov’t asked to get tough on cross ownership in banks Posted: 11 Oct 2013 09:03 PM PDT Economic experts have urged the Government to take drastic measures against "cross ownership and manipulating ownership" in local banks to restore order in the country's financial and banking sector. Le Xuan Nghia, an advisor to the Prime Minister, said the proposal has been made and will likely be enacted to remedy the situation at several [...] The post Gov't asked to get tough on cross ownership in banks appeared first on Vietnam Business News.

Legal framework prevents foreign investors from buying Vietnam”s bad debts Posted: 11 Oct 2013 09:02 PM PDT There are many foreign investors waiting to buy bad debts from the Vietnam Asset Management Company (VAMC) but they are challenged by complicated procedures. On October 9, former the deputy head of National Financial Supervisory Commission, Le Xuan Nghia, discussed the problem at the conference ”Movements of macro-economy and prospects of Vietnam”s bank restructuring process” [...] The post Legal framework prevents foreign investors from buying Vietnam”s bad debts appeared first on Vietnam Business News.

G-guaranteed bonds issued to help Vinashin Posted: 11 Oct 2013 09:01 PM PDT Vietnam will start listing Government-guaranteed bonds at the Singapore Stock Exchange from October 11 to help the troubled Vietnam Shipbuilding Industry Group (Vinashin) repay its creditors. The bonds, issued as global fund certificates, have been registered at the New York Stock Exchange, it was reported at a press conference co-hosted by Vinashin and the Finance [...] The post G-guaranteed bonds issued to help Vinashin appeared first on Vietnam Business News.

State budget facing shortfall as tax collection lags behind target Posted: 11 Oct 2013 09:00 PM PDT HA NOI (VNS)  — State budget collection in the first nine months of the year met only 66.6 per cent of the annual target. The figure was released at a meeting on Thursday to review the Ministry of Finance’s results in the January-September period. The ministry said total collection last month was VND52.8 trillion (US$2.5 [...] The post State budget facing shortfall as tax collection lags behind target appeared first on Vietnam Business News.

VAMC begins bulk buys of bank debts Posted: 11 Oct 2013 08:55 PM PDT HA NOI (VNS)  — Viet Nam Asset Management Company (VAMC) yesterday purchased more than VND1 trillion (US$47 million) of Saigon Commercial Bank (SCB)’s bad debts using its bonds. The sale of bad debt is seen as a positive move for SCB in the process of restructuring after merging and it will assist SCB in raising [...] The post VAMC begins bulk buys of bank debts appeared first on Vietnam Business News.

Dung Quat refinery spouts profit Posted: 11 Oct 2013 08:45 PM PDT HA NOI  (VNS) — The Dung Quat Oil Refinery Plant, which is operated by the Binh Son Refining and Petrochemical Company (BSR), sold 5 million tonnes of oil and gas products in the first nine months of this year. CEO Nguyen Hoai Giang told Vnexpress that the plant earned over VND112 trillion (US$5.3 billion) in [...] The post Dung Quat refinery spouts profit appeared first on Vietnam Business News.

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