Wednesday, April 2, 2014

The Business Times: Insurance Group changes CEO unexpectedly

The Business Times: Insurance Group changes CEO unexpectedly

Link to Vietnam Business News

Insurance Group changes CEO unexpectedly

Posted: 02 Apr 2014 12:47 AM PDT

The Vietnam Insurance Group (Bao Viet) has appointed a new Chief Executive Officer, starting from April 1. Mr. Duong Duc Chuyen is temporarily assigned as Bao Viet's CEO, replacing Mr. Tran Trong Phuc. The former CEO Tran Trong Phuc (left) and the new CEO Duong Duc Chuyen. A resolution of the Bao Viet Board of […]

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EVN told to pay high for biomass-made electricity

Posted: 02 Apr 2014 12:11 AM PDT

The Electricity of Vietnam (EVN), the only electricity wholesale buyer, will buy power made from agricultural waste at 5.9 US cents per kwh, which is higher by 1.8 cents per kwh than the current average price. The Prime Minister has released the Decision on the Financial Support Mechanism to be applied to the biomass electricity […]

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Foreign-invested convenience stores seen to threaten domestic ones

Posted: 01 Apr 2014 11:31 PM PDT

A number of foreign investors, seeing bright opportunities springing from the free trade agreements expected to be signed in the near future, have jumped into the Vietnamese retail market to develop convenience stores. A Nielsen report indicates that, of the 500 convenience stores operational in HCM City, 60 percent are foreign invested. Most of the […]

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Circular ownership in banking system easing, state bank says

Posted: 01 Apr 2014 11:00 PM PDT

Cross-ownership, long considered a serious threat to the banking system, is on the wane, according to Dao Minh Tu, Deputy Governor of the State Bank of Vietnam. Some economists, however, disagree. Tu said at a workshop held in mid-March that the cross-ownership stake in the banking system has dwindled to VND20 trillion. That figure is […]

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Vietnam to sell 400,000 tons of sugar to China this year

Posted: 01 Apr 2014 10:39 PM PDT

Vietnam is expected to sell some 400,000 tons of sugar to China in 2014 to help remove inventory, said Vietnam’s Ministry of Industry and Trade (MoIT) on Monday. According to the MoIT, so far in 2014, some 200,000 tons of sugar has already been licensed to export to China. After finishing the deal, the ministry […]

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First bitcoin online trading floor in Vietnam illegal

Posted: 01 Apr 2014 08:52 PM PDT

The Ministry of Industry and Trade (MoIT) has warned the first online Vietnam Bitcoin Trading Centre (VBTC) is illegal and all of its trading activities are not protected by law. The warning was released after Bitcoin Vietnam Ltd. Co. and Bit2C, an Israel-based bitcoin trading floor, announced that their recently established VBTC at www.bitcoinvietnam.com.vn is […]

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Cheers to Vietnam: competition on the rise in Vietnam’s beer industry

Posted: 01 Apr 2014 08:36 PM PDT

Vietnam's beer market is experiencing rapid growth, an average of 10 percent a year. Foreign firms are pouring into the country's market and local firms are increasing the size of their operations in response to the increase in competition. With the conclusion of the Trans Pacific Partnership in sight, competition in Vietnam's beer market is […]

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Central bank adds to forex reserves

Posted: 01 Apr 2014 08:29 PM PDT

The State Bank of Viet Nam (SBV) purchased roughly US$7.7 billion worth of foreign currency for the national foreign exchange reserve in the first quarter this year thanks to stable foreign exchange rates, SBV Governor Nguyen Van Binh said. The purchase had enriched the national forex reserve, which was reported to be more than $30 […]

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Vietnam eyed as center of Asian aviation boom

Posted: 01 Apr 2014 08:26 PM PDT

The aviation boom in Asia has caught the attention of international finance groups, who are willing to provide loans to fund aircraft purchase deals. And Vietnam is attracting a disproportionate share of that interest. High flyers from Europe, US land in Vietnam Vietnam Airlines, the national flag air carrier, took receipt of two Airbus 321s […]

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April 2: Vietnam Central Bank keeps Dollar exchange at VND21,036

Posted: 01 Apr 2014 08:23 PM PDT

Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND21,036 on Wednesday, unchanged for more than 9 months. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,246. Today,  some commercial banks lowered dollar prices […]

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