The Business Times: Vietnam economy grows 5.54% in Jan-Sept

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• Vietnam economy grows 5.54% in Jan-Sept
• Young entrepreneurs urge State Bank to loosen monetary policy
• Vietnamese bank not licensed in Myanmar
• Samsung considers $950 million shipyard project in Vietnam
• Foreign telecom giants gear up for MobiFone IPO
• Foreign cruise ships seek approval to keep casinos open
• More firms close, fewer open in 2014
• Small merchants slam supermarket development plan
• Foreign fast-food chains make limited use of local suppliers
• GDC’s customs-clearance estimate conflicts with World Bank figure

Vietnam economy grows 5.54% in Jan-Sept Posted: 05 Oct 2014 09:26 PM PDT The nation's gross domestic product (GDP) has picked up 5.54% this year from the same period last year, according to a report by the Ministry of Planning and Investment. The primary industry has jumped 3.17%, industrial and construction 6.12% and services 6.02%. The index of industrial production (IIP) has added 6.7% with agriculture, forestry and […] The post Vietnam economy grows 5.54% in Jan-Sept appeared first on Vietnam Business News.

Young entrepreneurs urge State Bank to loosen monetary policy Posted: 05 Oct 2014 09:24 PM PDT Young entrepreneurs have asked the State Bank of Viet Nam (SBV) to consider loosening monetary policy to inject more capital into the market and stimulate economic growth. Workers select dragonfruits for export at Hoang Hau Dragon Fruit Farm Co,Ltd in central Binh Thuan Province”s Ham My Commune. The State Bank of Vietnam should consider loosening […] The post Young entrepreneurs urge State Bank to loosen monetary policy appeared first on Vietnam Business News.

Vietnamese bank not licensed in Myanmar Posted: 05 Oct 2014 09:22 PM PDT The Central Bank of Myanmar has announced the names of nine foreign banks that were licensed in the first phase in this country, without any representatives of Vietnam. Among the selected banks are the three largest Japanese banks – Mitsubishi, Sumitomo Mitsui, Mizuho; Industrial and Commercial Bank of China (ICBC); ANZ Bank (Australia); Oversea-Chinese Banking […] The post Vietnamese bank not licensed in Myanmar appeared first on Vietnam Business News.

Samsung considers $950 million shipyard project in Vietnam Posted: 05 Oct 2014 09:20 PM PDT Samsung Heavy Industries – the 3rd largest shipbuilder in the world – is considering opening its first shipyard outside South Korea in Indonesia, Vietnam or Malaysia. On Bloomberg, the corporation's CFO, Chun Tae Heung, was quoted as saying that one of three countries will be selected to host the shipyard to build cargo ships, tankers […] The post Samsung considers $950 million shipyard project in Vietnam appeared first on Vietnam Business News.

Foreign telecom giants gear up for MobiFone IPO Posted: 05 Oct 2014 09:14 PM PDT Major international telecoms are lining up to become strategic investors in Vietnam's second biggest mobile network operator MobiFone. Arne Kjetil Lian, SVP Group Strategy & Portfolio Development at Norway's Telenor, told leaders at the Ministry of Information and Communication (MoIC) that his company wanted to take a controlling stake and join in the governance of […] The post Foreign telecom giants gear up for MobiFone IPO appeared first on Vietnam Business News.

Foreign cruise ships seek approval to keep casinos open Posted: 05 Oct 2014 08:30 PM PDT The Prime Minister has been asked to allow foreign cruise ships to keep their casinos open during their stopovers in Vietnam. In early September, Hoang Tuan Anh, Minister of Culture, Sports and Tourism, spoke with officials from the Thua Thien-Hue People's Committee and John Tercek, vice president of Royal Caribbean Cruises. Tercek asked for permission […] The post Foreign cruise ships seek approval to keep casinos open appeared first on Vietnam Business News.

More firms close, fewer open in 2014 Posted: 05 Oct 2014 08:30 PM PDT More businesses in Viet Nam have either suspended or shut down operations in the first three quarters of 2014, according to the General Statistics Office (GSO). GSO figures showed that the number of enterprises that have either suspended or shut down operations have risen to 48,330, representing a 13.8-per cent year-on-year increase. Of these, exactly […] The post More firms close, fewer open in 2014 appeared first on Vietnam Business News.

Small merchants slam supermarket development plan Posted: 05 Oct 2014 07:53 PM PDT While urban authorities believe that traditional markets should be replaced by shopping malls and supermarkets, many city residents are opposed to the idea. More than 300 petty merchants who have stalls at Tan Binh Market in HCM City raised strong objections against the plan on rebuilding Tan Binh Market into a six-storey general-purpose shopping center […] The post Small merchants slam supermarket development plan appeared first on Vietnam Business News.

Foreign fast-food chains make limited use of local suppliers Posted: 05 Oct 2014 07:46 PM PDT Though foreign fast-food chains would like to use the services and goods of Vietnamese suppliers, they still must look abroad to buy food and equipment that meets their requirements. Nguyen Huy Thinh, managing director of McDonald's Vietnam, said looking for domestic food supply sources that could satisfy the company's requirements was "a major headache". Since […] The post Foreign fast-food chains make limited use of local suppliers appeared first on Vietnam Business News.

GDC’s customs-clearance estimate conflicts with World Bank figure Posted: 05 Oct 2014 07:45 PM PDT An average of 115 hours for imports and 11 hours for exports is needed to clear customs, according to a report from the General Department of Customs (GDC) on the customs clearance reform program. Hoang Viet Cuong, GDC's Deputy General Director, said the reform program had been reviewed at 11 customs sub-agencies at ports and […] The post GDC's customs-clearance estimate conflicts with World Bank figure appeared first on Vietnam Business News.

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