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[2011-12-15] 2012 remains challenging for businesses

2012 remains challenging for businesses December, 15 2011 The year 2011 is coming to an end, but businesses still dare not set up any goals for 2012 because they anticipate big difficulties ahead. Businesses should have drawn up their business plans for 2012 some months ago, but to date, the frames of the plans have not taken shape yet. The 2012 business plan of FPT (Financing and Promoting Technology Corporation) was first discussed in mid November. However, a lot of issues have been left...
[2011-12-15] BUSINESS IN BRIEF 15/12

BUSINESS IN BRIEF 15/12 December, 15/12/2011 HCM City earmarks VND5.6 trillion for market stabilisation Local businesses have spent nearly VND5.6 trillion stockpiling goods to meet consumer demand during the upcoming lunar New Year festival (Tet). The Municipal Department of Industry and Trade on December 10 reported that businesses have made plans since April 2011 to ensure a sufficient supply of diverse and high quality essentials, including food and foodstuffs, at reasonable prices. S...
[2011-12-14] Bus inspector beats female passenger

Bus inspector beats female passenger December, 14 2011 A woman in Dong Nai Province has complained to Tuoi Tre that she was the victims of violent actions taken by a bus inspector who was the same age as her children. Tran Thi Hanh, 46, a resident of the province’s Bien Hoa City, told the newspaper what happened to her five days ago. At 5 pm on December 8, Hanh got on the bus with number plate 60V-9722 and got a ticket from a male inspector to whom she paid VND4,000. After the bu...
[2011-12-14] BUSINESS IN BRIEF 14/12

BUSINESS IN BRIEF 14/12 December, 14 2011 Restructuring will help State-owned businesses better perform their role in the socialist-oriented market economy and operate effectively with assigned financial resources, said Prime Minister Nguyen Tan Dung. PM Dung made the statement at a conference to review the arrangement and renovation of State-owned enterprises (SOEs)during the 2001-2010 period, in Hanoi on Dec. 8. He said relevant agencies have, over the decade, built an institutional sys...
[2011-12-13] Breakfast @ Tuoitrenews – Dec.13

Breakfast @ Tuoitrenews – Dec.13 December, 13 2011 Briefs of some of leading news stories published Tuesday (December 13) in Tuoi Tre Newspaper that will be carried today on Tuoitrenews.vn: Politics: -- Party General Secretary Nguyen Quy Trong reiterate at the conference of diplomatic representatives of Vietnam held yesterday in Hanoi that the national benefits of the Vietnamese people must be of top priority. -- Authorities in Da Nang City is planning a project to exhibit histori...
[2011-12-13] EVN Telecom and JPA cases: Government official says he can see no problems

EVN Telecom and JPA cases: Government official says he can see no problems December, 13 2011 VietNamNet Bridge – Deputy Head of the Government’s Steering Committee on state owned enterprise (SOEs) renovation and development Pham Viet Muon said that he cannot see any problems that may arise if EVN Telecom is taken over by Viettel and Jetstat Pacific is put under the control of Vietnam Airlines. Why is it Viettel, not another telecom company, which has been chosen to take over EVN T...
[2011-12-08] First banks merged in central bank’s restructuring

First banks merged in central bank’s restructuring December, 08 2011 Ficombank, TinNghiaBank and Saigon Commercial Bank (SCB) have become the first three banks to be merged, as the State Bank of Vietnam begins to implement its plan on restructuring the banking system. “The central bank has passed the policy on merging the three banks, and assigned the Bank for Investment and Development of Vietnam, or BIDV, to take a comprehensive role in the merged bank,” central bank ...
[2011-12-08] Economic shocks in 2011

Economic shocks in 2011 December, 08 2011 VietNamNet Bridge – Inflation is gradually reducing, macro financial balance sees progressive moves, the economy keeps growing, welfare and social matters are being solved but Vietnam still records ‘economic shocks’ in 2011. The first ‘shock’ was the central bank’s increase of the exchange rate between the Vietnam dong and the US dollar by 9.3 percent as of February 11, 2011. After that, price of petrol also ro...
[2011-12-07] First banks merged in central bank’s restructuring

First banks merged in central bank’s restructuring December, 07 2011 Ficombank, TinNghiaBank and Saigon Commercial Bank (SCB) have become the first three banks to be merged, as the State Bank of Vietnam begins to implement its plan on restructuring the banking system. “The central bank has passed the policy on merging the three banks, and assigned the Bank for Investment and Development of Vietnam, or BIDV, to take a comprehensive role in the merged bank,” central bank ...
[2011-12-07] BUSINESS IN BRIEF 7/12

BUSINESS IN BRIEF 7/12 December, 07 2011 Jeweller gets exclusive licence Gold bars issued by Saigon Jewelry Company Ltd (SJC)will be selected as the national gold brand upon satisfying some final requirements, State Bank of Viet Nam Governor Nguyen Van Binh told the National Assembly last week. The designation will allow SJC to stamp gold bars with the imprimatur of the State Bank, Binh said, giving SJC an exclusive licence to produce gold bars on behalf of the State. Binh's...
[2011-12-05] Private flight license revoked; monopoly possible

Private flight license revoked; monopoly possible December, 05 2011 The flight license of Indochina Airlines (ICA) has officially been revoked by the Ministry of Transport, said a state official from the Civil Aviation Administration of Vietnam (CAAV). The license withdrawal was executed because the private carrier has not operated for 12 months, said Dinh Thang, deputy head of the CAAV. ICA, the first Vietnamese private carrier to obtain a license, in May 2008, was established by com...
[2011-12-05] Retail sales reach US$8.4 billion in November

Retail sales reach US$8.4 billion in November December, 05 2011 National retail sales were valued at around VND176.4 trillion (US$8.4 billion) in November, an increase of 1 percent against last month, according to the General Statistics Office (GSO). Along with this figure, retail value over the past 11 months totalled VND1.810 trillion (US$86.4 billion), a year-on-year surge of 23.5 percent, the GSO says. "Growth in the last two months outstripped achievements made between the start of...
[2011-12-03] Banks cautious to lend for fear of default

Banks cautious to lend for fear of default December, 03 2011   Amidst heightened fear of default, lenders have recently asked borrowers to show mortgaged assets as collateral, a move that has never before happened on the interbank market. The regular overnight and one-week interest rates are now 14-16 percent, but Vietcombank has unexpectedly offered loans at 12-13.5 percent and required mortgaged assets. The general director of a bank said bankers were now skeptical about borrowe...
[2011-12-03] FDI capital flow to Vietnam’s real estate gets stuck

FDI capital flow to Vietnam’s real estate gets stuck December, 03 2011 VietNamNet Bridge – The foreign direct investment (FDI) into the real estate sector has been decreasing recently. Meanwhile, it is now the time when real estate developers need foreign capital most, because domestic banks have tightened the lending to fund real estate projects. Foreign investors no longer passionate The real estate sector has always been leading in terms of attracting FDI in comparison with oth...
[2011-12-02] Breakfast @ Tuoitrenews – Dec. 2

Breakfast @ Tuoitrenews – Dec. 2 December, 02 2011 Tuoitrenews briefs the most updated news published on Tuoi Tre Newspaper on December 2, 2011. Politics -- Senior officials of the Communist Party of China (CPC) and the Communist Party of Vietnam (CPV) met in Beijing on December 1 to discuss the further development of bilateral ties -- Danish Crown Prince Frederik left Ho Chi Minh City on the evening of December 1, finishing his visit to Vietnam on the 40th anniversary of establ...
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