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State Bank assumes special control over credit institutions

The State Bank of Vietnam (SBV) has recently issued Circular No07/2013/TT-NHNN on special control over credit institutions in a move to better manage the banking system. Under the new regulation which will take effect on April 27, the State Bank governor will consider imposing special control over a credit institution facing insolvency or bankruptcy or ... Read More »

Foreign trading spurs market revival

Trading boomed in March 15’s afternoon session, pushing the VN-Index higher at 481.35 points when the market closed, up 1.42 percent from the earlier session. On the Ho Chi Minh Stock Exchange, the total trading value doubled the previous day’s level, reaching nearly 1.43 trillion VND (68.1 million USD). Vietinbank (CTG) led the market in terms of trades with 17.3 ... Read More »

FDI businesses win Golden Dragon Awards

As many as 73 foreign-invested businesses and 100 domestic companies were honoured with the 12 th Golden Dragon Awards and the 9 th Vietnamese Trademark Awards, respectively, in Hanoi on March 16. FDI businesses that won the Golden Dragon Awards this year operate in the fields of finance-banking, insurance, cement production and car manufacturing. Among the winners are Chinfon Cement ... Read More »

Vietnam helps Laos develop transport infrastructure

Vietnam’s Civil Engineering Construction Joint Stock Company No. 525 on March 15 signed a contract to build seven bridges on National Highway 6A in the Lao northern province of Houaphan. The company, which is an affiliate of the Ministry of Transport’s Civil Engineering Construction Corporation No. 5, will build the bridges with 5.3 million USD from the World Bank. On ... Read More »

Rice export right market gets bustling

VietNamNet Bridge – Big enterprises can still earn money without doing anything, by selling the rights to export rice to the unlicensed enterprises. The rice export right market gets more bustling. Doan Ngoc Tho, Director of the HCM City based THO, a trade and service company, said that since the day the Decree No. 109 took effects on January 1, ... Read More »

BUSINESS IN BRIEF 16/3

HCM City needs US$66 million for Tan Thuan sluice HCMC has to borrow around US$66 million from Thailand’s Neighboring Countries Economic Development Cooperation Agency (NEDA) to develop Tan Thuan tidal sluice in District 7. The loan will have an interest rate of 2.5% with a ten-year maturity and grace period of five years. To obtain the loan, the city has ... Read More »

SOEs’ bad debt a threat to public debt payment

VietNamNet Bridge – The government would have to come forward to make payment for the debts incurred by state owned enterprises (SOEs), which would be a threat to the national economy.   Phap luat Vietnam has quoted foreign sources as saying that Vietnam’s total public debts have reached $71.749 billion, or 49.4 percent of GDP, which means that every Vietnamese ... Read More »

PVC-MS launches Diamond field project

Petroleum Equipment Assembly and Metal Structure Joint Stock Company (PVC-MS) launched the Diamond field development project in Vung Tau city on March 15. Petronas Carigali Vietnam Limited (PCVL) is the investor of the 57-million-USD project, while PVC-MS is the general contractor in charge of engineering, procurement, construction and commissioning. Speaking at the ground-breaking ceremony, PVC-MS General Director Nguyen Dinh The ... Read More »

Japan calls for better development strategies

Japan calls for better development strategies Workers assemble electronic devices at Japan Mtex-Semicoductor Company Ltd in HCM City. —VNA/VNS photo Thanh Vu HA NOI (VNS)— Viet Nam needs to solve its problems of infrastructure development, human resources and institutions and policies to strengthen its industrialisation strategy from the perspective of Japanese industrial cooperation. This opinion was voiced by Japanese Ambassador ... Read More »

Economic outlook gloomy

VietNamNet Bridge – Vietnam’s economic outlook is not so bright since fundamental shortcomings have not been remedied and economic restructuring has not yet kicked off, said the Economic Committee of the National Assembly (NA). In its eighth macroeconomic newsletter, the committee said: “Vietnam’s economy will need some time to enter into a new orbit that is more balanced and sustainable.” ... Read More »