Vietnam Breaking News
Finance
Dollar price: just let the market adjust itself, expert say
Dr Tran Du Lich, a well known economist, former Head of the HCM City Economics Institute, when talking about the current dollar scorching hot market, said that in the immediate future, the State Bank should keep a sound mind and not adjust foreign exchange rate in accordance with the dollar price on the black market. [...]
Pilot project for export credit insurance
Many banks around the world, after the economic crisis, have drastically cut credit guarantee limits, causing exporting countries to face higher credit risks. This is an appropriate time for Ministry of Finance to submit the government the plan to pilot export credit insurance. Exporters seek to use the product According to Department of Insurance Management [...]
SBV signals monetary tightening policy?
Many commented that the replacement of the current 14-day period by seven day terms might be a signal of the State Bank of Vietnam (SBV) to tighten the monetary policy on the market. With these comments, it can be believed that the State Bank has reduced its financial support in the longer term (14 days) [...]
20 percent of cash transactions in Vietnam are in US dollars
The US dollar accounts for 20 percent of cash transactions Vietnam, 50 percent in Laos, and 90 percent in Cambodia. These figures are from a report entitled Dealing with Multiple Currencies in Transitional Economies published by the Asian Development Bank (ADB) in Hanoi on October 15. Ayumi Konishi, Vietnam Country Director of ADB, said that [...]
Foreign currency credit market still scorching hot
Commercial banks have reported that the demand for foreign currency loans keeps increasing because of the depreciation of the dong against the dollar. According to the HCM City Branch of the State Bank of Vietnam, the total outstanding loans of the banks in the city have increased by 16 percent over the end of 2009. [...]
What cars are financial millionaires in Hanoi using?
The three brand names of cars that Hanoi’s financial millionaires most favour are Rolls-Royce, Maybach and Bentley, according to local newspaper VnExpress. Among the financial millionaires, who own Rolls-Royce cars, there are two chairs of the board of directors of big companies. One of them is working for a securities company, holding a high position [...]
German bank makes loans for rural power
Electricity of Viet Nam (EVN) and Germany’s Reconstruction Credit Institute (KfW) initiated a 162 million euro (US$207 million) project to increase energy effectiveness in rural areas. EVN’s General Director Pham Le Thanh described the event as a turning point in Vietnamese and German relations, specifically regarding the electricity sector. “With the country’s strong economic growth [...]
Thai-Viet Company to build $50m factory
Thai-Viet Bio-ethanol Company received a license early this week to build a factory to produce ethanol, fertilisers and animal feeds. The factory, located in the central province of Ninh Thuan, has an investment capital of VND950 billion (US$50 million). It is slated to start construction in 2011 and come into operation in early 2013. The [...]
EVNFinance allocates VND16 trillion for electrical projects
EVNFinance joint stock company has allocated more than VND16 trillion to invest in electrical resources and lines for companies in the Electricity of Vietnam (EVN) since it was established in 2008. The amount of money was delivered in the form of direct credit, direct investment, and confidential consultancy. The EVNFinance recommended that the (EVN) to [...]
Vietnam attracts Chinese investors for S Asian market
Chinese companies are investing more in Vietnam in order to get better access to the Southeast Asian market and its comparative cost advantages, Vietnamese trade officials said on Monday. “Investment from China has continued to increase in the past few months thanks to Vietnam’s comparative cost advantages,” Bui Quoc Trung, deputy director-general of the Foreign [...]
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