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Corruption plagues mine industry

Transparency and accountability in the extractive industry needs to be enhanced to increase efficiency before the country exhausts its oil, gas and mineral reserves. Although Viet Nam has a fairly good legislation system with the promulgation of the Petroleum Law 2008 and Mineral Law 2010 regulating the operation of the extractive industry,...

Posted date: Mon, 30 Jul 2012 - From: Business News

Vietnamese prefer laying by their money in wardrobe to traveling

Depositing Vietnam dong at banks and buying gold are the two ways of keeping money that most Vietnamese people choose. Answering the question by a local newspaper “Where would you pour money to if you had idle cash?” More than a half of polled people said they have no money left to accumulate in the context of the current...

Posted date: Mon, 30 Jul 2012 - From: Business News

BUSINESS IN BRIEF 29/7

HCM City benefits from trade pact HCM City's bilateral trade with Australia and New Zealand has increased significantly, after more than two years of implementation of the ASEAN Australia New Zealand Free Trade Agreement, according to the Department of Industry and Trade. Many Vietnamese exports to the two countries recorded high growth...

Posted date: Sun, 29 Jul 2012 - From: Business News

Low tariff encourages export, but technical barriers keep goods inaccessible

Australia and New Zealand have committed high tariff preferences to Vietnam. However, the exports to the two markets remain modest. Over the last two years of implementing the ASEAN – Australia – New Zealand Free Trade Agreement (AANZFTA), Vietnam’s exports to Australia and New Zealand have not seen any improvement. In 2011,...

Posted date: Sun, 29 Jul 2012 - From: Business News

Investors not keen on instant coffee projects

High requirement investment rate, high bank loan interest rate and the small market, all make investors hesitant to develop instant coffee products. The Ministry of Agriculture and Rural Development (MARD) has made public the draft programming on the development of the coffee bean processing and preservation system in association with...

Posted date: Sun, 29 Jul 2012 - From: Business News

Bank officers’ high income is the envy of all Vietnamese workers

While many workers in other business fields have become redundant or seen the salaries cut because their businesses are facing big difficulties, banking officers have been safe and sound and unhurt by the economic downturn. In economic downturn, bank officer income still keeps rising Chair of Vietinbank Pham Huy Hung recently revealed at a...

Posted date: Sat, 28 Jul 2012 - From: Business News

EVN to increase power prices to offset losses

Vietnam Electricity (EVN) will make up for its losses resulting from electricity trading and exchange rate discrepancies by hiking power prices from now until 2015, said EVN deputy general director Dinh Quang Tri. Speaking last Friday to further explain the issues related to the power business, Tri said EVN had borrowed US$7.4 billion...

Posted date: Sat, 28 Jul 2012 - From: Business News

Pennywise policy helps securities companies make profit again

Instead of waiting for the instructions from the watchdog agency, securities companies have been reshuffling their organizations themselves, which has helped them make profit again in the first six months of the year after a long period of taking loss. Practicing thriftiness brings profit A lot of securities companies have reported profits...

Posted date: Sat, 28 Jul 2012 - From: Business News

BUSINESS IN BRIEF 27/7

Broker ownership rules stir market Shares rallied yesterday on both of the nation's stock exchanges, although trading remained sluggish. On the Ha Noi Stock Exchange, the HNX-Index added 0.6 per cent over the previous day's close to end yesterday's session at 70.09 points. The value of trades was essentially unchanged from Wednesday,...

Posted date: Fri, 27 Jul 2012 - From: Business News

More capital poured to public investments, worry about inflation returns

While the government believes that it’s necessary to push up the public investment to boost the economic growth and help ease the enterprises’ difficulties, economists have warned that this may pave the way for high inflation to return. Minister, Chair of the Government Office Vu Duc Dam said at the press conference held after the...

Posted date: Fri, 27 Jul 2012 - From: Business News

Exporters no longer expect profits from dong/dollar exchange rate fluctuations

While the State Bank of Vietnam considers the dong/dollar exchange rate stabilization in recent months a great success, exporters complain that with the dollar price stabilization, they do not hope to make profits from the exchange rate fluctuation any more. Vu Thanh Son, General Director of the Hanoi Trade Corporation (Hapro), said that...

Posted date: Fri, 27 Jul 2012 - From: Business News

Bank bad debt ratio could be 10 percent

Experts believe that the bad debt ratio of the whole banking system by the second quarter of 2012 would be much higher than 8.6 percent, the figure released by the State Bank of Vietnam by March 31, 2012. The national economy remains pale, because of which businesses still cannot sell products to get money to pay bank debts. The reports...

Posted date: Fri, 27 Jul 2012 - From: Business News

Insurers see great potentials in outbound tourism development

The increasingly high number of Vietnamese people going abroad every year for business and travel purposes is believed to create a vast market for insurers to exploit. Though the number of Vietnamese people traveling abroad has been increasing steadily, very few travelers take insurance policies, because they keep subjective about the latent...

Posted date: Fri, 27 Jul 2012 - From: Business News

Forecasted low trade, domestic strict requirements make rice exporters careworn

Vietnam still strives to export 7 million tons of rice in 2012. However, this proves to be not an easy mission, especially when enterprises meet big challenges in both the domestic and foreign markets. Vietnamese rice exporters put under pressure Big trade centers in the world all have released a message that the rice inventories in Asia...

Posted date: Thu, 26 Jul 2012 - From: Business News

Corporate bonds unsalable: money runs out or faith exhausted?

Unable to borrow money from banks, businesses have to issue corporate bonds to raise funds. However, it’s very difficult to issue bonds at this moment. Bonds no longer attractive Two years ago, Quoc Cuong Gia Lai (QCG) issued 195 billion dong worth of convertible bonds. However, only 30 percent of the 195 billion dong has been converted...

Posted date: Thu, 26 Jul 2012 - From: Business News