Vietnam Business News

Central coast eyes huge tourist wave

BTimes — Sat, 18 May 2013 06:01:29 +0000

HCM CITY (VNS)— Tourism investors are hoping the central coast will become a new Phuket or Bali, and have continued to build resorts and other tourism destinations in the region despite the recession and property-market slump. The Liberated Saigon quoted an investor as saying it is difficult to find beaches as beautiful as the ones [...]

Many banks cut jobs in Q1

BTimes — Sat, 18 May 2013 05:59:46 +0000

Many commercial banks have cut jobs in the first quarter of this year as the banking continued restructuring amid difficult economic conditions, the local newswire Cafef.vn reported. ACB’s financial statements showed that the Hanoi-based bank cut 223 jobs in Q1 while the numbers for VietinBank, Eximbank and Techcombank were 79, 29, and 240, respectively. Last [...]

Banks hike exchange rate again

BTimes — Sat, 18 May 2013 05:59:43 +0000

HCMC – Local banks increased the dong-U.S. dollar exchange rate to over VND21,000 on Thursday afternoon, with Techcombank quoting the rate at the upper limit of VND21,036 per dollar. Vietcombank, Eximbank and Sacombank quoted their dollar exchange rate at VND20,950-20,960 for selling until the morning but then increased it by VND30-50 to VND20,990-21,000 in the [...]

18,000 gold taels unsold in May 17 auction

BTimes — Sat, 18 May 2013 05:59:25 +0000

The State Bank of Vietnam (SBV) managed to sell only 8,000 taels of gold bars out of 26,000 taels offered in an auction held on May 17 at start bid price of VND40.83 million per tael, local media reported. As much as 43,000 taels were left unsold in the last five auctions, statistics showed. Demand [...]

Vietnam-Cambodia trade up in four months

BTimes — Sat, 18 May 2013 05:54:59 +0000

Two-way trade between Vietnam and Cambodia reached US$1.3 billion in the first four months of this year, a year-on-year increase of 10 percent. According to the Vietnamese Trade Office in Cambodia, Vietnam earned US$1.049 billion from exports to the neighbouring country while it imported US$253 million worth of goods from Cambodia. The total value of Vietnam’s main export items [...]

FDI sector continues robust export growth

BTimes — Sat, 18 May 2013 05:53:33 +0000

HANOI – Regardless of economic difficulties, foreign investment enterprises (FIEs) have constantly posted strong export growth, with year-on-year growth of 31.1% in 2012 and 21.1% in the first quarter this year. Regardless of economic difficulties, foreign investment enterprises (FIEs) have constantly posted strong export growth, with year-on-year growth of 31.1% in 2012 and 21.1% in [...]

Vietnam’s medium-term GDP grows 6.5%: Ernst & Young

BTimes — Sat, 18 May 2013 05:52:06 +0000

HCMC – Ernst & Young, a global assurance, tax and advisory services firm, has forecast Vietnam’s average gross domestic product will grow at least 6.5% between 2013 and 2016. “With the growing internal marketing boosting FDI, tourism and agricultural exports helping to finance industrial upgrades, and new power plants ending the perennial energy shortages, GDP [...]

Two urgent tasks to rescue economy

BTimes — Sat, 18 May 2013 05:52:02 +0000

Two urgent tasks were given in the report on socioeconomic performance in January-April delivered at the 18th meeting of the Standing Committee of the National Assembly (NA) on Tuesday in a bid to prop up the economy. First, disbursement of investment funds from the State budget must be accelerated to stimulate aggregate demand for the [...]

VINPA proposes to remove petroleum price stabilization fund

BTimes — Sat, 18 May 2013 05:50:06 +0000

The Vietnam Petroleum Association (VINPA) on May 17 proposed two options for petroleum price stabilization fund, including closing the fund at a meeting to discuss ways to adjust and supplement Decision No 84/2009/NĐ-CP. VINPA said when wholesale traders are allowed to decide retail prices and people accept prices regulated by market mechanism, the fund is [...]

Viettel mulls ambitious expansion

BTimes — Sat, 18 May 2013 04:06:37 +0000

HA NOI (VNS)— Leading telecom service provider Viettel said it planned to expand to developing countries in 2015. “We are considering to invest in Myanmar, Kenya, Venezuela, Tanzania, Burkina Faso, Argentina, Cuba and Swaziland,” said Viettel’s deputy director Nguyen Van Tinh. Tinh said markets in developed countries were already saturated while investing in developing countries [...]