English News

• Sacombank BOD may be dismissed: lawyer Thứ tư, Ngày 22-02-2012 22:52 HCMC – Sacombank’s board of directors (BOD) may be dissolved to pave the way for BOD reelections if shareholders want so at a general meeting, lawyer Tran Phuong Bac at Luat Viet law firm said.

• Banks rush to announce credit growth rate quotas Thứ tư, Ngày 22-02-2012 19:04 Banks have hurriedly made public their credit growth rate quotas for 2012; because this is an effective way to declare that they are good banks.

• Vietnam's rice bowl under serious threat, says ADB advisor Thứ tư, Ngày 22-02-2012 14:21 The delta that produces 85 per cent of Vietnam's rice exports is under threatened by reduced flows of the Mekong River, a leading water expert for the Asian Development Bank (ADB) warned Monday.

• When the peasants have more… casinos Thứ tư, Ngày 22-02-2012 12:10 The projects on developing casino and amusement complexes all are worth billions of dollars and cover hundreds of hectares of land. Meanwhile, the casinos which have been operating on the trial basis do not show the necessity of casinos in Vietnam.

• Chinese merchants shelter behind Vietnamese to collect seafood Thứ tư, Ngày 22-02-2012 12:04 Chinese merchants have been flocking to fishing ports in Khanh Hoa province to collect seafood materials. Meanwhile, the local authorities still do not know what they should do to settle the problem.

• Eximbank alliance asks Sacombank to reelect board of directors Thứ tư, Ngày 22-02-2012 11:48 Le Hung Dung, chairman of the Vietnam Export Import Bank (Eximbank), has sent a document to the chiefs of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to call for a reelection of the latter’s boards of directors and inspectors.

• A Breakthrough In Sight Thứ tư, Ngày 22-02-2012 11:35 Some have argued that 2012 will witness a breakthrough to be achieved by foreign banks in Vietnam, and the market share of capital mobilization will no longer be a household affair among domestic banks

• Banking Sector In 2012: Challenging Thứ tư, Ngày 22-02-2012 11:34 Twenty twelve is expected to be another tough year for the banking industry with two burdens on the shoulder of the central bank governor, being cutting interest rates and restructuring the banking system. Besides, the governor still has to fulfill the tasks of maintaining foreign exchange rate stability and solving shortcomings of the gold market. None of them is easy.

• Securities companies flee from the stock market Thứ tư, Ngày 22-02-2012 10:20 VietNamNet Bridge – No activities at the headquarters, no answer to the calls, no news on websites – some securities companies have quietly disappeared from the market.

• BUSINESS IN BRIEF 22/2 Thứ tư, Ngày 22-02-2012 08:24 Key industrialisation planned for 2020; Conoco sells Vietnam units for $1.29 billion; Vietnam aims at $14-16bln ODA disbursement until 2015; $1.4 billion for Hanoi-Lang Son expressway; State firms to cut admin costs;

• Garment companies don’t have orders, lack workers Thứ tư, Ngày 22-02-2012 06:59 Garment companies can foresee that they would have a tough year in 2012. Many of them are still awaiting orders from foreign importers and scrambling with others for workers.

• Credit growth disallowed at certain banks Thứ tư, Ngày 22-02-2012 00:00 HCMC – The central State Bank of Vietnam has categorized local credit institutions into four groups with the last group disallowed for credit growth this year.

• BIDV financial leasing firm inaugurated Thứ ba, Ngày 21-02-2012 21:05 HCMC – BIDV Financial Leasing One Member Co. Ltd. (BLC), which is 100% owned by Bank for Investment and Development of Vietnam (BIDV), was inaugurated on Monday with chartered capital of VND447.8 billion.

• Vietcombank, Vietinbank lower lending rates Thứ ba, Ngày 21-02-2012 20:52 HCMC – Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Bank for Industry and Trade (Vietinbank) have announced to reduce the lending interest rates to 14.5% and 15.5% per year respectively for certain clients.

• Eximbank insists on re-electing Sacombank management Thứ ba, Ngày 21-02-2012 20:47 HCMC – The Vietnam Export Import Commercial Joint-Stock Bank (Eximbank), a large shareholder of Saigon Thuong Tin Commercial Bank (Sacombank), has urged the latter to re-elect the board of directors (BOD) and supervisory board to secure benefits of investors.

• US oil firm ConocoPhillips sells VN assets Thứ ba, Ngày 21-02-2012 20:00 ConocoPhillips, the third-largest US oil company, signed a deal late last week to sell its Viet Nam business units for US$1.29 billion to Anglo-French oil and gas explore Perenco SA.

• A Double-Edged Sword Thứ ba, Ngày 21-02-2012 17:02 In the current context of Vietnam’s economy, a fixed exchange rate can backfire

• Tax sector told to control price transfers better Thứ ba, Ngày 21-02-2012 12:59 Deputy Prime Minister Hoang Trung Hai called on the Finance Ministry to draw up an action plan aimed at better controlling price transfers at foreign direct investment enterprises in Viet Nam.

• It’s now the right time to keep Vietnam dong Thứ ba, Ngày 21-02-2012 12:59 The State Bank of Vietnam had kept the dong/dollar interbank exchange rate at 20,828 dong per dollar for the 39th consecutive day by late last week. The exchange rate stabilization has prompted people to sell dollars and keep dong.

• High income earners also hustle to register unemployment Thứ ba, Ngày 21-02-2012 10:37 As anticipated, the number of unemployed workers has been increasing rapidly amid the economic downturn. Even the people, who were once high income earners, now also have to queue up to register their unemployment.

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