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Vietnam’s economy looks grim with ADB’s forecast

The government’s Resolution 11 released early this year is a timely response to the double-digit inflation, draining forex reserves and a devaluating local currency, said Tomoyuki Kimura, ADB’s country director in Vietnam.

Rise in bad bank debt exposes economy

In a workshop with the World Bank in June, the council’s vice chairman, Le Xuan Nghia, said that bad debts were a major concern because a large part of banks’ capital had been lent to inefficient State-run enterprises.

Bad debt of Vietnam’s whole economy at 7-8pct: Bidv’s chairman

According to the representative of state-run enterprises, the bad debts of some banks are still higher than the average level of the entire banking system, of which, Vietnam Bank for Agriculture and Rural Development (Agribank)’s bad debt is 6.67% and Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB)’s bad debt is 3.47%. Notably, Agribank still posted low capital adequacy ratio (CAR).

Economy moves forward

The export turnover is poised to reach US $60.8 billion in the reviewed period, or a year-on-year increase of 33.7%. It is estimated that the country’s export revenue would reach US $89 billion this year, far above the record of US $72.2 billion in 2010.

JICA stands by cooperation commitments with Vietnam

Mr Kiyoshi spoke highly of the Vietnamese Government’s efforts to stabilise the macro economy and control inflation and considered this an important foundation for JICA to maintain its ODA cooperation commitments to Vietnam.

Large banks post robust profit

Currently, most of large banks in turn published their business results in Q1 with quite surprising figures amidst many hardships of the economy, highly surging inflation, tension on interest rate and forex rate, narrowed credit growth and tightened gold trading.

Cathay climbs with local aviation scene

It is undeniable that Vietnam is of the fastest and largest growing aviation markets in South East Asia and the world. With good government support, economic and infrastructure development, its aviation has gone a long way to reach today’s standards. The continued growth of the Vietnamese economy, people’s increasing purchasing power and desire to travel are obviously vital elements for Vietnam’s aviation to grow in significance.

Prices likely to climb another 2 percent in May

Inflation will continue to be high for the near future due to impacts of economic and policy factors on the domestic economy, including the deregulation of electricity rates (slated to begin fluctuating under free market rules in June) and a minimum wage increase in May, said former State Bank of Vietnam Governor Cao Sy Kiem. The current bout of high inflation was ignited when the Vietnam dong was devalued by 9.3 percent against the US dollar in February, followed by hikes in petrol costs and electricity rates in March. Inflation was also spreading globally, especially in Asia, exerting great pressure on the Vietnamese economy.

Vietnam’s trade gap rises amid weak auxiliary industry

Vietnam’s trade deficit eased slightly in the first three months of 2011, official estimates showed last month, in a boost for the government as it battles to stabilise its economy, according to AFP.

Product piracy damaging economy

Those who engage in violations as well as those who support them by buying counterfeit products should know that they harm the economy, businesses as well as a majority of the consumers, they said.

Moody’s: negative outlook on Vietnam reflects uncertainty

The Vietnamese government has recently reversed its long-standing policy focusing on growth, unveiling a series of measures to combat major imbalances in the economy, which have been highlighted by increasing price pressures. Consumer prices rose 13.89% in March from a year earlier, the fastest on-year pace since February 2009, and far higher than the government’s target of capping inflation at 7% this year.

Cooperation in seaport development: new but promising

It is obvious that Vietnam has potential and strengths for developing sea-based economy and seaports. Thanks to its efforts to promote these characteristic advantages in the past time, the Vietnamese sea-based economy is playing an increasingly important role in the Vietnamese economy and becoming a spearhead of the national economy with an annual growth rate of 25 percent. Particularly, port services and traffics serve an important role in the Vietnamese maritime economic development strategy.

Vietnam banks to stop lending gold from May 1

Commercial banks were requested to propose their specific plans for the roadmap to the central bank, the local media reported, noting that the new regulation will head up to refuse gold as a means of payment in the economy. Local media noted that the meeting didn’t mention any restriction on gold-trading transactions in the black market.

Prudent staff retention amid price turbulence

With the economy slowing, inflation heating up and on a squeeze on the supply of skilled labour, firms are advised to spotlight nurturing their image as good employers to retain talent. Nguyen Thi Van Anh, managing director of Vietnam’s leading executive recruitment firm Navigos Search (formerly known as Navigos Group) discusses this issue with VIR.

WTO entry positively influences Vietnamese economy

Reports at the seminar showed that international economic integration, especially WTO’s admission have positively influenced Vietnamese economy. Opportunities and challenges from the international economic integration process have put significant impacts on the economy. The most notable point is that total social investment after Vietnam joined the WTO reached the highest level ever, over 42 percent of GDP in 2009.


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