Vietnamese enterprises expanding into international markets

Hoang Anh Gia Lai Group has become one of the most successful investors in this neighbouring country with the total investment capital of US$1 billion in such areas as rubber, sugar cane, mining and hydropower industries.

Government okays anti-dumping suit against US

A recent VASEP conference pointed out that if Vietnam failed to pursue the lawsuit, it could lose the US market to other big exporters like India and Thailand who had won a similar suit, Thanh Nien newspaper said.

Vietnam’s Handicraft Exports Target $1.6 Billion by 2015

Under the plan, the export value of rattan and bamboo products is expected to reach US$530 million, accounting for 33% of the total; pottery and porcelain is targeted to be US$480 million (30%); weaving, US$270 million (17%); art objects and wooden household items, US$130 million (8%) and other groups together should make up US$190 million, accounting for the remaining 12%.

US dollar price in black market exceeds 21000 dong

Meanwhile, the State Bank of Vietnam (SBV) on September 15 still remained unchanged the interbank average forex rate at 20,628 dong/US dollar for 19 consecutive days.

VND interest rates down, but US dollar loans remain attractive

Vu Dinh Anh, a well-known economist, said that businessmen have consulted with him about if they should borrow in dollars or Vietnam dong since the dong interest rates have been decreasing. “If you can earn dollars to pay bank debts, I replied, you should borrow in dollars, because the dollar loan interest rates are still lower than the dong interest rates, even though the dong interest rates have been eased (7-8 percent per annum vs 17-19 percent per annum). However, if you cannot earn dollars to pay debts, you should be cautious with the exchange rate fluctuations,” Anh said.

Vietnam-Malaysia bilateral trade hits US$4 billion

Malaysian Consul General Shazryll Zahiran and Chairman of the Vietnam-Malaysia Friendship Association in Ho Chi Minh City said the friendship and cooperative relations between the two countries have been developing strongly in the fields of politics, diplomacy, economics, trade, investment, education, training, tourism, defence and security.

WTO ruling favours VN shrimp exports

The panel report, issued on July 11 after series of decisions by the WTO panels and appellate body, backed Viet Nam’s claim the US’s zeroing methodology in the use of administrative reviews of imports was inconsistent “as such” with the WTO’s Anti-Dumping Agreement and 1994 General Agreement on Tariffs and Trade (GATT).

US toasts Viet Nam’s trading importance

Viet Nam is one of the markets we most want to do business with,” said US Undersecretary of Commerce for International Trade Francisco Sanchez. “It’s becoming an increasingly important place to market our goods and services.”

Cement industry loses loan guarantees

The Government had guaranteed foreign loans worth US$1.36 billion for 16 State-owned cement companies out of whom Dong Banh, Thai Nguyen, Tam Diep and Hoang Mai companies were facing financial problems and could not repay, said the Minister of Finance, Vuong Dinh Hue, during a press meeting in Ha Noi on Thursday.

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.

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.

Footwear exports go up 26.4%

The GSO said that the EU remains the biggest footwear importer of Việt Nam with US $511 million in revenue in Q1 of this year, up 13.3% against the same period last year and accounting for over 40% of the country’s total footwear export turnover.

Lending rate for production sector climbs to 20pct/yr

The lending rate for non-production sector also increased to 20-23 percent per year and it was 14.5-17 percent per year for agriculture and rural areas and export sector. The US dollar lending rate was commonly at 6-7.5 percent per annum for short terms and it was 7-8.5 percent per annum for medium and long terms.

10 projects earmarked for Cau Treo

The Central Goverment and Ha Tinh Province have so far invested in 93 infrastructure projects in the EZ with a total investment of VND2 trillion (US$95 million).

VN Business Summit opens in HN

It is estimated that Việt Nam needs about US $300 billion for investment development within 2010-2015. Therefore, the innovation in business environment, growth model transforming, synchronous development of labor, science-technology markets toward liberation of trade and investment will be prioritized. The Deputy PM also re-affirmed the Vietnamese Government’s consistent policy to pursue economic reform, active integration, stable trade and investment ties with foreign partners.

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