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Ernst & Young Vietnam role to be examined

The State Securities Commission (SSC) would check DVD auditing files in Ernst & Young in late September, according to SSC’s vice chairwoman Vu Thi Kim Lien. The Accounting and Auditing Department and Vietnam Association of Certificated Public Accountants also join the inspection. A&C Auditing & Consulting, which audit the DVD’s 2008 financial statement, would be checked as well.

Vietnam Insurance Market: Keeping Double-digit Growth

The Vietnamese insurance market is being competed by both domestic and international insurers and is hurt by economic challenges. Hence, insurers are forecast to face difficulties in funds and premiums. Optimistically, insurers reported revenues growth of 10-15 percent in the first eight months.

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.

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 import spending on oil and gas in Aug at over $820m

The country’s oil and gas import in August increased 70% from July and was equal to the figure of the same period last year. The country’s import value for oil and gas in August was up 68% month on month and 50% year on year, the General Department of Vietnam Customs reported on Friday.

Pepper futures show mixed trend amidst aggressive spot buying

As the futures prices were ruling high exporters were covering aggressively and actively farm grade pepper from the spot market while investors were buying exchange pepper at Rs 3 above the September delivery price. Overseas demand appears to have made the exporters buy actively. Even Vietnam processor-exporters were said to be covering farm grade pepper from India to meet their export commitments, market sources told Business Line.

Milk prices unexpectedly shoot up

Nestlé, Friesland Campina Vietnam and Hancofood also announced a price hike of between 3 percent and 15 percent on their products. Nguyen Ngoc Kinh Luan, director of external relations of Friesland Campina Vietnam, said the price of raw material milk did not have anything to do with the price hikes this time. The main cause was an increase of 18 percent in the price of packaging materials and up to 54 percent in the price of other input materials, he said.

Vietnam to form large bank group: report

Vietnam’s central bank plans to form a group of 12 large commercial banks which have a combined market share of 85 percent in an attempt to restore order in the banking system, news website VnEconomy reported.

Greenbiz exhibition and conference opens in Ho Chi Minh City

The event was organised by the Ho Chi Minh City Investment and Trade Promotion Centre, the European Chamber of Commerce in Vietnam (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI).

Vietnam may lose Buon Ma Thuot coffee brand

The problem lies in the fact that a Chinese company has registered the trademark “Buon Ma Thuot” as the exclusive trademark in China. Experts have warned that the Chinese company may take a further step by registering the Buon Ma Thuot trademark all over the world. Vietnam urged to take legal proceedings on Buon Ma Thuot

Disbursement for loans at interest rate of 17-19pct/yr remains low

Truong Van Phuoc, general director of Vietnam Export and Import Commercial Joint Stock Bank (Eximbank-EIB) said that so far his bank has disbursed some 500-600 billion dong with low lending interest rate. However, those who want to borrow capital must have good performance and commit to sell foreign currency for the bank.

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).

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.

Switzerland vows all-round cooperation with Vietnam

The Swiss parliament will increase experience sharing in operations of the two legislative bodies, especially at committee level and parliamentarians’ groups, Jean Rene Germanier told Vietnamese Deputy Prime Minister Hoang Trung Hai in Bern on September 14 during the latter’s official visit to  Switzerland occasioned by the 40thanniversary of the two countries’ diplomatic ties.

Digital printing industry set to grow in Vietnam

Nguyen Van Dzong, chairman of the Vietnam Printing Association, told the two-day Asia-Pacific Premier Partner Annual Conference organised by Fuji Xerox that offset printing still accounted for 65 per cent of all printing done in the country while digital printing accounted for much less than 5 per cent. Though the latter had not developed as much in Vietnam as in other countries, it would develop strongly in future, especially when orders became larger and required strict control over quality and design and rapid changes.


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