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EVNTelecom asks for government’s approval to sell 12pct stake for VTC

In January 2011, the government agreed the plan to make privatization for EVNTelecom whereby EVNTelecom will sell a part of state holding to strategic investor and offer preferential shares to the employees. Of which, EVN will hold 50.6% stake, 0.4% stake will be held by the employees and 49% stake for FPT Co and FPT Telecom Joint Stock Co (FPT Telecom).

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.

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.

Vietnamese firms invest over $24.5b in foreign countries as of July-end

The investment capital of Vietnamese investors exceeded $10.7 billion and chartered capital of Vietnamese investors also reached approximately $10 billion. They mainly invested in mining sector with about $17 billion, of which, Vietnamese investors poured over $4.3 billion and chartered capital of over $3.7 billion.

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.

Fearing recession in EU, Vietnamese businesses try to seek new markets

The decision has been made after Garmex found some bad signs from the EU, always considered the biggest market which consumes 80 percent of Garmex’s production capacity.

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.

Tighter spending helps curb inflation

The report was launched by the Asian Development Bank (ADB) in Ha Noi yesterday. Bank country director for Viet Nam Tomoyuki Kimura said being faced with double-digit inflation, dwindling foreign reserves and a weakening currency, the Government’s Resolution 11, adopted in February this year, was a comprehensive policy package of fiscal and monetary tightening measures to curb inflation. Progress has been made but year-on-year inflation remained at more than 20 per cent, Kimura.

Expert predicts inflation at single-digit rate in 2012

Fiachra Mac Cana, managing director and head of research of the Hochiminh City Securities Co. (HSC), told a meeting with investors last Friday that 2012 inflation would be around 10 percent or so, as money supply has been choked off and the pressure on price increase has abated. The global growth is slowing down so there is no much pressure on prices, and furthermore, the credit growth and money supply growth have come down substantially this year, he said.

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.

14 European countries invest in Hanoi

According to the Hanoi People’s Committee, the city is calling on businesses to invest in high-quality services, financial centres, banking, trade, the electronic industry and information technology.

Interest rates are set to head South

Vietnam’s consumer price index (CPI) for August was up only 0.93 per cent on-month, the lowest rise this year. August was also the first month the CPI rose under 1 per cent, signaling a slowdown in price rises as tightening monetary policies begin to bite.

Overseas Vietnamese workers to send home $1.8 bln: ministry

The agency forecasts there would be about $10 billion of overseas remittances to be transferred to the country by overseas laborers in 2011-2015. Though the total amount of money sent home by Vietnamese workers are still small compared to that in some other countries which is even higher than the foreign direct investment (FDI) capital, international aids and higher than the export turnover of some key items, it has help significantly improve the poverty and promote investments, said the department’s spokesperson.


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