Vietnamese software firms consider Japan as the major market

The Japanese software market is really attractive in the eyes of Vietnamese software outsourcing firms. Up to 80 percent of Vietnamese firms consider Japan as the core market.

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.

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.

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.

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.

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.

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.

Economic crisis hits leather, shoe exports

The industry currently faces many challenges, ranging from macroeconomic policies and trade barriers to the world market, in hitting its export targets while continuing to develop. Nguyen Thi Tong, general secretary of the Viet Nam Leather and Footwear Association, spoke about these issues.

Mazut oil imports won’t be tax-exempt, says Deputy PM

According to the Ministry of Finance, the Hiep Phuoc Power Company imports mazut oil for electricity production purposes at its plants, the oil not being for sale on the domestic market which necessitates its taxation. The Ministry of Finance added that, as tax exemptions would only be allowed in cases of extreme necessity, the Hiep Phuoc Power Company would still have to pay a tax of VND300 per kilo for imported mazut oil.

Calm heads prevail as the forex market to remain cool

Last week, the central bank decided to increase the reserve requirement ratio by 1 per cent to 8 per cent for foreign currency deposits less than 12 months and to 6 per cent for foreign currency deposits over 12 months.

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.”

Time not right to declare victory in fighting inflation

The government and the State Bank of Vietnam (SBV) are right to focus policy on reducing inflation and achieving stability for the value of dong. High interest rates have been a significant part of enforcing those policy aims. While the pace at which inflation is growing has slowed down, it would be viewed badly by the market if “victory” was declared too early and interest rates lowered before it is clear that inflation is on a downward trend. Once it is on a downtrend, there may be scope to reduce interest rates gradually.

Residential market sluggish in Da Nang

In Da Nang, demand for apartments and villas chiefly came from buyers in Hanoi and HCM City, mostly for investment rather than use. In future 17,900 apartments in 27 projects and 1,060 villas in 20 projects are expected to hit the market.

Securities firms seek solutions to overcome difficulty

Many securities firms have submitted to the shareholders various business plans, depending on the market conditions. Previously, VNDirect Securities Co (coded VND) had proposed two targeted profit plan.

State Bank hesitant in purchasing dollars

Only on April 29, the State Bank of Vietnam increased the dollar purchase price by 214 dong per dollar, in comparison with the price of April 28. Prior to that, the central bank kept the purchase prices at low levels for a long time. The statistics show big gaps between the market prices quoted by Vietcombank and the exchange rates announced by the State Bank’s Exchange, which have existed since early April.