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The Pace of Vietnam’s Growth Quickens to 7.3 Percent in Q4
Dec. 30 – Typically, blistering fast growth rates are a boon for any economy. But Vietnam’s above-the-mark growth rate of 7.3 percent in Q4 only strengthened fears of overheating. Gross domestic product grew 7.34 percent in the three months through December from a year earlier, while annual GDP rose by 6.83 percent for 2010.
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Banks Accept 15 Percent Ceiling on Deposit Interest Rates
Dec. 22 — Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent. The agreement, which takes effect immediately, was struck after news broke that Techcombank and SeABank were offering interest rates as high as […]
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Vietnam Decreases Import Tax on Liquefied Petroleum Gas
Dec. 21 – Vietnam decreased its import tariff on liquefied petroleum gas (LPG) on Friday from 5 percent to 2 percent. A circular from the Finance Ministry said the move was aimed at stabilizing gas prices after a period of sharp fluctuations.
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New Draft Proposal May Create Investment Barriers
Dec. 16 – Foreign investors fear that Vietnam’s draft proposal to develop its retail sector may, if enacted, erect barriers to invest from abroad. Last week, the Ministry of Industry and Trade floated its draft in an effort to generate feedback before submitting a final proposal to government.
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Vietnam Central Bank Slashes Reserve Ratios for Some Banks that Lend to Agriculture
Dec. 15 – Vietnam’s Central Bank said Thursday that it was cutting the reserve ratios of five lenders that all have a large amount of capital loaned to the country’s agricultural sector. The central bank said the reserve ratios of the country’s top lenders Agribank, Vietnam International Bank, Kien Long Bank and Mekong Housing Bank […]
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State Bank of Vietnam, HSBC Vietnam Hold Talks on Bringing Derivatives to Vietnamese Capital Markets
Dec. 14 – The State Bank of Vietnam and HSBC Bank held a joint meeting on derivative products, the adoption of which the central bank considers important in integrating Vietnamese capital markets more closely with the rest of the world. The aim of the workshop was to share experiences in using and managing derivatives, and […]
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Vietnamese Banks Encouraged to Use High-Technology Products
Dec. 10 – Presenting an opportunity for investors, Vietnam’s banking industry seeks to apply more advanced information technology and security infrastructure in the near future, the government said on Thursday. “Developing more useful banking services, widening the use of the new Point of Sale (POS) for plastic money, and seeking more idle capital in rural […]
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Vietnamese Exports Surge
Dec. 10 – In a sign that the world’s markets have all but fully recovered, Vietnam’s exports are expected to hit US$70.8 billion for the year, which is an increase of 24 percent since 2009 and 16.5 percent higher than the government’s desired targets. The Ministry of Industry and Trade reported that most sectors have […]
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Vietnam Calls for Increased Investment in Agriculture and Rural Development
Dec. 8 – The Ministry of Agriculture and Rural Development held a conference in Quang Binh Province on December 6 to call for further investment into the agricultural and rural development sectors in six north-central provinces, from Thanh Hoa to Thua Thien-Hue. From 2011 to 2020, provincial governments will request businesses to step up investment […]
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Cai Mep Agriculture Port in Ba Ria, Vung Tau Province Reopens
Dec. 8 – Cai Mep Agricultural Port, one of the region’s largest ports, reopened on December 1. The 308-meter-long port closed to allow upgrade efforts to take place which aim to more than quadruple its capacity from 30,000 deadweight tons to 160,000 deadweight tons, and will eventually be able to accommodate 200,000 deadweight tons by […]