Vietnam to cut refinance rate to 6.5 pct to support GDP growth

Vietnam will cut its refinance rate and other policy rates as the government tries to support businesses and bolster a struggling economy. Stocks rose.

The refinancing rate will be lowered to 6.5 percent from 7 percent from March 18, said Le Duc Tho, chief administrator at the State Bank of Vietnam. The monetary authority will make an announcement on cuts to "some other" policy interest rates later today, Tho said by phone in Hanoi. Policy makers are trying to bolster an economy that the World Bank estimates will grow 5.4 percent this year, slower than a government target of 5.8 percent. Prime Minister Nguyen Tan Dung last month asked the … [Read more...]

Bad debts gradually fall in banks

HA NOI (VNS) — Bad debts in Viet Nam's banking system in 2013 is estimated at 3.79 per cent of the outstanding loans, the State Bank of Viet Nam (SBV) said on Tuesday. The central bank achieved its target of reducing non-performing loans (NPLs) in the banking system last year after the Viet Nam Asset Management Company (VAMC), a wholly state-owned company managed by the SBV, bought nearly VND40 trillion (US$1.88 billion) of bad debts from banks, said Le Duc Tho, head of the SBV … [Read more...]

Bad debts reduced to 3.79 percent

Bad debts in Vietnam's entire banking system was 3.79 percent of the outstanding loans at the end of 2013, the State Bank of Vietnam (SBV) said on January 21. The central bank reached its initial target on settling non-performance loans (NPLs) last year, in which the Vietnam Asset Management Company (VAMC), a wholly State owned company managed by the SBV, has bought nearly 40 trillion VND (1.88 billion USD) of bad debts from banks, said Le Duc Tho, head of the SBV's Office. The SBV continues … [Read more...]

Attractive new tours to be launched on Son Tra Peninsula

A workshop recently took place in Da Nang to introduce this year's new tours on the Son Tra Peninsula.

Organised by the Management Board of the Son Tra Peninsula and Da Nang Tourism Beaches, the event was attended by a number of travel agents, along with some tourism service providers from the city. At the event, the participants were introduced to a wide range of new tours which are being launched this year, including wildlife-watching and diving to discover the underwater world of the coral reefs. In an attempt to attract even more tourists to the peninsula, the Management Board is … [Read more...]

Motor vehicle insurance market – big but inaccessible

Only 29 percent of motorbikes insured Though the motor vehicle insurance market is believed to have great potentials, because taking motor vehicle insurance policies is compulsory for all drivers, insurers still cannot fully exploit the market.

VietNamNet Bridge - Insurers have continuously cut the motor vehicle insurance premiums down to scramble for clients--which has resulted in the very low profits from the business. Analysts have every reason when saying that the motor vehicle insurance market is a big cake: there are more than 2 million cars and 37 million motorcycles in circulation now, while taking insurance policies is compulsory for all the owners. According to the Ministry of Transport and the Association of Vietnamese … [Read more...]

Tiana Alexandra honors Gen. Giap with personal documentary

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Editor’s Note: Cathy Truong is a Vietnamese-American contributor who spent two years living in Ho Chi Minh City and Hanoi. She filed this story to Tuoitrenews from Vancouver, Canada, where she now lives. For many Americans, Vietnam may represent a war history that they try to dismiss from their memory. For Tiana Alexandra (Thi Thanh Nga), a former Hollywood actress, filming about Vietnam has been her life’s work as she pushes past the painful threshold of memories, and hopes for healing and … [Read more...]

Japanese Food Festival to take place in Hanoi

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(CPV) - A Japanese Food Festival hosted by Chef Yasuhiro Ohara from ANA Crowne Plaza Fukuoka Japan will take place at the Crowne Plaza West Hanoi Hotel (No 36 Le Duc Tho street, Tu Liem district) from October 18 - 27. During 10-day-festival, food lovers in Hanoi, especially those keen on Japanese gastronomy, will have the exclusive opportunity to contemplate and savour a wide range of Japanese dishes served in the hotel. Chef Yasuhiro Ohara will introduce a vast array of traditional Japanese … [Read more...]

In pictures: General Vo Nguyen Giap with President Ho Chi Minh

President Ho Chi Minh and General Giap discussed the Border Campaign plan in 1950.

VietNamNet Bridge - Before historical moments of the country, President Ho Chi Minh and General Vo Nguyen Giap discussed together to make big decisions. President Ho Chi Minh and General Vo Nguyen Giap on September 2, 1945. The picture was taken shortly after President Ho Chi Minh read the Declaration of Independence. "Just when Uncle Ho and Mr. Giap were sitting in the car and the car did not start yet, I rushed to put the camera into the door and said: "Mr. President, the platform was very … [Read more...]

“Waving” streets in Hanoi

On many streets in Hanoi dozens of staff members at many restaurants rush into streets to attract customers in a very impolite way at rush hours in the afternoon. This type of activity can consist of trying to block the vehicles of passers-by. Some girls have even complained of harassment. The scenes in the video were recorded by reporters on the areas of Nga Tu So, Le Duc Tho, Tran Thai Tong, Cao Ba Quat and Truc Bach streets. Even some elderly people join in the enticement, which adds to … [Read more...]

Contractor gets that ‘sinking feeling’

VietNamNet Bridge - While serious subsidence on the new Ring Road 3 flyover section is still a matter of some conjecture, the road's main investor Thang Long Project Management Unit (PMU) has asked the Ministry of Transport to grant contractors a total sum of VND180 billion (US$8.5 million) as a reward for meeting the construction deadline ahead of time. The two main contractors, namely Japan's Sumitomo Mitsui and the Samwhan-Cienco 4 joint venture, claim they deserve to receive the reward for … [Read more...]