Banks see simultaneous changes in top positions

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While a Japanese national has been appointed the deputy head of Vietcombank, Sacombank and Eximbank have relieved the posts of their two deputy general directors so that they can move to work at their subsidiaries. Yutaka Abe, a Japanese national, was appointed the deputy general director-cum-member of the board of directors of the Joint Stock Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, starting Sunday. (September 30). … [Read more...]

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Top local banks see simultaneous changes in top positions

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While a Japanese national has been appointed the deputy head of Vietcombank, Sacombank and Eximbank have relieved the posts of their two deputy general directors so that they can move to work at their subsidiaries. Yutaka Abe, a Japanese national, was appointed the deputy general director-cum-member of the board of directors of the Joint Stock Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, starting Sunday. (September 30). … [Read more...]

Business news in brief

On June 26, ACB Growth Investment Fund (ASIAGF), a close public fund, will debut 24,008,000 fund certificates on the Ho Chi Minh Stock Exchange. The debut price is set at VND10,000 a share with a trading band of plus minus 20 percent on first trading day. On June 25, the Ho Chi Minh Stock Exchange allowed Hung Vuong Corporation (HVG) to sell 1,260,320 treasury shares, or 2 percent stake. From June 28 to July 25, Nguyen Thi Xuan Thao, IR officer of MIRAE Joint Stock Company (KMR), registered to … [Read more...]

M&As to create fresh business synergies

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Following the emergence of great merger and acquisition (M&A) activities in 2011, new M&A deals are expected to continue transforming the business environment in 2012. Thanh Thuy reports. M&A activities in Vietnam are set to grow by 20-40 per cent this year. That is the predication of VinaCapital managing director Andy Ho who made a presentation at the fourth annual M&A Forum that VIR organised in Ho Chi Minh City last week. The figure will break the record of M&A deals … [Read more...]

Vietnam ministry, Japan bank ink MOU on investment facilitation

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The Planning and Investment Ministry (MPI) and Japanese Mizuho Corporate Bank inked a memorandum of understanding (MoU) Thursday in Hanoi concerning support for Japanese companies' investment in Vietnam. According to the MoU, the two sides will exchange information on Vietnamese investment projects that could be of high interest to Japanese businesses. They will cooperate to organize seminars in Japan to promote investment in Vietnam as well as to consult potential Japanese investors on … [Read more...]

Ben Tre and Nam Dinh: Stepping up fuel oil and gasoline examination and inspection efforts

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Under the direction of Ministry of Science and Technology in its Circular 62/CD-BKHCN dated 11 January, 2012 on stepping up fuel oil and gasoline examination and inspection efforts, Ben Tre and Nam Dinh Provinces' People's Committees issued guiding documents that assign their Departments of Science and Technology to undertake, in coordination with Departments of Industry and Trade, the provinces' Public Security and People's Committees at the city, district and commune levels, and the media, … [Read more...]

21 kg elephant tusk seized in airport

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For illustration purpose only (Photo: SGGP) The Department of Customs on June 30 said it has uncovered and seized an illegal transport of elephant tusks originated from Africa. Related agency found tusks weighing 21 kilogram on the flight from France to Vietnam in Tan Son Nhat International Airport. According to the Department of Customs, while officials were completing entry procedures, they found 20 tusks hidden in the luggage of a Vietnamese passenger. The deparment will conduct more … [Read more...]

Realty developers – relief in sight

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The local realty sector, after having a representative propose an unfeasible plan aimed at lightening their burden of unsold inventories, might breathe a sigh of relief as the state will try to support it with a new relief package. For illustration purpose only Photo: Tuoi Tre The State Bank of Vietnam (SBV) last week announced a draft circular stipulating regulations on lending operations to support the real estate market. The draft document is a follow-up to the government's Resolution No … [Read more...]

Western Bank, PVFC in merger deal

Western Commercial Joint Stock Bank has recently publicized its merger plan with PetroVietnam Finance Joint Stock Corp (PVFC), a subsidiary of the national petroleum conglomerate PetroVietnam. For illustration purpose only The plan was brought up for discussion in the shareholders' meeting of Western Bank in the Mekong Delta city of Can Tho last Saturday. Though Western Bank has publicized its merger plan and a proposal seeking VND37 trillion ($1.75 billion) in financial assistance from the … [Read more...]

Traffic cops could be allowed to shoot their attackers

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Under a draft regulation proposed by the Ministry of Public Security, police in Vietnam including traffic officers are allowed to shoot their aggressive attackers with guns in a bid to curb the increasing violent assaults on law-enforcement forces. Tran Vi Dan, deputy head of the Legislation Department under the Ministry of Public Security, said that the draft is aimed at protecting on-duty officers but does not allow them to abuse power. Under the draft, on-duty officers are permitted … [Read more...]

Knife attack in China’s Xinjiang kills 4: government

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Several knife-wielding attackers killed four people and wounded eight others in China's ethnically-divided western region of Xinjiang, a government official said on Friday. Regional spokeswoman Hou Hanmin said the attackers were members of the Uighur ethnic group. They often have tense relations with the millions of Han Chinese who have moved to the region in search of jobs. The attack occurred on Thursday in Korla, in the centre of Xinjiang, Hou said, adding that one of the assailants … [Read more...]

Oil prices rise on uncertainty after Chavez death

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Oil prices climbed in Asian trade Wednesday on uncertainty following the death of Hugo Chavez, the president of major Latin American crude producer Venezuela, analysts said. New York's main contract, light sweet crude for delivery in April, added 26 cents to $91.08 a barrel and Brent North Sea crude for April delivery rose 43 cents to $112.04 in mid-morning trade in Asia. "The impact of the news seems to be minimal at this point in time, but some speculation and risk has been priced … [Read more...]

U.S. warns Iran of more “isolation” in nuclear dispute

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The United States warned Iran on Wednesday that it faces further international isolation if it fails to address the U.N. nuclear watchdog's concerns about its atomic activities, which the West suspects may have military purposes. The European Union also used a board meeting of the U.N.'s International Atomic Energy Agency to pile pressure on Iran to stop obstructing an IAEA investigation into suspected atom bomb research by Tehran, which denies the charge. Washington and its Western … [Read more...]

Disease hits cattle, poultry in Mekong Delta

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Cattle and poultry in some provinces in the Mekong Delta have been hit by diseases such as bird flu and blue ear. Porcine Reproductive and Respiratory Syndrome Virus, also called blue ear, is spreading among pigs in the Mekong Delta province of Long An, particularly in Tan Tru and Chau Thanh Districts. More than 200 pigs have been infected so far. The animal health staff have also distributed around 30,000 vaccine doses to farmers in Hoa Binh and Gia Rai Districts of Bac Lieu … [Read more...]

Agro-forestry, fishery exports top $4.8 bln in 2 months

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The export of agro-forestry and fishery products grossed 4.83 billion USD in the first two months of this year, a year on year rise of 31.5 percent. According to the Ministry of Agriculture and Rural Development, Vietnam shipped abroad 415,000 tonnes of coffee for 884 million USD, up 22.3 percent in volume and 38.1 percent in value year on year. The US and Germany remain the country’s largest coffee importers. During the period, shipments of rice rose by 68.2 percent to 677,000 tonnes … [Read more...]

No forex rate adjustment – a real relief

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The director of the State Bank of Vietnam (SBV), Nguyen Van Binh, has told Tuoi Tre that the operating mechanism of the foreign exchange rate between the US dollar and the Vietnam dong in 2013 would not change from 2012. The purchasing power of the dong over the dollar was stable during the last year, and the former even gained value against the latter by year-end, Binh said. Before the Lunar New Year festival, or Tet, Governor Binh told Tuoi Tre that there were experts suggesting that … [Read more...]

Following 2012 FX policy does more harm than good: experts

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Maintaining the 2012 foreign exchange policy this year may not be as helpful for the economy as it was throughout the last two years, local experts say. Banking expert Nguyen Tri Hieu has told Tien Phong newspaper that the State Bank of Vietnam should allow the exchange rate to fluctuate within 3 percent, and lower the depositing interest rate to 7 percent. This should be done as soon as possible, and the most appropriate timing is within the first quarter of this year so that the … [Read more...]

Samsung to build second plant in Vietnam

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Samsung Electronics Vietnam will build a factory to produce and assemble mobile phones and hi-tech electronic products as part of a high-tech project in northern Thai Nguyen province. On February 6, a land lease was signed by Samsung and its Vietnamese partner for the implementation of the Samsung Hi-tech Consortium project in Yen Binh Industrial Zone. During the signing ceremony, Thai Nguyen province leaders appreciated the company’s decision to invest in the region. The leaders … [Read more...]

Dozens suspended in Harvard cheat scandal: report

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Around 60 students at Harvard University have been suspended and others disciplined in a mass cheating scandal at the elite college, a report in the campus newspaper said Friday. The Harvard Crimson quoted an email from Faculty of Arts and Sciences dean Michael Smith that said more than half of the cases heard by administrators in the scandal, which erupted last year, had resulted in suspension orders. About half of the other students under investigation were disciplined in some other, … [Read more...]

Real estate bailout may not be helpful: state officials

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A proposed real estate bailout plan may do more harm than good, as current market prices do not yet reflect the real prices, said a senior state official. "People who buy a house at current prices have to bear numerous costs, so if the bailout package doesn’t go to the right address [the homebuyers], it will just help add more burdens," said Mai Xuan Hung, Vice Chairman of the National Assembly’s (NA) Economic Committee, at a recent seminar. The event was held to prepare for an … [Read more...]