Vietnam Construction Industrial Group made 18 percent out of this year's targeted profit in first half due to a credit squeeze, says general director Duong Khanh Toan. Housing and Urban Development Corporation, known as HUD, has ever been experiencing in the toughest time, says general director Nguyen Dang Nam. The government's cap on credit to property investments sent input costs soaring and left the country's property market being frozen, Nam adds. Although property enterprises in the north say they struggle with credit crunch, figures from the Hanoi People's Committee show a contrast picture. Credit to property investments has made only 7 percent out of the outstanding loans so far this year, the committee says in a report. Credit crunch has not made much impacts on property enterprises since growth rate of the property market in the south in the first half slightly declined by 1-2 percent, says Vu Xuan Thien, deputy head of the Housing and Real Estate Management … [Read more...] about Credit crunch not main cause of bearish property market, say experts
Bankruptcy 7 years credit report
Inflation brings bankruptcy threat to construction, other firms
Surging prices threaten to halt the construction industry - a key economic sector - and put hundreds of thousands out of work, a Ho Chi Minh City business leader has warned. Steel prices too, like that of many other goods, have skyrocketed, delaying many construction projects and threatening to put builders out of business … [Read more...] about Inflation brings bankruptcy threat to construction, other firms
Japan ââ¬Ëpulling out all stopsââ¬â¢ to avert bankruptcies
Japan’s financial regulator will make unprecedented inspections of banks to avert a loan drought that would increase bankruptcies, as real estate manager Pacific Holdings Co. collapsed after failing to raise funds. The Financial Services Agency will visit Japan’s biggest lenders, including Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc., and examine their records to ensure they provide credit and do not force borrowers to repay loans early as the recession deepens, the regulator said Tuesday. “The new measures include some drastic steps which leave the impression the agency is pulling out all the stops,†said Shinichi Ina, an analyst at Credit Suisse Group AG in a report. “It underlines the government’s commitment to avoid bankruptcies.†Japanese corporate bankruptcies have risen for nine months as the global recession makes creditors wary of lending to smaller companies. Pacific Holdings, the third-biggest publicly traded company to collapse in Japan … [Read more...] about Japan ââ¬Ëpulling out all stopsââ¬â¢ to avert bankruptcies
Credit yet due
Independent financial expert Mr Bui Kien Thanh tells he has more questions than answers about the country's stimulus packages. The two packages mentioned the most support bank loan interest rates. The first, worth VND17 trillion ($940 million), is to support interest rates on short-term loans for an enterprise's operating capital. The sum of money can provide support for one-year loans of VND450 trillion ($25 billion) or 8-month loans of VND600 trillion ($33.3 billion). Although reports from commercial banks are not overly detailed, banks have apparently disbursed around VND250 trillion ($13.9 billion). There are some questions here. … [Read more...] about Credit yet due
BUSINESS IN BRIEF 21/7
VN, Singapore hold forum Nearly 200 business leaders, industry experts, policymakers and Government officials participated in the 2016 Viet Nam - Singapore Business Forum held yesterday (July 20) in HCM City. The forum was aimed at strengthening trade connectivity to leverage co-operation opportunities for Vietnamese and Singaporean businesses since the two countries have joined the Trans-Pacific Partnership (TPP) and the ASEAN Economic Community (AEC). Hosted by the Viet Nam Chamber of Commerce and Industry (VCCI), this business platform connected companies in Viet Nam and Singapore, enabling them to explore co-operation opportunities. The forum also focused on Viet Nam's consistent efforts to improve the investment environment. Speaking at the event, Doan Duy Khuong, VCCI vice chairman, said: "VSBF 2016 is an important event which will further contribute to the success of multifaceted bilateral co-operation relations between Viet Nam and Singapore, especially after the two countries … [Read more...] about BUSINESS IN BRIEF 21/7