Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Commercial banks that underwrite and sell corporate bonds have to buy them back if investors so demand, the central bank has said. It followed a meeting with voters (members of the public) the State Bank of Vietnam (SBV) held in Ho Chi Minh City amid the ongoing bond market troubles. Besides asking for underwriting banks to take responsibility for redeeming bonds, the voters also urged the SBV to tighten inspection of credit institutions to ensure they comply with regulations while investing in bonds. The SBV recently raided 11 banks and fined a number of them for violating regulations related to bond purchases. Under current regulations, banks must have an internal credit rating system and can only buy bonds if their bad debts ratio is below 3%. For bonds sold in the domestic market, when issuers cannot pay in full and on time the bond principal and interest, they must negotiate with bondholders for extending the term … [Read more...] about Banks underwriting bonds should buy back bonds: Central bank
Central coast news
$42mn coastal route put into use to boost economic development in south-central Vietnam
A coastal route costing nearly VND1 trillion (US$42.5 million) has been put into use for economic development in Khanh Hoa Province, south-central Vietnam. The coastal route was put into operation in Van Ninh District, Khanh Hoa Province on Monday morning. The road, stretching from National Highway 1 to Dam Mon Peninsula in Van Phong Bay, located in Van Ninh District, is about 14.3 kilometers long and 34 meters wide with six lanes. The project was developed by Van Phong Economic Zone Management Board, and the construction was initiated in 2016. The road was built to create favorable conditions for transport infrastructure in the region, connect Hon Lon Island with other islands in Van Phong Bay, and gradually complete the infrastructure of the northern area of the Van Phong Economic Zone. The first cars to travel on the coastal route in Khanh Hoa Province, Vietmam. Photo: Minh Chien / Tuoi Tre Van Phong to become the center of a green economy At the … [Read more...] about $42mn coastal route put into use to boost economic development in south-central Vietnam
State leader requests courts to further improve judging quality
The meeting between President Vo Van Thuong and the Supreme People’s Court in Hanoi on March 27. (Photo: VNA) Hanoi (VNA) – Politburo member and State President Vo Van Thuong had a meeting with the Party’s civil affairs board and leaders of the Supreme People’s Court in Hanoi on March 27. The number of cases handled by courts at all levels has increased about 6% annually while the quality of courts’ judging and settlement of cases has also recorded progress. The rate of the verdicts cancelled or amended due to subjective causes was low, under 1.5%, according to a report delivered at the meeting. The application of information technology to hold online trials has helped save a large amount of money for the state budget and also won high evaluation from the public, said Chief Justice of the Supreme People’s Court Nguyen Hoa Binh, who is also a Politburo member and Secretary of the Party Central Committee. Applauding the court sector’s achievements, President Thuong highlighted … [Read more...] about State leader requests courts to further improve judging quality
Vietnam’s retail market proves attractive for foreign investors
People shop at a supermarket in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here. According to the Ministry of Industry and Trade, the Vietnamese retail market is worth 142 billion USD and is expected to increase nearly 2.5 times to 350 billion USD by 2025. In January, total retail sales of consumer goods and services decreased by 6% on-month to more than 481.8 trillion VND (20.4 billion USD) due to weaker demand as many commodities were purchased ahead of the Lunar New Year. People spent more on festival activities post Tet, said the General Statistics Office. However, it still rose 13% year-on-year. For the first two months of the year, the country’s total retail sales of consumer goods and services advanced 13% over the same period of 2022 to over 994.1 trillion VND. … [Read more...] about Vietnam’s retail market proves attractive for foreign investors
Ninh Thuan grape and wine festival 2023 to be held in June
Illustrative image (Photo: VNA) Ninh Thuan (VNA) – The south central province of Ninh Thuan will hold a grape and wine festival from June 13-18 to highlight the local products and culture. The opening ceremony is slated for June 16 evening. On the occasion, the locality will also hold a ceremony receiving UNESCO’s certificate recognising the pottery making art of Cham ethnic people as an Intangible Cultural Heritage in Need of Urgent Safeguarding. A tourist tastes wine in a grape orchard. (Photo: VNA) Activities during the festival are designed in response to the 2023 National Tourism Year themed “Binh Thuan – Green Convergence”. Grapes were introduced to Ninh Thuan province in the 1960s. With its hot and dry climate and sandy soil, Ninh Thuan has favourable conditions for grape cultivation, making it a unique agricultural product of the region. Ninh Thuan grapes have been certified for geographical indication by the National Office of Intellectual Property. … [Read more...] about Ninh Thuan grape and wine festival 2023 to be held in June
Danang hospitality sector called on to open more toilets
Danang authorities are calling at least 50 hotels and restaurants in Son Tra District to offer free toilet facilities for tourists as part of an effort to boost hospitality in the central city. A hotel in Son Tra has offered free toilets for tourist This move is part of efforts to promote the city’s Comfort as Home campaign to provide free bathrooms for travellers. The campaign was launched in Danang’s Son Tra and Hai Chau districts in 2015. Son Tra District’s Department of Natural Resources and Environment has been assigned to support local hotels and restaurants with Comfort as Home-Free Toilet stickers. The stickers will be at the front entrance and toilet entrance. … [Read more...] about Danang hospitality sector called on to open more toilets
Thua Thien-Hue, Laos’ Attapeu province strengthen cooperation
Secretary of the Thua Thien - Hue provincial Party Committee Le Truong Luu. (Photo: VNA) Thua Thien-Hue (VNA) – The cooperation between the central province of Thua Thien-Hue and Attapeu province of Laos has been strengthening and generating practical results in fields, Secretary of the Thua Thien - Hue provincial Party Committee Le Truong Luu said on March 27. At a working session with a Lao delegation led by Secretary of the Attapeu Party Committee and Governor of the province Let Xaynhaphon, Luu and his guest informed each other of their local socio-economic developments, administration and Party building work, and cooperation results over the past time. They also discussed cooperation opportunities in the coming time, and affirmed the two sides will further coordinate to finalise a draft cooperation agreement for the 2023-2027 period. They will effectively implement an agreement to manage and protect the borderline, prevent and fight against all kinds of cross-border … [Read more...] about Thua Thien-Hue, Laos’ Attapeu province strengthen cooperation