Refinancing house to pay off debt

With the financial year drawing to a close, banks are busy selling mortgaged properties to resolve bad debts, recovering capital. Photo vov.vn With the financial year drawing to a close, banks are busy selling mortgaged properties to resolve bad debts, recovering capital. On November 22, Vietinbank’s Kien An branch announced auctions to recover four large non-performing loans worth dozens of billions to trillions of dong. They include a VND27 billion (US$1.17 million) loan owed by the Hon Ngoc Liability Limited Company. The lender’s Dong Nai branch announced the sale of two properties to recover VND1.2 trillion ($52.17 million) and VND4.3 trillion ($156.95 million) from the Tan Mai Mien Dong Joint Stock Company and Tan Mai Mien Trung Joint Stock Company. Recently, SHB decided to sell a mortgaged asset worth VND9 billion by an individual customer. Others like Sacombank, MB, Agribank and BIDV have been announcing a number of auctions of mortgaged properties. A State Bank of … [Read more...] about Liquidating morgaged assets to recover bad debts still difficult

Shop&Go became the newest loser in Vietnam’s retail market Monday when it was bought out by conglomerate Vingroup for $1. The company reported an aggregated loss of almost VND205 billion ($8.81 million) by 2016, the latest year for which figures are available. VinCommerce, the retail arm of Vingroup, took over its 87 stores and its debts in the latest deal. Vietnam’s retail market has become increasingly crowded with both local and international players over the last five years. Although experts have said that the market has a lot of growth potential, many businesses have quit or scaling back expansion plans. Coffee giant Trung Nguyen has twice attempted and failed with its G7 Mart and G7-Ministop. Super market chain Saigon Co.op established its first retail store Co.op Smiles in 2016 with the hope of opening 500 such outlets a year, but two years later, the number is around 100. Japanese convenience store chain FamilyMart previously said it wanted to have 1,000 stores … [Read more...] about $1 price tag for Shop&Go chain showcases brutal retail market

"The trade war is going beyond analysts’ ability to predict and forecast. It poses big challenges to countries which trade with the U.S. and China, including Vietnam," Deputy Minister of Trade and Industry Tran Quoc Khanh said at a recent meeting:  Vietnam’s exports in the first six months rose 7.2 percent year-on-year, lower than the average growth of 11.6 percent in the last five years, according to customs data. RongViet Securities Corporation (VDSC) said in a newly-released note that export growth for the year could be 8 percent. It was 13.2 percent last year. The risk is even higher as China depreciates its currency to respond to the U.S.’s recent announcement of a tariff hike on $300 billion of its goods. The yuan slid to 7.0039 per dollar on Thursday as a result, the lowest level since April 2008. Economist Nguyen Tri Hieu said a depreciating yuan would pose a challenge to Vietnamese goods trying to enter China as cheaper Chinese goods will pour into … [Read more...] about Escalating trade war to hit Vietnam’s exports

The 29-year-old Vietnamese actor will be presented with the award at the closing ceremony of the International Film Festival & Awards Macao (IFFAM) on December 10. "A native of Kien Giang province, the actor is an emerging star and TV host in Vietnam and the first Vietnamese actor to win the Gemstone Award in the best newcomer category at the Tokyo International Film Festival," says American entertainment media company Variety, organizer of the awards, introducing Phat on its website. A still from "Song Lang". Photo by the All Genders, Lifestyles, and Identities Film Festival (aGLIFF). With no prior acting experience, Phat played the role of a debt collector in "Song Lang," a drama that pays tribute to "cai luong", the traditional Vietnamese musical art.  This year's "Asian Stars: Up Next" awards will also be given to 7 other Asian artists: Japanese actor Ryota Katayose; Thai actresses Praewa Suthamphong and Jennis Oprasert; South Korean actress Lim Yoon A; Indonesian … [Read more...] about First Vietnamese actor to get ‘Asian Stars: Up Next’ award

Business Beat (16-11-2009) India tipped to import Viet Nam rice by Le Hung Vong Viet Nam will be able to meet India’s reported intention to import 2 to 3 million tonnes of rice, the deputy chairman of the Viet Nam Food Association Nguyen Tho Tri has said. The statement was made after the Indian Press Trust reported on November 4 that the Government of India has a plan to import 2 million tonnes of rice from Viet Nam and Thailand because of India’s decreasing rice output due to the impact of drought and floods. Speaking in an interview with the Thoi Bao Kinh Te Sai Gon, Tri affirmed that Indian diplomats had informed him that the South Asian giant was looking to buy 3, not 2 million tonnes of rice, as previously reported. Tri said Vietnamese enterprises will be able to meet the demand, adding that the delivery date will coincide with Viet Nam’s winter-spring crop harvest in January and February 2010, when the supply will be plentiful. He explained that Viet Nam can … [Read more...] about India tipped to import Viet Nam rice