The Hanoitimes - Investors would benefit from incentives in 20 years if their solar farms are connected to the national grid before the deadline. Vietnam projected to attract US$42 billion in solar power projects by 2035 Vietnam considers purchasing solar energy through auction. Domestic and foreign solar power developers in Vietnam are in a hurry to connect to the national grid before the end of June in order to benefit from incentives in a 20-year period isued by the government. A solar farm. Photo: Landmarkdividend The solar power plants nationwide are finalizing procedures and completing facilities to generate electricity following the prime minister’s decision which requires the Electricity of Vietnam (EVN) to buy all the solar power generated by the plants commencing commercial operations before June 30. According to EVN, nearly 100 investors are trying to reach the commercial operation date (COD) before the deadline when the sellers can … [Read more...] about Solar power developers in Vietnam rush for grid connection before end-June
Tin gia lai
Vietnam fights against loan sharks and shadow banking
Officials vowed to fight against loan sharks who are wrecking thousands of lives across Vietnam. Loan sharks make it easy to take out unsecured debt Last week, the State Bank of Vietnam (SBV) held a seminar in Gia Lai province to discuss new ways to combat loan sharks who charge exorbitant interest rates and harass borrowers if they fail to make a timely payment. Loan sharks are indeed a national problem, as these groups have networks that reach from rural or remote provinces to the busiest urban areas. “The tactics used by loan sharks are becoming incredibly complex, and their criminal activities continue to threaten social order and people’s lives,” said Tran Van Tan, deputy head of the Credit Department at the SBV. Official statistics show that in the past four years, Vietnam recorded 7,624 criminal cases related to unlicensed moneylenders, including 56 murders. Most loan sharks charge unimaginable interest fees between 180 and 360 per cent a year, … [Read more...] about Vietnam fights against loan sharks and shadow banking
Property firms decry obstacles over investment procedures
Property firms decry obstacles over investment proceduresBy Le Anh Procedure obstacles have led to a delay in the development of an apartment project in District 2, HCMC – PHOTO: LE ANH HCMC – Many real estate firms in HCMC called on the municipal government to remove regulatory obstacles, especially those relating to investment procedures, so that they can proceed with the development of projects and the local property market, heard a meeting today, January 23. A representative of Saigon Thuong Tin Real Estate JSC suggested the city government give guidance on the implementation of procedures so that the firm and the authority of District 5 can complete compensation and site clearance for a project to build the Tan Da-Ham Tu commercial office complex project. The project has been stalled due to problems regarding the public land at the project site. Similarly, Hung Thinh Corporation and Thien Phuc Loi Trading and Services Co Ltd are conducting procedures to set up … [Read more...] about Property firms decry obstacles over investment procedures
Rising interest rates cause headache for enterprises in Vietnam
The Hanoitimes - Growing mobilization rate could lead to an increase of 0.5 - 1 percentage point per year in lending rates in the remaining months of 2018, depending on each bank. Vietnamese banks have been raising mobilization interest rates since October, causing concern for enterprises that the lending rates could increase in tandem, Thanh Nien newspaper reported. Illustrative photo. On November 20, Saigon – Hanoi Commercial Bank (SHB) increased its interest rates by 0.6 percentage points per year, for which the mobilization rate now reaches 7.8% per year for a VND5-billion (US$213,350) deposit of 12-month term, 7.4% - 7.6% per year for 6 – 11-month term depending on the amount of deposit. SHB also increased the VND mobilization rate by 0.1 percentage point per year for short-term deposit from 3 to 5 months. Similarly, Vietnam Prosperity Commercial Bank (VPBank) also increased its mobilization rate for certain deposit terms by … [Read more...] about Rising interest rates cause headache for enterprises in Vietnam
BUSINESS NEWS IN BRIEF 10/10
VinaCapital officially ends investment in poultry firm Ba Huan Ba Huan JSC, the country's leading pasteurized eggs and poultry meat producer, has decreased its charter capital from VND280 billion (US$12 million) to VND222 billion (US$9.53 million), effectively ending the involvement of VinaCapital, one of the two largest asset management firms in Vietnam, with the company. This results in an increase in the stake holding of domestic shareholders from 66.2% to 83.6%, of which Ba Huan's Director Pham Thi Huan owns 64%. In Feburary, VinaCapital`s flagship fund Vietnam Opportunity Fund (VOF) invested US$32.5 million to acquire a significant minority stake in Ba Huan. However, in early July, Ba Huan sought Prime Minister Nguyen Xuan Phuc's intervention in terminating its partnership with VinaCapital. The firm said there were differences between the English and Vietnamese versions of the agreement and the terms were not what the two parties had agreed initially. Among … [Read more...] about BUSINESS NEWS IN BRIEF 10/10