This was the main theme of a recently held round-table discussion with the attendance of former Deputy Prime Minister Vu Khoan, Dr Tran Dinh Thien, director of the Vietnam Institute of Economics and Professor Vu Trong Phuc, former director of the Institute of Party History under the Ho Chi Minh National Academy of Politics. Reform is a continuous process Question: After 30 years of Doi Moi, what does Vietnam need to do to move the country forwards on the path of rapid and sustainable development? VU KHOAN: Some people say that it is time for a second round of reform. But I think reform is a continuous process - what was appropriate yesterday may not be relevant today. This is even truer with domestic and global contexts changing rapidly. The Doi Moi reform launched during the 1980s began with a breach of regulations in agriculture seen in the secret allocation of land to farmers. That act was later approved by the Central Committee, which helped change the life of farmers and … [Read more...] about Nhandan Newspaper – What’s next for Vietnam after 30 years of Doi Moi?
Va 30 year fixed mortgage rates today
Former VNCB chairman sentenced to 30 years in jail Quang Chung HCMC - The HCMC People’s Court has handed down a 30-year jail term on Pham Cong Danh, former chairman of Vietnam Construction Bank (VNCB), for his credit and financial violations that caused losses of over VND9 trillion (US$404 million) at the lender. Phan Thanh Mai, former general director of VNCB, got 22 years behind bars, according to the lower-court verdict issued for the notorious economic mismanagement case last Friday after nearly two months of hearing. Prison terms of 20 years were handed down on Mai Huu Khuong, former director of VNCB’s Saigon branch; 19 years on Hoang Dinh Quyet, former deputy director of Saigon branch and former director of Lam Giang branch and nine years on Nguyen Quoc Vien, former head of the supervisory board at VNCB. Over 30 accomplices got prison terms of three to six years while eight others received suspended sentences. The jury said Danh and his accomplices deliberately … [Read more...] about Former VNCB chairman sentenced to 30 years in jail
Around 10 new housing projects have hit the market in Ho Chi Minh City since early March. Tan Phuoc apartments in outlying District 12 is being sold at VND24 million (US$1,140) a square meter and sales of the under-construction Hung Ngan Garden apartments in District 12 opened in mid-March at VND10.9 million a square meter. Doan Chi Thanh, general director of Hoang Anh Saigon Real Estate Company, the developer, said buyers can pay gradually until construction is complete. Banks are offering mortgages at low interest rates. Asia Commercial Bank (ACB) has announced a rate of 9.5 percent for the first six months for loans of at least VND300 million for people buying from luxury developer Phu My Hung. Beyond the preferential terms, the rates will be 3.5 percent on top of the deposit rate. VietinBank offers loans at 8 percent for the first six months for buying apartments at 17 projects it has tied up with. TOP BANKS PROMISE $2.4 BLN TO PROPERTY FIRMS BIDV, Vietcombank, VietinBank … [Read more...] about Vietnam banks cut mortgage rates, but buyers not keen
U.S. fixed mortgage rates this week edged up for the third straight week following recently released stronger economic data, according to the Primary Mortgage Market Survey released Thursday by Freddie Mac. The mortgage giant said the 30-year fixed-rate mortgage (FRM) was 3.62 percent in the week ending August 16, up from last week's 3.59 percent. It has been below 4 percent all but one week in 2012. The 15-year FRM, a popular choice for those looking to refinance, also increased to 2.88 percent from 2.84 percent a week earlier. It has been below 3 percent for 12 consecutive weeks. … [Read more...] about U.S. fixed mortgage rates continue to rise with stronger economic outlook
The Government has given the go-ahead to the Ministry of Information and Communications to apply a flat rate on all domestic fixed lines of every telecom company in Vietnam. This means that starting next year, fixed-line calls will cost 200 VND per minute irrespective of the destination of the call within the country. Currently, charges range from 120 VND for local calls to 400-700 VND for inter-provincial calls. In addition, monthly subscriptions fees will also be reduced to 20,000 VND from the current 27,000 VND. The decision was made in the hope of increasing telephone use in rural and remote areas. Meanwhile, the Vietnam Post and Telecommunications Group (VNPT), the country’s biggest telecom company, has already applied flat rates to several of its phone services this month, hoping to increase landline phone use. A flat rate of 1,000 VND per minute is now being applied to all inter-provincial calls for VNPT’s fixed phone subscribers, a reduction of 20 … [Read more...] about Government okays flat fixed line rates