Open policies required to control gold fluctuation, says expert

Open and market-oriented policies will put gold under control, says director Tran Trong Quoc Khanh of a gold shop of the Asia Commercial Bank. Peopel rush to sell gold jewelries at a HCMC-based gold shop after the precious metal constantly hit llifetime highs (Photo: Minh Tri) "Vietnam's gold follows the global move. Yet there is still a gap between them as the domestic and international markets are not connected with each others," Khanh says in an interview with SGGP Dau Tu Tai Chinh Newspaper. Legal documents having been released recently show the government restricts gold trade although it still continues to recognize the right of citizens to have gold holdings, Khanh says. Vietnam has already forbidden banks from lending gold for the production and trade of gold bars since October last year. The new rule is an attempt to eliminate the role of gold as a means of payment in Vietnam, the central bank said. While the central bank has already ruled out any ban on gold bullion … [Read more...]

Government’s proposed lump-sum taxes reduction vital, say officials

The government's proposals on tax exemption and reduction have raised questions from the National Assembly's Committee for Budget and Finance (CBF) on the effectiveness of the measures in boosting the economy. The government's proposed tax reduction for landlords of rent houses for workers and students, private kindergartens and food suppliers for workers is vital (Photo: Minh Tri) SGGP Dau Tu Tai Chinh Newspaper has caught up with Tran Du Lich, deputy head of the Ho Chi Minh City NA deputy delegation, to interview him about the suggesting measures. Tran Du Lich: I agree with most of the government's proposals, except for one on a 30 percent corporate income tax reduction. I align with CBF's suggestion that the tax should be reduced for small- and medium-size enterprises (SMEs), footwear makers, textile firms, food suppliers, electronic spare part producers and public infrastructure builders only. Dau Tu Tai Chinh: What is your opinion about the government's proposal on individual … [Read more...]

Banks post H2 positive earning despite high-cost loans

Many commercial banks announce to earn positive profits, while many businesses have to reduce operation and lay off staffs in an attempt to survive the economy meltdown. Depositors fill saving application forms at a HCMC-based branch of Asia Commercial Bank. Despite high lending rate, lenders still made healthy earning, while enterprises incurred losses Statistics show many lenders achieved booming earning results in the first six months of the year, making 40-50 per cent of this year's target. Sacombank, Vietnam's fifth largest partly private lender by assets, announced in a financial report that it earned a pretax profit of VND1.5 trillion ($75 million) in the first half, an equivalent of 55 per cent of its goal this year. Ho Chi Minh City-based DongA Bank made a pretax profit of VND676 billion in the first two quarters, equal to 52 per cent of 2011's target. Vietcombank, the country's third biggest bank by asset, earned around VND3 trillion in the first half. Small-cap … [Read more...]

Solution for businesses in shortage of invoices

Many businesses are anxious about the printing houses' delay in the invoice orders as the deadline for tax filing - April 1st - is approaching. SGGP Dau Tu Tai Chinh has caught up with Nguyen Trong Hanh, deputy head of the Ho Chi Minh City Tax Bureau, to interview about the issue. The deadline for tax filing is approaching, but many businesses have not received invoice books from printing houses (Photo:tuoitrenews) Dau Tu Tai Chinh Newspaper: Many businesses complaint that they have not received invoiced they had ordered from printing houses. Who is responsible for this problem? Nguyen Trong Hanh: After receiving complaints from businesses, the HCMC Tax Bureau has inspected all printing houses in the city and found out the printing house Lien Son defaulted on around 5,000 invoice orders, of which 1,500 orders could be shared to other printing houses. Lien Son cited many businesses placed orders with small volumes, but asked to print their own colorful logo, which took long time to … [Read more...]

Banks raise dollar saving rates to attract remittance inflow in Tet

Banks' depositing interest rate are moving up on the fact that lenders are trying to attract strong remittance inflows that come in ahead of Tet, the Lunar New Year festival, general secretary Duong Thu Huong of the Vietnam Bank Association (VNBA) said in an interview with SGGP Dau Tu Tai Chinh magazine (Investment and Finance). Photo: cafeland Dau Tu Tai Chinh: What do you think about many experts' concern that lenders rush to mobilize dollars as they need more Vietnam dong capitals desperately? Duong Thu Huong: Some banks rush to raise dollar saving rates in an effort to mobilize overseas remittance, which is often getting very strong at the end of every year. However, this move will lead the remainders in the bank system to follow in an effort to keep their clients. They also said lenders are trying to mobilize more dollars in order to meet the increasing demand of companies which import a large volume of goods in preparation for the country's biggest holiday. It may also come … [Read more...]

Travel firms monitor fresh ruble fall

Dao Loan Russian tourists are seen at a resort in Phan Thiet City, Binh Thuan Province. Travel firms say it is difficult to attract Russian tourists due to the fresh slide of the ruble against the U.S. dollar - PHOTO: DAO LOAN A representative of a travel firm, who declined to be named, told the Daily that the company has prepared a plan for the year-end travel season but the scale of the plan might be reduced if the Russian currency slides further against the U.S. dollar as this would affect the number of Russian visitors to Vietnam. He said if the greenback trades at around 50 rubles per dollar, his company could try to maintain operations to wait for better days. Hoang Thi Phong Thu, chairwoman of International Travel Pegas Vietnam Co. Ltd. (Pegas Travel Vietnam), said the unexpected sharp fall of the ruble in the past week had led her firm to delay its decisions on the number of chartered flights between Vietnam and Russia as well as the resumption of chartered flights … [Read more...]

Scores of international tourists continuously increase

PANO - The number of international tourists has bounced back in July and August 2015 after 13 consecutive months of decline. According to a report of the General Statistics Office (GSO), the number of foreign visitors to Vietnam is estimated to reach nearly 665,000 in August, up by 12% compared to July, an increase of 7.5% in comparison to the same period last year. Earlier, the figure was nearly 600,000 in July, up by 12.1% against the previous month, and 5.1% year on year. Foreign tourists to Vietnam. Photo: VNA In August, the number of visitors to Vietnam by air was 610,159, by sea 1,360, and by land 53,466, accounting for 91.8% (up by 17.4%), 0.2% (down by 9.3%), and 8% (a decrease of 45.2% compared to the same period in 2014), respectively. The number of visitors from five European countries, namely Spain, Italy, Germany, France, and the UK, which now enjoy visa exemption, increased sharply by 159.3%, 141.4%, 54.1%, 25.8% and 25.5% respectively in comparison to July. In … [Read more...]

Foreign tourists to Vietnam rise for second consecutive month

(CPV) - Foreign tourist arrivals to Vietnam in August reached an estimated 664,900, a 12% rise from the previous month and a 7.5% increase over a year earlier, reported the General Statistics Office (GSO). With this, after a 13-month reduction, Vietnam witnessed recovery in foreign tourist arrivals. Earlier, in July, the country greeted over 593,000 foreign arrivals, up 12% from the previous month and a year-on-year increase of 5.1%. Photo for illustration. (Source: VNA) In August, five European markets which have received unilateral visa exemption continued to see strong growth over a month earlier, Spain (159.3%), Italy (141.4%), Germany (54.1%), France (25.8%) and the UK (25.5%). Sharp growth with two digits was recorded in the East Asia and ASEAN markets, such as the Republic of Korea (42.5%), Hong Kong (36.4%), Laos (33.4%), Thailand (29.9%) and Japan (25.9%). The results contributed to bringing the total foreign tourist arrivals to Vietnam during the Jan-Aug period to … [Read more...]

International visitors to Viet Nam continue to increase in August

(TITC) – According to General Statistics Office, international visitors to Viet Nam in August of 2015 estimated 664,985 arrivals, increasing 12.0% over last month and 7.5% over the same period last year, following the positive growth in July of 12.1% and 5.1% respectively. By means of transportation, visitors to Viet Nam in August by air estimated 610,159 arrivals, accounting for 91.8% of the total int’l arrivals, up 17.4% over the same period last year; By sea: 1,360 and by road: 53,466, accounting for 0.2% and 0.8%, down 9.3% and 45,2% over the same period last year, respectively. In August, the number of arrivals from 5 European countries which have recently been exempted from visa continued to grow over last month: Spain (+159.3%), Italy (+141.4%), Germany (+54.1%), France (+25.8%) and UK (+25.5%). In addition, some of big markets in Northeast Asia and ASEAN region also increased significantly including South Korea (+42.5%), Hong Kong (+36.4%), Laos (+33.4%), … [Read more...]

Agencies admit they cannot trace $20 billion gap in trade statistics

VietNamNet Bridge - The reasons behind the $20 billion gap between China and Vietnam’s 2014 figures on bilateral trade revenue still have not been found. The General Statistics Office (GSO) has blamed smuggling, while the General Department of Customs (GDC) believes it is necessary to change the statistical method. GSO and GDC still cannot explain answer why there is big gap in the Vietnam-China trade statistics raised by National Assembly’s Deputies two months ago. According to Phan Sinh from GDC, both Vietnam and China follow the United Nation’s standards when calculating imports and exports. However, he said with the current calculation method, the gap in statistics released by Vietnamese and Chinese agencies would be wider in the future. The biggest gaps will be seen in products with global supply value chains. In 2014, the electronics, phone and phone accessory exports reported by Vietnamese agencies were $5.5 billion lower than Chinese agencies. As for … [Read more...]

Falling oil prices reveal reliance on crude exports

Vietnam, an energy exporting country, is struggling to deal with the negative impacts of lower oil prices as revenue shortfalls make lingering fiscal weaknesses even more visible, economists said. Oil prices have fallen to a 6.5-year low on Monday, amid continued worries of high global oil supply while investors expect the demand from China to remain weak due to its growth slowdown. Already trading at six-year lows on a prolonged slump, US crude fell $2.21 to $38.24 per barrel, according to the Associated Press. Oil hadn't closed below $40 since February 2009. Falling oil prices have cut Vietnam’s export revenues, dealing a strong blow to the state budget, economist Le Dang Doanh said. The country exported over 5.3 million tons of crude oil worth $2.45 billion between January and July, down 0.3 percent in volume and 47.1 percent in value over the same period last year, according to the General Statistics Office. With lower export earnings, crude oil’s contribution to … [Read more...]

International arrivals to Vietnam sees positive signals

The Hanoitimes - The number of international tourists traveling to Vietnam in August reached 664,985 arrivals, an increase of 12% over last month and 7.5% against the same period last year. According to statistics from Vietnam's General Statistics Office (GSO), after witnessing a decline in 13 consecutive months, the number of foreign arrivals to Vietnam began rebounding in July and August. In July, 593,566 foreign tourists came to Vietnam, up 12.1% compared to June and 5.1% compared to the same period last year. In August, arrivals by air rose by 17.4% to 610,159, by sea dropped 9.3% to 1,360 and by land declined 45.2% to 53,466 against the same period last year. Foreign tourists visit Hanoi According to the Vietnam National Administration of Tourism (VNAT), international arrivals are expected to grow in the following months as peak season approaches. High-budget tourists, particularly from the US and Canada, consider Vietnam an attractive autumn destination. The sector … [Read more...]

Agencies cannot explain $20 billion discrepancy in China-VN trade figures

VietNamNet Bridge - The $20 billion gap between China’s and Vietnam’s figures about trade revenue still cannot be explained. The General Statistics Office (GSO) has proposed controlling smuggling, which it sees as a cause behind the discrepancy, while the General Department of Customs (GDC) believes it is necessary to change the statistical method. GSO and GDC still cannot explain the big gap in Vietnam-China trade statistics raised by National Assembly’s deputies two months ago. According to Phan Sinh, deputy head of GDC’s Information Technology Agency, both Vietnam and China follow the United Nation’s standards when counting imports and exports. However, he said with the current method, the gap in the statistics released by Vietnamese and Chinese agencies will be wider in the future. The biggest gaps will be seen in products with global supply chains. In 2014, the electronics, phone and phone accessories exports reported by Vietnamese agencies … [Read more...]

August CPI drops 0.07%

(CPV) - The Consumer Price Index (CPI) in August decreased by 0.07% from the previous month, reported the General Statistics Office (GSO). With this, CPI only rose 0.61% over the past eight months. Among 11 commodities and services, seven saw rises while the rest witnessed reductions. Photo: CPV Specifically, CPI rises were seen in restaurants and food services (0.1%), beverage and cigarette (0.07%), garments, hats, footwear (0.28%), household devices and appliances (0.11%), medicine and health services (0.03%), education (0.87%) and culture, entertainment and tourism (0.04%). Meanwhile, four commodities and services with price declines were transport (2.12%), housing and building materials (0.45%), post and telecom (0.02%) and other goods and services (0.02%). According to GSO, the price decrease in the month was thanks to price falls in petrol, oil and gas. In addition, cooler weather in August lessening power consumption contributed to the decrease./. … [Read more...]

Falling oil prices reveal Vietnam’s reliance on crude exports

The Bach Ho Oil Field in southern Vietnam. Photo: Vietnam News Agency Vietnam, an energy exporting country, is struggling to deal with the negative impacts of lower oil prices as revenue shortfalls make lingering fiscal weaknesses even more visible, economists said. Oil prices have fallen to a 6.5-year low on Monday, amid continued worries of high global oil supply while investors expect the demand from China to remain weak due to its growth slowdown. Already trading at six-year lows on a prolonged slump, US crude fell $2.21 to $38.24 per barrel, according to the Associated Press. Oil hadn't closed below $40 since February 2009. Falling oil prices have cut Vietnam’s export revenues, dealing a strong blow to the state budget, economist Le Dang Doanh said. The country exported over 5.3 million tons of crude oil worth $2.45 billion between January and July, down 0.3 percent in volume and 47.1 percent in value over the same period last year, according to the General Statistics … [Read more...]

Vietnam’s tourism numbers rise sharply two months after waiving visas for European markets

The visa-free travel policy which Vietnam granted for five European countries last month has paid off, with tourists from those markets hugely contributing to the solid growth of the country’s international arrival numbers in August. Vietnam welcomed 664,985 international vacationers this month, a 12 percent increase from a month earlier, and 7.5 percent from August 2014, according to the General Statistics Office. This is the second straight month the Southeast Asian country posted a rise in international tourist numbers. The figure had earlier dropped for a 13-month stretch from May 2014. Vietnam began waiving visas for German, French, British, Italian and Spanish visitors on July 1, with an allowed 15-day stay for each entry. The number of Spanish nationals visiting Vietnam in August thus rose by a massive 159.3 percent from a month earlier, whereas the respective increases for the Italian and German markets are 141.4 percent and 54.1 percent, according to the … [Read more...]

Foreign arrivals to Vietnam on rise

(VOV) - Foreign arrivals to Vietnam in August are estimated at 664,985, an increase of 12% over last month and 7.5% against the same period last year. According to statistics from the General Statistics Office of Vietnam (GSO), after witnessing a decline in 13 consecutive months, the number of foreign arrivals to Vietnam began rebounding in July and August. In July, 593,566 foreign tourists came to Vietnam, up 12.1% compared to June and 5.1% compared to July last year. In August, arrivals by air rose by 17.4% to 610,159 (accounting for 91.8% of total foreign arrivals), by sea dropped 9.3% to 1,360 (making up 0.2%) and by land declined 45.2% to 53,466 (equal to 8%) against the same period last year. The number of tourists from five European countries which have been exempted visas enjoyed a robust growth in August compared to last month, such as Spain (159.3%), Italy (141.4%), Germany (54.1%), France (25.8%) and the UK (25.5%). Meanwhile, the number of visitors from northeast … [Read more...]

Consumer price index slips 0.07 per cent during August

A BigC supermarket in Ha Noi. Viet Nam's consumer price index (CPI) in August declined 0.07 per cent against July. — VNS Photo Thai Ha HA NOI (VNS) — The national consumer price index (CPI) in August declined 0.07 per cent against the previous month but increased 0.61 per cent compared with the same month last year. Do Thi Ngoc, deputy head of the General Statistics Office's (GSO's) Consumer Price Index Department, which made the announcement yesterday, said this was the first time the August CPI had seen a reduction in the past decade. It was also the third month of this year to see a plunge in the CPI, following the 0.2 per cent drop in January and the 0.05 per cent fall in February, she said. Two reductions in petrol and oil prices on July 20 and August 4 as well drop in gas price since August 1 had dragged down the CPI, Ngoc said. The lower petrol, oil and gas prices had also heavily pushed down prices for transport services by 2.12 per cent and had driven down the … [Read more...]

Firms ignore rural potential

Farmers in Thanh Dong Commune, Vinh Long Province tend to sweet potatoes imported from Japan. Authorities in the commune expect to increase income per capita to VND26 million a year. — VNA/VNS Photo Dinh Hue HCM CITY (VNS) — Despite being seen as the decisive factor in achieving sustainable rural development, the business sector still remained largely an untapped power, experts said at a conference yesterday to discuss the subject. In fact, the number of businesses investing in rural development actually went down from 1.6 per cent in 2007 to less than one per cent in 2014. Almost five years after the implementation of a national target programme on new rural development, total investment now amounts to VND851.8 trillion (about US$38 billion). Of this, only 4.9 per cent came from the business sector, failing to reflect the sector's potential by a long shot, said the Central Coordination Office on New Rural Development. A report by the General Statistics Office … [Read more...]

Oil slump costs Vietnam 2.5bln USD in export losses

Photo: vnn.vn The country's crude oil export value fell sharply by nearly 2.5 billion USD in January-August 15 due to the slumping global oil price, according to the General Department of Customs. During the period, the country exported more than 5.7 million metric tonnes of crude oil, fetching more than 2.56 billion USD, much below the level for the same period last year when it earned more than 5.04 billion USD from shipment of 5.9 million metric tonnes. According to Reuters, US oil prices in the global market traded below 40 USD a barrel, ending 2 percent lower on August 21 on signs of US oversupply and weak Chinese manufacturing, and notching the longest weekly losing streak in almost three decades. US crude on August 21 dipped below the 40 USD threshold for the first time since the 2009 financial crisis. Brent oil also ended 1.16 USD, or 2.5 percent, lower at 45.46 USD a barrel. It hit a low of 45.07 USD and threatened to break below 45 USD a barrel for the first time since … [Read more...]