SGGP awards scholarships to needy students

Sai Gon Giai Phong Newspaper awarded 85 scholarships to students and pupils from Quy Nhon University, Quang Trung University, Binh Dinh College and high schools in the southern central coastal province of Binh Dinh on December 7.The awards ceremony took place in the main hall of the Department of Education and Training in Binh Dinh Province.Each university student received VND2 million (US$93), while college students each received VND1.5 million ($70). High school pupils were awarded VND1 million ($47) each.The scholarships were sponsored by Vingroup and supported by Dau Tu-Tai Chinh (Investment-Finance) Newspaper of SGGP. The selected students are from poor and impoverished areas of the country. Some are from the poorest village of Tuy Phuoc where locals suffer extreme hardships from storms and floods, while some are from 'An Nhon Ward' where even a daily meal is hard to get. Others are from the remote mountain ward of Van Canh.Every one of them has their own misery. High school pupil … [Read more...]

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...]

Banks concerned US dollar supply not meet up demand

Many lenders are concerned about the gap of the US dollar supply and demand as they struggle to mobilise the greenback, while lending demand remains very high. Many people converted their dollar deposits to dong after the state bank cut the greenback rate cap to support the local currency Financial experts say many people converted their dollar deposits to dong after the state bank cut the greenback rate cap to support the local currency. The State Bank of Vietnam lowered the rate cap on dollar deposits by individuals to 2 per cent from 3 per cent, and cut the limit for institutions to 0.5 per cent from 1 per cent, starting June 2. Banks have also been ordered to set aside more dollars as reserves. Figures from the central bank show dollar deposit growth of commercial banks last month declined 3.6 per cent from May's close and moved up slightly 9 per cent year-on-year. Phan Thanh Hai, an official from GiaDinh Bank, says dollar depositors favor short- and unfixed-term deposits, … [Read more...]

HCMC neighbours see property rush

Despite the prolonged dull property market in Ho Chi Minh City, sales of property in provinces adjacent to the southern hub remain booming, says an official from a property company. Property market in neighboring provinces remains booming despite the quiet market in Ho Chi Minh City Property market in the southern provinces of Long An and Binh Duong has been significantly bullish, Hoang Anh Tuan, general director of Tac Dat Tac Vang, said in an interview with Dau Tu Tai Chinh Newspaper. "Ho Chi Minh City is one of the country's biggest markets. Therefore, as the market was getting bearish, many people thought markets nationwide was in a similar condition," Tuan said. "Actually property sales in some neighboring provinces remain very positive. We sold thousands of lands and apartments in Binh Duong province last year." Tuan said the Ho Chi Minh Ciy market was still potential, but property price in the city was too high for both investors and people who look for living … [Read more...]

State bank does good job of stabilising currency market

The central bank's measures on stabilising the foreign currency market have proved fruitful as people have been eager to sell US dollar to commercial banks, financial experts said. Individuals and businesses are willing to sell US dollar to commercial bank thanks to the state bank's measures on restoring stability in the monetary market Tran Anh Tuan, general director of NamABank, said the central bank's foreign exchange rate measures got positive result as individuals and businesses preferred to sell US dollar to commercial bank. Many lenders have widened the deficit between the selling and buying price of the greenback to VND20-25, showing their dollar supply remained sufficient, Tuan said. "Individuals and businesses' US dollars have started flowing into banks since the central bank constantly boosted the interbank exchange rate and strictly supervised the currency market," said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam's Ho Chi Minh City branch. … [Read more...]

Locals still shun credit cards due to high fees

Despite the central bank restricting dollar transaction in the economy, local people still hesitate to use international credit card to use overseas due to high usage fees. Credit card remains unpopular in Vietnam due to high fees Commercial banks have encouraged customers who have to travel abroad to opt for international credit card to meet their demand for US dollar. Lenders including Asia Commercial Bank (ACB), Eximbank, DongA Bank and Vietnam International Bank constantly released many promotional packs for credit card services, including one-day credit card issue, preferential foreign exchange rates and low margin rates. Bui Tan Tai, deputy general director of ACB, said credit cards offered a safer way of money management than cash when customers traveled overseas. "Customers planning to travel abroad should opt for international credit cards, which offer high deposit interest rates and high foreign exchange rates," said Tran Phuong Binh, chairman of DongA Bank. Despite … [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...]

Businesses shun ban on payment in dollar

Payments in dollar were still carried out publicly in spite of the government's ban, triggering worries about the dollarisation - a factor causes instability of the economy, economists warned. A cash teller puts a pile of US dollars into a cash counting machine at a HCMC-based branch of Asia Commercial Bank The Circular No11/2009/TT-BCT by the Ministry of Trade and Industry regulates that the fine for illegal price quotation and purchases by foreign currencies is up to VND30 million ($15,000). However, many businesses tried to dodge the regulation by using price quotations in Vietnamese dong, which are converted from dollar prices. A builder, who asked not to be named, disclosed property firms favoured payments in US dollars for real estate purchases as the dong weakened every day. "It takes several years to finish a property project. Therefore, payments in dong will make builders incur losses amid the fluctuation of the foreign exchange rate between dong and dollar," he … [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...]

Newspapers show off Tet editions at Hanoi festival

The annual Ha Noi Spring Edition Festival opened in the capital January 15 with 30 newspapers and magazines exhibiting their Tet issues. Mr. Pham Quang Nghi (L) with a copy of SGGP's spring edition at the ongoing Ha Noi Spring Edition Festival for publications (Photo: SGGP) At the event organized by the Hanoi Press Association, the Sai Gon Giai Phong booth was popular among visitors, thanks not only to its publications' impressive layouts but also their number and variety.  It publishes SGGP, SGGP 12 Gio (SGGP 12 O'Clock), SGGP Thu Bay SGGP Weekly), Dau Tu Tai Chinh (SGGP Investment and Finance), and The Thao (SGGP Sport). On the occasion, the association gave away the Ngo Tat To Awards for last year to outstanding reporters. Anh Quang of Ha Noi Moi newspaper for a story about land, and the documentary crew at Vietnam Television for a story about Thai Ha Parish shared the first prize. There were also two second, four third, and eleven consolation prizes. The festival was attended by … [Read more...]

Teacher fired at own will for fight with students

Education officials have decided to fire a teacher but are being lenient with his students following the surfacing of a video of their fight at a high school in central Vietnam last month. SCROLL DOWN FOR VIDEO The Department of Education and Training in Binh Dinh Province ordered the dismissal of Tran Anh Tuan, a 23-year-old chemistry teacher at Nguyen Hue High School, in a meeting with the school management on Monday to discuss the punishment for Tuan and his two students, 11th graders Nguyen Phuc Nghia and Nguyen Thanh Long. The school is now required to carry out procedures to terminate the labor contract with Tuan soon, according to the department. The teacher had suggested the same penalty for himself at an earlier meeting with his school, Dao Duc Tuan, vice director of the department, told local media yesterday. One of the two students, Long, was given a warning for his misbehavior although he had asked for a short expulsion. Nghia, the … [Read more...]

Kien Giang targets USD 536 million worth of exports

The Mekong Delta province of Kien Giang has set to earn an export value of USD 526 million in 2015, up 5.9 percent from a year just gone. The province expects to ship abroad agricultural products, including 700,000 tons of rice, for USD 315 million, and seafood for USD 170 million. This year, it focuses on helping local exporters tackle difficulties in terms of markets, material sources, labour, capital and advanced technology. Raising seafood for export. Photo: VNA Local authority plans to launch "Bon nha" (Four parties) program which links businesses and farmers in Long Xuyen Quadrangle, Tay Song Hau and U Minh Thuong, which are the province’s main rice and shrimp production areas, in order to ensure stable supply for processing facilities. The Industry and Trade Department (ITD) and relevant bodies will forecast rice output and launch the stockpile of rice harvested in the 2014 – 2015 winter-spring crop. Firms will be supported with tax incentives and easier loan … [Read more...]

Kien Giang targets 536 million USD worth of exports

The Mekong Delta province of Kien Giang has set to earn an export value of 526 million USD in 2015, up 5.9 percent from a year just gone. The province expects to ship abroad agricultural products, including 700,000 tonnes of rice, for 315 million USD, and seafood for 170 million USD. This year, it focuses on helping local exporters tackle difficulties in terms of markets, material sources, labour, capital and advanced technology. Local authority plans to launch "Bon nha" (Four houses) programme which links businesses and farmers in Long Xuyen Quadrangle, Tay Song Hau and U Minh Thuong, which are the province’s main rice and shrimp production areas, in order to ensure stable supply for processing facilities. The Industry and Trade Department (ITD) and relevant bodies will forecast rice output and launch the stockpile of rice harvested in the 2014 – 2015 winter-spring crop. Firms will be supported with tax incentives and easier loan access to expand business and … [Read more...]

HCMC strives to reduce dropouts

The rates of dropouts in Ho Chi Minh City are 13,66 percent of children under five years olds; 2,35 percent of primary students and 9,92 percent of high junior students. The figure was released at a meeting recently held by the municipal Department of Education and Training. The number was taken from a survey conducted by the Ministry of Education and Training in coordination with the United Nations Children's Fund (UNICEF). It was carried out in eight cities and provinces nationwide including the northern provinces of Lao Cai, Dien Bien, the central province of Ninh Thuan, the highlands provinces of Kon Tum, Gia Lai, Ho Chi Minh City and the Mekong delta provinces of Dong Thap and An Giang. Three groups of ages were mentioned in the survey comprising those at five, those from six to 10 years old and from 11 year old to 14 year old; all of them are dropouts. Le Hoai Nam, Deputy Director of the city’s Department of Education and Training, said that the survey was conducted on … [Read more...]

Audit asks party to punish former anti-corruption head, strip him of real estate holdings

The villa of former chief government inspector Tran Van Truyen in Ben Tre Province. Photo: Nguyen Khoa Chien Vietnam's former chief government inspector lied and abused his position to accrue huge real estate holdings throughout southern Vietnam, the Communist Party inspectors announced on Friday. In a public release, the Inspection Commission of the Party Central Committee chastised Tran Van Truyen, who served as head of the Government Inspectorate--essentially, Vietnam's anti-corruption unit--between 2007 and 2011 for "not thinking carefully," "lack of honesty" and "failing to provide a good example." "His actions have inflamed negative public opinions across the society and tarnished his reputation and the Party's," the release said. Central Communist Party Secretary Nguyen Phu Trong called for the audit last July after local media published a string of reports about Truyen's vast real estate portfolio. Particular attention was paid to a pair of villas constructed from rare … [Read more...]

Co-operation project to boost agricultural exports to Finland

NDO/VNA - The Vietnam Chamber of Commerce and Industry - Can Tho branch, together with the Finnish Embassy, held a ceremony on October 23 to launch a project to support Vietnam's exports of agricultural and aquacultural products to Finland and Northern Europe. The project will be implemented in Hanoi, Ho Chi Minh City and the Mekong Delta with assistance from the embassy's fund for local co-operation. According to Project Director Nguyen Tuan Hai, the objective is to increase the production and export capacity of Vietnamese businesses, thus contributing to the intensification of trade and investment ties between Vietnam and Finland, and other Northern European countries. The project aims to promote information on Vietnamese producers and exporters in Finland, and provide training courses to help Vietnamese companies improve their products based on European standards. It will also encourage trade by organising exchanges and visits for the two countries to explore market … [Read more...]

Cooperation project to boost agricultural exports to Finland

Seafood manufacturing (Photo: VNA) The Vietnam Chamber of Commerce and Industry's Can Tho branch, together with the Finnish Embassy, held a ceremony on October 23 to launch a project to support Vietnam's exports of agricultural and aquacultural products to Finland and Northern Europe. The project will be implemented in Hanoi, Ho Chi Minh City and the Mekong Delta localities with assistance from the embassy's fund for local cooperation. According to Project Director Nguyen Tuan Hai, the objective is to increase the production and export capacity of Vietnamese businesses, thus contributing to the intensification of trade and investment ties between Vietnam and Finland, and other Northern European countries. The project aims to promote information on Vietnamese producers and exporters in Finland, and provide training courses to help Vietnamese companies improve their products based on European standards. It will also encourage trade by organising exchanges and visits for the two … [Read more...]

Requirement to reduce the use of groundwater

Deputy Prime Minister asked the localities to base on the planning of water supply, water use to develop a roadmap for gradually reducing the use of groundwater and switching to use surface water for water supply projects. Deputy Prime Minister Hoang Trung Hai has recently requested Ministry of Natural Resources and Environment, Ministry of Construction, Ministry of Agriculture and Rural Development, People's Committee of Hanoi and Ho Chi Minh City to have management measures to reduce the use of groundwater to avoid urban depression. Ministry of Natural Resources and Environment will host and coordinate with agencies mentioned above to establish a project to research and evaluate the exploitation and use of groundwater, the impact on ground depression. Firstly, it is necessary to focus on doing research in Hanoi, Ho Chi Minh City and the Mekong Delta. … [Read more...]