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...]

Southern region – a major contributor to Vietnam’s economy

Ho Chi Minh Cityis now an economic, cultural, and scientific-technological hub of Vietnam and the nucleus of the southern key economic region (Photo: VNA) Southern Vietnamese provinces and cities have made great economic strides over the last four decades since the region’s liberation and the national reunification in 1975, substantially contributing to Vietnam’s development. An array of industrial hubs have been created in the south, which used to house only small-scale mechanical industry mainly serving military purposes, said Vice Chairman of the National Assembly’s Committee for Economic Affairs Nguyen Duc Kien. Ho Chi Minh City, formerly known as Saigon, is now an economic, cultural, and scientific-technological hub of Vietnam and the nucleus of the southern key economic region. It contributes about one fifth of the national GDP and one third of the State budget every year. Ba Ria-Vung Tau province, which used to be an underdeveloped area, currently … [Read more...]

Foreign tourists to Vietnam lower over first 4 months

Photo for illustration. (Source: VNA) Vietnam greeted 2.7 million foreign tourists in the first four months of the year, a year-on-year reduction of 12.2%, reported the General Statistics Office. Of this, over 2.23 million arrived by air, down 9% while those arriving by road and sea numbered over 439,000 (down 24.9%) and 24,200 (down 29.8%), respectively. However, the Asian tourist market in Vietnam saw an increase with the Republic of Korea bringing 398,700 visitors and Singapore bringing 70,000, up 33.4% and 6.67%, respectively. Tourist arrivals from Europe reached an estimated 449,300, an 8.4% decrease compared to the same period last year. This figure included 60,000 arrivals from Germany, up 0.6% and 14,600 arrivals from Italia, up 5%. Tourists from North America witnessed a 3% rise against the same period last year, at 229,500 arrivals. Of this, 184,400 arrivals were from the US, up 4.7%./. … [Read more...]

Vietnam records double-digit foreign tourist arrival growth

The number of foreign visitors to Vietnam in April reached 690,440, an increase of 11.7% against the previous month, according to the General Statistics Office. The figure sent the total number of foreign travelers to Vietnam to 2,698,324 over the past four months, a year-on-year decrease of 12.2%. Some markets witnessing high growth rates compared to the same period last year included the Republic of Korea (up 33.4%), Finland (up 27%), Spain (up 8.2%), Italia (up 5%), the US (up 4.7%) and Germany (up 0.6%). Meanwhile, the number of domestic visitors rose 2.2% to 25 million ones, the statistics agency said. The nation earned VND125,757 billion from tourism, up 2.2% in comparison with the same period last year. Source: VGP … [Read more...]

Breakfast @ Tuoi Tre News – April 30

Tuoi Tre News briefs you on some of the leading stories published today in Vietnamese media: Politics -- Vietnamese communities around the world have organized a number of celebrations to mark the 40th anniversary of the Liberation of South Vietnam and National Reunification (April 30, 1975). -- Vietnam and South Africa have pledged to promote bilateral links in science technology following meetings between a delegation from the Vietnamese Ministry of Science and Technology and South African scientific agencies during a recent 8-day visit of the Vietnamese delegation to the African country. Society -- About 70 Vietnamese nationals were living or traveling in Nepal at time of the deadly earthquake on April 25, of which 50 people have been accounted for, while the whereabouts and condition of 20 others are still unknown, according to the Vietnamese Embassy to India. Minister Consellor of the Vietnamese Embassy to India, Tran Quang Tuyen, left India for Nepal on Wednesday to … [Read more...]

VN records double digit growth

VGP – The number of foreign visitors to Viet Nam in April reached 690,440, an increase of 11.7% against the previous month, according to the General Statistics Office. The figure sent the total number of foreign travelers to Viet Nam to 2,698,324 over the past four months, a year-on-year decrease of 12.2%. Some markets witnessing high growth rates compared to the same period last year included the Republic of Korea (up 33.4%), Finland (up 27%), Spain (up 8.2%), Italia (up 5%), the US (up 4.7%) and Germany (up 0.6%). Meanwhile, the number of domestic visitors rose 2.2% to 25 million ones, the statistics agency said. The nation earned VND125,757 billion from tourism, up 2.2% in comparison with the same period last year. By Thuy Dung … [Read more...]

VN records double-digit foreign tourist arrival growth

VGP – The number of foreign visitors to Viet Nam in April reached 690,440, an increase of 11.7% against the previous month, according to the General Statistics Office. The figure sent the total number of foreign travelers to Viet Nam to 2,698,324 over the past four months, a year-on-year decrease of 12.2%. Some markets witnessing high growth rates compared to the same period last year included the Republic of Korea (up 33.4%), Finland (up 27%), Spain (up 8.2%), Italia (up 5%), the US (up 4.7%) and Germany (up 0.6%). Meanwhile, the number of domestic visitors rose 2.2% to 25 million ones, the statistics agency said. The nation earned VND125,757 billion from tourism, up 2.2% in comparison with the same period last year. By Thuy Dung … [Read more...]

Breakfast @ Tuoi Tre News – April 29

Here are the news stories about Vietnam you may want to know for today, April 29. Politics -- Vietnam’s State President Truong Tan Sang attended a ceremony to commemorate the death anniversary of the Hung Kings, considered the founders of Vietnam, in the northern province of Phu Tho on Sunday. Society -- Part of the body of the fighter jet SU 22, which crashed off south-central Vietnam on April 16, and its pilot, Le Van Nghia, were lifted and found, respectively, on Tuesday. -- All of the main gateways from Ho Chi Minh City to localities in the northern, southern and central regions were congested with people setting off for a six-day holiday on Tuesday. -- Hotels in such popular tourism destinations as Vung Tau, Nha Trang and Da Nang have increased room rates dramatically as thousands of holidaymakers flocked there on Tuesday. -- Tuesday, the first day of the six-day national holiday ending Sunday, saw a total of 28 traffic accidents occur across Vietnam, killing … [Read more...]

Low CPI spurs retail trade growth

Customers shop at the Ben Thanh Market in HCM City. Total revenue from retail trade and services reached approximately US$48.5 billion in the first four months of this year. — VNA/VNS Photo Thanh Vu HA NOI (Biz Hub) — The total revenue from retail trade and services reached approximately US$48.5 billion during the first four months of this year, the General Statistics Office (GSO) said. The figure represents a year-on-year rise of 8.8 per cent, GSO said, adding that the increase would be 8 per cent if inflation was excluded. The total retail sales growth (inflation excluded) during the period was fairly higher than what was recorded during the four months of 2014 at 5.5 per cent, four months of 2013 at 4.6 per cent and four months of 2012 at 6.6 per cent, GSO noted. GSO statistician Vu Manh Ha attributed such encouraging growth to a slumping consumer price index (CPI). The average CPI growth for the first four months was 0.13 per cent, compared to 0.22 per cent; 0.60 … [Read more...]

Industrial production rises by 9.4%

NDO/VNA — Vietnam's index of industrial production (IIP) grew by 9.4% year-on-year in the first four months of 2015, the General Statistics Office (GSO) has reported. The GSO economists said that the encouraging IIP growth in these four months, double than what was recorded in the same period last year, was spurred by the significant rise in the industrial consumption index in the first quarter of the year. It rose by 13.9%, considerably higher than the 5.5% during the same period last year. This significant rise in the industrial consumption index also resulted in IIP increases in several industries. Among them were mobile phones with an 89% rise, motorised vehicles at 58.4%, television sets at 41.8%, and paper production at 20.8%. Other sectors that posted industrial production hikes during the same period were leather and footwear (24.7%), food for aquatic products (23.9%), rolled steel (17.3%), chemical paints (17.8%) and electricity production (11.1%). Moreover, as of … [Read more...]

Newly-established businesses up nearly 10%

VGP – As many as 6,316 businesses re-operated in the first four months of 2015, a year-on-year increase of 7.7%, according to the General Statistics Office. Illustration photo A total number of 28,235 enterprises were established over the past four months with a combined registered capital of VND162,500 billion, up 9.7% and 13.3% in terms of number and capital, respectively. In addition, 6,834 businesses increased their capital investment of VND223, 000 billion. 427,900 jobs were created in the reviewed four months, a year-on-year increase of 19.2%. As many as 3,249 enterprises were dissolved, down 0.8% compared to the same period last year. The Industrial Production Index rose 9.4% over the past four months of 2015, higher than the figure of 5.5% of the same period in 2014. By Thuy Dung … [Read more...]

Industrial production up by 9.4 %

— Viet Nam's index of industrial production (IIP) grew by 9.4 per cent year-on-year in the first four months of 2015. — VNS Photo An Hieu HA NOI (Biz Hub) — Viet Nam's index of industrial production (IIP) grew by 9.4 per cent year-on-year in the first four months of 2015, the General Statistics Office (GSO) has reported. The GSO economists said that the encouraging IIP growth in these four months, double than what was recorded in the same period last year, was spurred by the significant rise in the industrial consumption index in the first quarter of the year. It rose by 13.9 per cent, considerably higher than 5.5 per cent during the same period last year. This significant rise in the industrial consumption index also resulted in IIP increases in case of several industries. Among them were mobile phones that reflected an 89 per cent rise, , motorized vehicles 58.4 per cent, television sets 41.8 per cent, and paper production 20.8 per cent. Other industrial … [Read more...]

Industrial production rises by 9.4 percent

Vietnam's index of industrial production (IIP) grew by 9.4 percent year-on-year in the first four months of 2015, the General Statistics Office (GSO) has reported. Illustration photo The GSO economists said that the encouraging IIP growth in these four months, double than what was recorded in the same period last year, was spurred by the significant rise in the industrial consumption index in the first quarter of the year. It rose by 13.9 percent, considerably higher than 5.5 percent during the same period last year. This significant rise in the industrial consumption index also resulted in IIP increases in case of several industries. Among them were mobile phones that reflected an 89 percent rise, motorised vehicles 58.4 percent, television sets 41.8 percent, and paper production 20.8 percent. Other industrial sectors that posted industrial production hikes during the same period were leather and footwear (24.7 percent), food for aquatic products (23.9 percent), rolled steel … [Read more...]

Positive socio-economic markers reported in Q1

The nation's first quarter GDP grew at the highest level since 2011 to reach 6.03 percent, the Ministry of Planning and Investment reported yesterday. Students at a class on car technology at the Quang Binh Vocational School In a report to the 12th plenary session of the National Assembly (NA) Economic Committee, it said the first quarter of 2015 saw several changes for the better in the nation's socio-economic development. It cited as an example a 1.25 percent credit growth, as compared to a fall of 0.57 percent in the first quarter of last year. The number of new businesses increased 3.8 percent with the newly registered capital rising 13.5 percent year-on-year, the report said. Reviewing last year's performance, the report said all the targets assigned by the NA had been met or exceeded, except in labour training. Macro-economic growth and stability was maintained, inflation contained and the Consumer Price Index (CPI) kept low, it said. The 2014 GPD growth of 5.98 percent … [Read more...]

CPI increases slightly 0.04 percent in first 4 months

Vietnam Statistics Office has just announced Consumer Price Index (CPI) increased 0.14 percent in April as compared to last month and 0.99 percent over the same period last year. Accordingly, for the first 4 months of this year, CPI rose slightly 0.04 percent, recorded the lowest growth rate in the past 14 years. Groups of consumer goods saw small reduction of 0.42 percent as compared to last month included restaurants and food services. Among the prices of food decreased 0.31 percent; foodstuffs of 0.54 percent and other food services of 0.14 percent, respectively. General statistics office’s experts said the CPI in April rose due to hikes in the prices of petrol, fuel and electricity. … [Read more...]

CPI in April rises 0.14%

VGP – The Consumer Price Index (CPI) in April rose 0.14% against the previous month and up 0.04% in comparison with December last year, according to the General Statistics Office. Compared to the same period last year, April's CPI increased 0.99% and the CPI of the four months averaged 0.8%. Seven out of 11 calculated commodities saw increases in prices including garment, hats and footwear up 0.14%, building materials up 0.84%, household appliances up 0.16%, medicine and health care service up 0.19%, transport 2.47%, culture, entertainment and tourism up 0.32% and other services up 0.16%. Price decreases were seen in beverage and tobacco down 0.01%, telecommunications down 0.09%, restaurants and food service down 0.42%. The increase in the CPI is due to the rise in the oil, gas and electricity prices, which contributed 0.2% and 0.07% to the index, respectively. The price of gold increased by 1.04% while the US$ exchange rate rose 0.74%. By Thuy Dung … [Read more...]