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...]

Trade deficit accounts for 3.7% of export revenue

VGP – Trade deficit valued US$ 3.4 billion in the first seven months, equivalent to 3.7% of export revenue, according to the General Statistics Office (GSO). In the January-July period, exports were estimated at US$ 92.3 billion, a year-on-year rise of 9.5% of which the domestic sector contributed US$ 27.6 billion, down 1.7% and the FDI sector (including crude oil), accounted for US$ 64.7 billion, up 15.1%. Products with higher export turnovers included telephones and spare parts with US$ 17.1 billion (up 28.2% against the same period last year); garments and textiles with US$ 12.6 billion (up 9.9%); computers and spare parts with US$ 8.7 billion (up 57.8%). In the first seven months, lower hard currency earners were coffee (down 33.2% in volume and 33% in value against the same period last month); rice (down 3.5% in volume and 8.7% in value); coal (drops of 73.1% in volume and 60.6% in value); crude oil (declined by 0.3% in volume and 47.1% in value). In July, the US was … [Read more...]

Vietnam’s spending on importing cars rises dramatically

Vietnam spent a total of US$3.4 billion importing cars and spare parts within the first seven months of the year, marking a considerable increase against the same period last year. According to the latest report from the General Statistics Office of Vietnam, the increase reaches over 154 percent for importing cars. The number of Chinese-made trucks imported into Vietnam via the border gate in the northern province of Lang Son rose four times in the first quarter this year against the same period last year. Vietnam also spent $13.1 billion importing computers, parts and electronics appliances; and $4.7 billion buying iron and steel from other countries. In the meantime, Vietnam has faced difficulties in exporting goods. The total turnover of Vietnamese aquatic product shipments fell to only $3.6 billion, or a 15 percent drop. The export of Vietnamese rice fell nearly nine percent in value. The report also noted that Vietnam had 4,500 families with 19,800 people suffering from … [Read more...]

IIP rises 9.9 percent in seven months

Workers make textile products for exports at Norfolk Hatexco (Photo: VNA) Vietnam's Index of Industrial Production (IIP) posted 9.9 percent year-on-year increase in the first seven months of the year, according to the General Statistics Office (GSO) on July 30. The GSO said the IIP rose for both, in production as well as consumption. Consumption in manufacturing and processing sector accounted for 80 percent of the total index, increasing by 15.1 percent over the same period last year. The automobile production registered the maximum increase of 29.8 percent, followed by electronic products and computers with 28 percent, leather products 21.8 percent, paper products 12.7 percent and electricity production and distribution 11.5 percent. Several industrial products saw a sharp increase, including automobiles with 106,400 units (increase of 58 percent), mobile phones with 121.8 million (increase of 56.9 percent), TV with 2.5 million units (increase of 40.4 percent), leather shoes … [Read more...]

Forex reserves hit 37 billion USD

Foreign exchange reserves are expected to increase when domestic gold keepers sell more gold on the domestic market (Photo: soha.vn) The country's foreign exchange reserves excluding gold have been increasing continuously, reaching 37 billion USD by the end of July, Governor of the State Bank of Vietnam Nguyen Van Binh said. Binh told online news-paper Saigon Times that the reserves would be roughly 40 billion USD if other items such as gold and deposits in foreign currencies by the State Treasury and credit institutions at the central bank were to be included. It was the first time since the end of last year that the quantum of reserves was made public by the central bank's Governor. The central bank last year said the country's foreign reserves were at an all-time high of 36 billion USD. Over the past months, some people had been surmising that Vietnam's foreign exchange reserves had reduced due to a rising trade deficit. According to the General Statistics Office, the … [Read more...]

Industrial production index rises over 11% in July

The Hanoitimes - According to the General Statistics Office, the industrial production index in July grew by 11.3% over the same period last year. In the first seven months of this year, the industrial production index increased by nearly 10% over the same period last year. During the period, some products saw higher production index, including: Automotive rose nearly 58%, mobile phone nearly 57%, shoes, leather sandals and rolled steel increased by 19%, feed for aquaculture increased over 17%, nearly 16 % of fresh milk. The northern province of Thai Nguyen took the lead with registered growth of nearly 218%, followed by the central province of Quang Nam (31.2%) and the northern port city of Hai Phong (15.8%). Photo for illustration In the two biggest cities of Hanoi and HCM City, the industrial production index rose by 7.1% and 6.5% respectively. During the period, the country counted over 52,000 new start-up businesses registering 321.3 trillion VND in capital, a … [Read more...]

Spending for importing cars goes up considerably

Vietnam spent a total of US$3.4 billion for importing cars and spare parts within the first seven months this year, marking a considerable increase against the same period last year. According to the latest report of the General Statistics Office of Vietnam, the increase reaches over 154% for importing cars. The amount of Chinese-made trucks imported into Vietnam via the border gate in the northern province of Lang Son raised by four times in the first quarter this year against the same period of last year. Chinese made trucks imported in Vietnam Photo: Tuoi Tre Besides, Vietnam spent another sum of US$13.1 billion to import computers and parts and electronics appliances, and US$4.7 billion to import iron and steel. In the mean time, Vietnam has faced difficulties in exporting goods. The total export turnover of Vietnam of aquatic products fell down to only US$3.6 billion or 15% decrease. The export of Vietnamese rice reduced nearly 9% in value. The report also noted that … [Read more...]

Forex reserves hit US$37 billion

The country's foreign exchange reserves excluding gold have been increasing continuously, reaching US$37 billion by the end of July, Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh said. Binh told online news-paper Saigon Times that the reserves would be roughly $40 billion if other items such as gold and deposits in foreign currencies by the State Treasury and credit institutions at the central bank were to be included. It was the first time since the end of last year that the quantum of reserves was made public by the central bank's Governor. The central bank last year said the country's foreign reserves were at an all-time high of US$36 billion. Over the past months, some people had been surmising that Vietnam's foreign exchange reserves had reduced due to a rising trade deficit. According to the General Statistics Office, the country's trade deficit in H1 this year hit more than US$3 billion while last year, it had gained a trade surplus of nearly US$2 billion. Binh … [Read more...]

IIP rises 9.9% in seven months

Workers make textile products for exports at Norfolk Hatexco. Viet Nam's Index of Industrial Production posts a 9.9 per cent year-on-year increase in the first seven months thise year. — VNA/VNS Photo Danh Lam HA NOI (VNS) — Viet Nam's Index of Industrial Production (IIP) posted 9.9 per cent year-on-year increase in the first seven months of the year, according to the General Statistics Office (GSO) yesterday. The GSO said the IIP rose for both, in production as well as consumption. Consumption in manufacturing and processing sector accounted for 80 per cent of the total index, increasing by 15.1 per cent over the same period last year. The automobile production registered the maximum increase of 29.8 per cent, followed by electronic products and computers with 28 per cent, leather products 21.8 per cent, paper products 12.7 per cent and electricity production and distribution 11.5 per cent. Several industrial products saw a sharp increase, including automobiles with … [Read more...]

Forex reserves hit $37 billion

Foreign exchange reserves are expected to increase when domestic gold keepers sell more gold on the domestic market. — Photo soha.vn HA NOI (VNS) — The country's foreign exchange reserves excluding gold have been increasing continuously, reaching US$37 billion by the end of July, Governor of the State Bank of Viet Nam Nguyen Van Binh said. Binh told online news-paper Saigon Times that the reserves would be roughly $40 billion if other items such as gold and deposits in foreign currencies by the State Treasury and credit institutions at the central bank were to be included. It was the first time since the end of last year that the quantum of reserves was made public by the central bank's Governor. The central bank last year said the country's foreign reserves were at an all-time high of $36 billion. Over the past months, some people had been surmising that Viet Nam's foreign exchange reserves had reduced due to a rising trade deficit. According to the General Statistics … [Read more...]

Vietnam’s spending for importing cars goes up considerably

Vietnam spent a total of US$3.4 billion for importing cars and spare parts within the first seven months this year, marking a considerable increase against the same period last year. According to the latest report of the General Statistics Office of Vietnam, the increase reaches over 154 percent for importing cars. The amount of Chinese-made trucks imported into Vietnam via the border gate in the northern province of Lang Son raised by four times in the first quarter this year against the same period of last year. Besides, Vietnam spent another sum of US$13.1 billion to import computers and parts and electronics appliances, and US$4.7 billion to import iron and steel. In the mean time, Vietnam has faced difficulties in exporting goods. The total export turnover of Vietnam of aquatic products fell down to only US$3.6 billion or 15 percent decrease. The export of Vietnamese rice reduced nearly 9 percent in value. The report also noted that Vietnam had 4,500 families with … [Read more...]

Foreigner arrivals to Vietnam rebound in July

The number of foreign tourists to Vietnam in July reached more than 593,000, a 12.1% rise over a month earlier and a 5.1% increase from the same period last year, reported the General Statistics Office (GSO). This is considered as a positive sign for the Vietnamese tourism sector after a 13-month decrease in foreign tourists. Markets witnessing sharp rises in sending tourists to Vietnam are the Republic of Korea (35.5%), Finland (15.8%), Singapore (13.4%), Spain (6.4%), Italy (5.7%), the US (5.6%), Taiwan (China) (3.8%) and Germany (1.4%). However, declines from some markets resulted in a reduction in foreign arrivals in the first seven months of the year receiving only 4.39 million, down 9.4% year on year, said GSO. Of this, foreign arrivals coming by air accounted for 3.6 million, down 6.5% while those visiting by sea and road reached 31,800 (down 25.4%) and nearly 745,000 (down 20.6%), respectively. Aiming to attract more foreigners from five Western European countries and … [Read more...]

Int’l tourist arrivals to Vietnam increases in July

The country welcomed around 593,566 international visitors in July, up 12.1 percent over the previous month and 5.1 percent compared to the same period last year, according to the General Statistics Office. The tourism industry removes MERS warnings in the country. (Photo: KK) Top visitor markets include the Republic of Korea (up 35.5 percent), Finland (15.8 percent), Singapore (13.4 percent), Spain (6.4 percent), Italy (5.7 percent), the US (5.6 percent), Taiwan (China) (3.8 percent), and Germany (1.4 percent). Around 4,398,202 tourists came to Viet Nam in the first seven months of 2015, a yearly decline of 9.4 percent, reported the General Statistics Office. The Ministry of Culture, Sports and Tourism and the Vietnam National Administration of Tourism (VNAT) have cooperated with Vietnam Airlines to launch tourism promotion programs and effectively implement the visa-free policy to those who are living in Belarus and five European countries to revive tourism … [Read more...]

Industrial production index increases 11.3 percent

The General Statistics Office of Vietnam on Wednesday reported a year on year increase of 11.3 percent of industrial production index in July. An environmentally friendly paper production line in Ho Chi Minh City (Photo: SGGP) The highest growth was from mining industry with 13.8 percent, manufacturing and processing with 10.5 percent, and electricity production and distribution with 12 percent. In the first seven months this year, the index was up 9.9 percent over the same period last year. The manufacturing and processing industry took the lead with 10.1 percent. At the second and third positions were the electricity industry and the mining with 11.5 percent and 9.2 percent respectively. The northern province of Thai Nguyen grew most with 217.7 percent. Quang Nam saw the index up 31.2 percent, Hai Phong 15.8 percent and Da Nang 12.5 percent. Hanoi and Ho Chi Minh City posted a growth rate of 7.1 percent and 6.5 percent respectively. … [Read more...]

Industrial production index rises 9.9% in seven months

The industrial production index in July grew by 11.3% over the same period last year, contributing to a year-on-year increase of 9.9% in the first seven months of this year, the General Statistics Office reported on July 29. The northern province of Thai Nguyen took the lead with registered growth of 217.7%, followed by the central province of Quang Nam (31.2%) and the northern port city of Haiphong (15.8%). In the two biggest cities of Hanoi and Ho Chi Minh City, the industrial production index expanded by 7.1% and 6.5% respectively. During the period, the country counted over 52,000 new start-up businesses registering VND321.3 trillion (US$13.9 billion) in capital, a year-on-year rise of 22.7% and 22.4% respectively. Businesses committed VND686.5 trillion (US$31.48 billion) in total newly registered and supplemented capital to the local economy over the past seven months. Start-up companies generated jobs for over 743,000 workers in January-July, a yearly increase of 18.2%. … [Read more...]

Vietnam’s foreign tourist numbers rise for first time after 13 months

The Vietnamese tourist industry has finally seen the light at the end of the tunnel in its bid to win back international tourists, with foreign arrival numbers in July increasing for the first time in a 13-month stretch. Vietnam’s international tourist numbers reached 593,600 in July, up 12.1 percent compared to June, and 5.1 percent from the same month last year, according to the latest figures from the General Statistics Office. The Southeast Asian country had suffered drops in international arrival numbers for 13 straight months since May 2014. But Vietnam cannot celebrate, as the seven-month figures are still lower than they were a year ago. In the first seven months of this year, 4.39 million international visitors came to Vietnam, a 9.4 percent decline from the Jan-July period in 2014. Vietnam received far fewer tourists from several Asian markets in the seven-month period, while enjoying a surge from some European markets, apparently because of the visa-free … [Read more...]