Arabian business news

Workers at a factory in Thành Thành Công Industrial Park in Tây Ninh Province’s Trảng Bàng Town. — Photo baotayninh.com TÂY NINH PROVINCE — The southern border province of Tây Ninh is creating conditions for COVID-19-hit businesses to overcome obstacles and resume production and adapt to the new situation. With a 240km border with Cambodia, Tây Ninh is at high risk of infection though the latest outbreak has shown signs of easing. It has so far recorded more than 20,000 cases and 200 deaths. After months of fighting the pandemic, the province has been assessed as being at level 2, or medium, risk of spread, in the four levels listed under the Government’s Resolution 128. Social distancing has been relaxed since the outbreak has basically been brought under control. The latest wave has affected all aspects of the economy, with most local businesses in all sectors being severely hit. Most businesses have been allowed to resume operations but are still in a very difficult … [Read more...] about Southern border province goes all out to help businesses resume operations

Shophouses, which are considered ‘money spinners’, have been unused for many months amid the impact of the pandemic. They cannot be sold or leased. The shophouse on the first floor of an apartment building in HH Linh Dam residential quarter has been closed for months after a convenience store selling low-cost Japanese products moved out. The shophouse faces Linh Duong Street near a 12-storey apartment building with thousands of households. However, the shophouse cannot find tenants. Other shophouses in the area with thousands of consumers are in the same situation. Before the pandemic broke out, they were coveted by retailers, even though the average rent was high, VND30-50 million a month. At HUD3 Linh Dam apartment building, after a private clinic moved, three shophouses have been left idle. The shophouses are located in positions less advantageous than HH Linh Dam as they are hidden behind a building so they are very difficult to lease. A shophouse covering an area of … [Read more...] about Shophouses left idle for half a year as retailers suspend business

Workers at a factory of Samsung Electronics Thái Nguyên. The company tops the list of the 500 largest enterprises in Việt Nam in 2021. — VNA/VNS Photo HÀ NỘI — The Việt Nam Report JSC and online newspaper VietNamNet on November 30 revealed the 500 largest enterprises in Việt Nam (VNR500) and top 10 largest private companies this year. On the VNR500 list are Samsung Electronics Thái Nguyên Company Limited, Việt Nam Electricity (EVN), Việt Nam Oil and Gas Group (PetroVietnam), Viettel Military Industry and Telecoms Group (Viettel), and Việt Nam National Petroleum Group (Petrolimex), among others. The country’s 10 largest private enterprises include Vingroup, Mobile World Investment Corporation, Doji Group, Hòa Phát Group JSC, and Masan Group Corporation. General Director of the Việt Nam Report JSC Vũ Đăng Vinh said that in its 15 years, the VNR 500 has honoured "locomotives" of the Vietnamese economy that demonstrate their mettle and … [Read more...] about Việt Nam’s 500 largest businesses in 2021 revealed

Real estate businesses in Ho Chi Minh City are gingerly reopening, mostly consulting and carrying out transactions online due to the COVID-19 prevention and control regulations still in force. Real estate businesses hope that the COVID-19 prevention and control regulations will be further relaxed to recover post-pandemic. (Photo: nld.com.vn) Tran Trong Tien, general director of a real estate brokerage in Binh Thanh district, said his company resumed operations at the beginning of October but is only allowed to have 30 percent of employees in office. "Our main projects are in Phu Quoc Island and some other localities, but … we cannot take visitors to show them the projects, and most consultations are online." Pham Lam, chairman of real estate services firm DKRA Vietnam, said most businesses in the industry had resumed operations, but were effecting few transactions since customers were hesitant to buy when they could not personally see the products. Most were … [Read more...] about Real estate industry has hard time getting back on its feet post-pandemic

Bank employees count money at a transaction office (Photo: VietnamPlus) Hanoi (VNA) – Although credit shrank in September, with outstanding loans in the economy dropping by 23 trillion VND (over 1 billion USD) amid the complex COVID-19 situation, the entire banking system still recorded credit expansion of 7.42 percent over last year as of October 7. At present, since most provinces and cities nationwide have eased social distancing rules and enterprises have begun resuming operations, credit is hoped to post positive growth in the fourth quarter. Breakthroughs expected Recently, many commercial banks have been granted credit limit extensions by the State Bank of Vietnam (SBV), depending on their situation. Some even had their credit growth ceilings increased to over 17 percent. This will give them more room to provide loans for businesses to recover operations, especially in the peak credit season at the year-end. Some banks have had credit growth limits raised … [Read more...] about Credit growth expected to recover in new normal

An overview of the press conference (Photo: VietnamPlus) Hanoi (VNA) – Despite impacts of the COVID-19 pandemic , credit growth continued to expand in the first nine months of this year thanks to comprehensive and effective solutions, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu. Speaking at a press briefing on October 12 on the banking sector’s operations in the third quarter of 2021, Tu said that the capital inflow has remained smooth, and operations of banks safe. Credit growth reaches 7.42 percent According to Tu, amid the difficult domestic economic situation caused by the pandemic, operations of the banking sector have been safe and smooth, meeting the demands of businesses, people and the economy. The monetary policy was managed proactively and flexibly in close coordination with the fiscal policy and other macroeconomic policies in order to control the inflation and maintain the macro-economic and market stability, thus ensuring … [Read more...] about Capital inflow to Vietnamese economy remains smooth: SBV leader