Bank sign up deals

Acting on behalf of the government in disbursing capital for the nation’s important projects, the Vietnam Development Bank (VDB) has been found committing serious violations. VDB was established in 2006 as a not-for-profit bank which receives subsidy from the state for interest rate differences, and management and payment-guarantee fees. Under Decision No 1515 released in 2015, the government authorized the Ministry of Finance (MOF) to manage and exercise owner’s rights and duties. VDB has huge charter capital of VND30 trillion. A report fromMOF showed that the outstanding loans the bank provides is VND100 trillion each year. It also issues tens of trillions of dong worth of bonds. At a recent workshop, Nguyen Chi Trang, deputy general director of VDB, said VDB was holding and disbursing 60 percent of ODA capital. As of August 31, 2018, VDB’s foreign outstanding loans had reached VND152.9 trillion. The government’s inspectors have found that VDB did not … [Read more...] about State may have to pay debts of Vietnam Development Bank

Vietnam will have 13,000 graduates in finance-banking who cannot secure a job in the next four years, according to a report cited last month by the Ministry of Finance. The report also showed that around 32,000 finance-banking majors will graduate in 2013, but only 20,000 of whom will be able to escape unemployment. Given this scenario, the Ministry of Education and Training (MoET) has just announced it will ban higher learning schools from adding finance-banking, business administration, and accounting majors to their current training programs, starting next year. Minister Pham Vu Luan said that his ministry will also suggest the Prime Minister impose a ban on the establishment of any new university specializing in these disciplines. Graduates in economics-related majors, including finance-banking, business administration, and accounting, are now at a surplus, according to the ministry. MoET statistics reveal that last year almost 60 percent of the country’s 416 … [Read more...] about Jobless finance-banking grads to top 13k in 4 yrs

The water level of the Mekong River has dropped as the dry spell continues in Nakhon Phanom (Source: bangkokpost.com) Bangkok (VNA) - The water level in the Mekong River in the northeastern border province of Nakhon Phanom of Thailand is only about 1.5 metres high, possibly the lowest level in almost 100 years, according to local media. As the dry spell continues, the water in the Mekong River has dropped by about 10-20 cm per day. It is now only about 1.5m high, about 11m lower than the spill-over point on the river bank. The water levels in all the Mekong river's tributaries including Nam Oun, Nam Songkhram and Nam Kam are also very low. Meanwhile, water levels in large reservoirs in Nakhon Phanom’s 12 districts are now at only 10-20 percent of their capacities. Rice fields in the areas they run through are now without water. Farmers said their crops would die if there is no rain at all within a week.-VNA VNA … [Read more...] about Mekong River’s water level in Thailand lowest in nearly 100 years

Illustrative image (Source: VNA) HCM City (VNS/VNA) - High-tech manufacturing was the top sector in terms of demand for senior managers in the third quarter, according to executive search firm Navigos Search.    It was followed by fast-moving consumer goods, information technology, banking and finance, and professional services. At the same job level and position, high-tech manufacturing companies paid 2.5 times the salary that retail companies did and almost four times higher than the hospitality industry did. Investment from Hong Kong, Taiwan and China continues to increase sharply, resulting in a significant increase in demand for Chinese-speaking candidates. Most of these companies have factories in China and plan to expand or move a part or all of their production to Vietnam, and so need personnel who can speak Chinese and work directly with the management team brought from China. But since candidates who have knowledge of and experience in technical fields … [Read more...] about High-tech manufacturing sector tops recruitment in Q3

Illustrative image (Source: Internet) Aside from joining the World Trade Organization (WTO), the country has signed 17 free trade agreements (FTAs), including several new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam free trade agreement (EVFTA). The implementation of the commitments outlined in these trade deals offers plenty of opportunities for the national economy, in addition to providing a boost to the production sector in the context of fiercer competition from imported goods, especially those coming from CPTPP and EVFTA member states. According to statistics, the Ministry of Industry and Trade (MoIT) has begun an investigation into 15 trade remedy cases, including eight anti-dumping lawsuits, six self-defence cases, and one trade remedy evasion. As of the end of September, up to 154 trade remedy cases had been initiated by 19 nations and territories regarding Vietnam’s … [Read more...] about Businesses need to prepare themselves to tackle trade defence instruments