Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
RoK airline to launch route to Nha Trang in December An aircraft of Air Seoul (Photo: Yonhap news agency) Air Seoul is wholly owned by the Republic of Korea (RoK)’s Asiana Airlines Inc. Starting December 18, Air Seoul plans to offer seven flights a week to Nha Trang as it strives to strengthen services on routes to Southeast Asia to offset declining demand on Japanese routes, the company said in a statement. Since early July, RoK airlines have halted or reduced services on their Japanese routes, while expanding flights on non-Japanese ones after the neighbouring country implemented export restrictions of key materials to the RoK./. Banks forecast strong performance despite credit slowdown Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week. In the … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 15
Overlaps in legal documents are a hindrance to the development of construction projects. Photo cafeland.vn HÀ NỘI – Overlapping legal documents are a major obstacle in need of removal to help construction and the development of housing projects. Đỗ Viết Chiến, general secretary of the Việt Nam Real Estate Association, said enterprises face inconsistencies in regulations on investment procedures and approval of development projects between the Investment Law and Housing Law. Therefore, it is necessary to unify procedures on approval of investment in housing and new urban development projects under the law on housing and new urban areas with procedures on granting investment registration certificates. “The Construction Law is being revised according to three policy groups: reform and simplification of administrative procedures; simplification and abolishment of business conditions; and review of the legal system and … [Read more...] about Overlaps in legal system create difficulties for property businesses
Da Nang (VNA) – Businesses are the main force of the nation to help promote economic growth, social development, and employment, Deputy Prime Minister Trinh Dinh Dung said while attending the Vietnam Business Forum 2019 in the central coastal city of Da Nang on October 5. The country now houses over 715,000 active businesses and more than 5 million business households. The number of entrepreneurs is estimated at 5-7 million. The business sector is making up over 60 percent of the national gross domestic product (GDP) and about 70 percent of the State budget revenue, and employing tens of millions of workers, the official said. Particularly, the private economic sector is playing a decisive role in the economy, making up 43.3 percent of the GDP since 2016. According to the Deputy PM, the Government will focus on building a 10-year development strategy for 2021-2030, with a vision to 2050, as well as national, regional and provincial planning schemes for 2030 with a vision … [Read more...] about Businesses have crucial role to play in socio-economic development
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?