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  A bird's eye view of the newly-built Đuống River water plant. — VNA/VNS File Photo HÀ NỘI — Hà Nội’s top leader has criticised the city's finance director for making a “fundamentally wrong” statement about an unusually high tap water price which sparked a protest from residents last month. The city People’s Committee chairman Nguyễn Đức Chung told a hearing of the municipal People’s Council on Wednesday that tap water issue was a matter many Hanoians cared greatly about. “I asked the Hà Nội finance department director at a work meeting of the city government on November 29 to seriously look back at and learn from his fundamentally wrong statement that cause misunderstanding among the citizens,” he said. Chung was referring to an announcement by finance department director Nguyễn Việt Hà claiming that 20 per cent of the price of … [Read more...] about Finance official ‘fundamentally wrong’ about water price: Hà Nội leader

A garment-textile factory in Vietnam (Photo: VNA)   Hanoi (VNA) – The Vietnam Improvement Programme has helped 82 garment-textile and footwear factories in Vietnam invest 37 million USD in efficient use of resources, thus saving 30 million USD per year, according to the International Finance Corporation (IFC). Over the last three years, the programme, initiated by the IFC – a member of the World Bank Group, has also helped those factories save a total of 4 million cu.m. of water and reduce 303,000 tonnes of green house gas emission a year. Effective use of resources and performance improvement have enabled Vietnamese businesses to attract new customers who seek suppliers meeting global sustainable standards. Country manager for Vietnam, Laos and Cambodia of the IFC Kyle Kelhofer said the measures not only save production costs but also raise competitiveness of domestic firms in the global supply chain. Vietnam is currently among the 10 largest garment-textile … [Read more...] about Firms benefit from programme on efficient use of resources

The State Bank of Viet Nam (SBV) has instructed local banks to better control risks in corporate bond investment, especially bonds of real estate firms. According to the SBV, after reviewing the business performance of banks in the first half of this year, it saw the corporate bond investment of some banks facing risks as the ratio of such investment was high and is continuing to rise. Notably, the amount of bond investment in construction and real estate firms at some banks accounted for a large proportion of the banks’ total assets while the real estate market has not yet recovered firmly and the business performance of realty firms still faces many difficulties. In addition, some banks also invested in bonds with other purposes, such as to restructure debts of issuers, which have high risks. In order to ensure the safety of the banking system and limit risks in corporate bond investment, under the direction, SBV required banks to review their internal regulations related to … [Read more...] about VN banks warned about risks of real estate corporate bonds

Deputy PM Vuong Dinh Hue, head of the Steering Committee for international economic integration, will pay official visits to the U.S., Brazil and Chile from June 25-July 6.  Deputy PM Vuong Dinh Hue He will be accompanied by Minister of Transport Nguyen Van The, deputy head of the Central Economic Commission Tran Sy Thanh, Deputy Minister of Foreign Affairs Ha Kim Ngoc, Deputy Minister of Planning and Investment Vu Dai Thang, Deputy Minister of Industry and Trade Do Thang Hai, Deputy Minister of Finance Huynh Quang Hai, Deputy Minister of Agriculture and Rural Development Ha Cong Tuan, Deputy Governor of the State Bank of Viet Nam Nguyen Thi Hong and Vice Chairman of the Government Office Nguyen Sy Hiep. The Deputy PM’s official visit to the U.S. from June 25-27 aims to maintain and enhance the two countries’ diplomatic relations, affirming Viet Nam’s wish to accelerate cooperation with the U.S. within the Comprehensive Partnership, and seeking ways … [Read more...] about DPM Hue to visit U.S., Brazil, Chile next week

Vietnam's emerging startup scene is proving to be a case of right place, right time for local and international venture capital funds. Eleven “rising star” startups in Southeast Asia in September converged at the “500 Startups Demo Day” in Ho Chi Minh City to spotlight the dynamic technology landscape in Vietnam and broader Southeast Asia. “There’s more hype about Vietnam’s tech scene now than ever before, as this is an exciting time for Vietnam overall,” said Mr. Eddie Thai, General Partner at 500 Startups Vietnam. “Vietnam is fast becoming an attractive destination for local and international venture capital funds, who are hoping to capture the growing consumer opportunities and leverage the Vietnamese entrepreneurial spirit.” Rising appetite Vietnam’s startup sector is growing at a rapid clip despite the global economic slump and is closing the gap with regional leaders. In only two years, it has made a big leap … [Read more...] about Startups catching the eye