Phạm Sỹ Liêm, Vice Chairman of the Việt Nam Construction Association, speaks to the Kinh tế & Đô thị (Economic & Urban Affairs) newspaper on how to help more average income Vietnamese people to have their own apartments How do you respond to the Hà Nội authorities’ suggestion that urban households affected by new construction projects should be compensated with cash so that they can look for new living places to their own choices? Generally speaking, most of people living in cities/towns are preferred to decide where they want to live rather than be compensated with resettlement flats or apartments. In other words, they want to receive their compensation in cash. Though the compensation rate given by the project owner was just about VNĐ6.8 million (US$290) per square meter, most of the people were happy with it. For many of them think that with the big lump sum compensation money, they could buy a plot of land … [Read more...] about Public housing project cost should be affordable to all
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SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8
Bank stocks keep market from deep plungeBy Thanh Thom HCMC – Banks were major index savers on the southern market today, August 7, as they kept luring cash flow and gathered momentum. The benchmark VN-Index on the Hochiminh Stock Exchange (HOSE) fell 3.44 points, or 0.36%, at 956.79. The southern market saw 116 gainers and 166 decliners, and traded more than 162.13 million shares worth over VND4.8 trillion, down 29.4% and 7.7% respectively against Monday. The local put-through market witnessed more than 23.8 million shares worth some VND1.5 trillion, mainly from 7.3 million shares of property giant VIC worth VND762 billion and 2.86 million shares worth VND255 billion of consumer staples firm MSN. Bank stocks were mixed, with VCB, CTG, BID and HDB advancing; TCB and MBB closing down; and VPB and STB moving flat. Lender VCB was the best performer, jumping 4.2% to VND61,500 per share on a high volume of 5.48 million shares. Meanwhile, MBB was the second most actively traded … [Read more...] about Bank stocks keep market from deep plunge
Viet Nam News HÀ NỘI — The US dollar listed at commercial banks on Monday appreciated sharply against the đồng right after the State Bank of Việt Nam (SBV) ceased its intervention on the exchange rate. After three weeks of selling the dollar cheaply to commercial banks to stabilise the exchange rate in the domestic market, the central bank this morning adjusted up its selling rate by nearly 1 per cent against last Friday. With the move, commercial banks now have to buy the dollar from the central bank’s Operation Centre at VNĐ23,273 per dollar against VNĐ23,050 of last Friday. In contrast to the price hike in the central bank’s Operation Centre, the central bank’s daily reference exchange rate – which regulates the ceiling and floor trading prices for commercial banks during the day – on Monday continued the downward trend against last Friday, down VNĐ16 to VNĐ22,644 per … [Read more...] about Dollar appreciates sharply against the đồng after SBV stops intervention
The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. — Photo thoibaonganhang.vn The rest of this year is likely to be a difficult period for the economy meaning challenges for the Government in achieving the targets set for the year. The problems include a weakening of the dong against the dollar and rising inflation, interest rates and public debt, and the Government will be walking a tightrope in terms of monetary policy. The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. Inflation in the first six months of the year was up to 3.29 per cent. GSO experts attributed the sharp increase in inflation in recent months to the rise in prices of several major products and services. Of 11 major categories of goods and services, nine saw prices increasing. Transportation … [Read more...] about Trillion đồng question: to tighten monetary policy or not?