Indian PM Narenda Modi did not elaborate on what Vietnam would use the $500 million credit for. Indian Prime Minister Narendra Modi offered Vietnam a credit line on Saturday of half a billion dollars for defense cooperation, giving a lift to a country rapidly pursing a military deterrent as discord festers in the South China Sea, which Vietnam calls the East Sea. The deal was among a dozen cooperation agreements Modi signed in Hanoi alongside his Vietnamese counterpart, Nguyen Xuan Phuc, on the first visit to the country by an Indian prime minister in 15 years. India and Vietnam share borders and large trade volumes with China and have repeatedly locked horns with Beijing, over the territorial disputes in the Himalayas and the South China Sea, respectively. Both are also beefing-up of their defenses and in India's case, its defense industry, promoting heavily its supersonic BrahMos missile. India is keen to sell the missile to Vietnam and four other countries, according to a … [Read more...] about India offers $500 mln defense credit as Vietnam seeks arms boost
What is a credit line
Hanoi has kept the threat of an international lawsuit and stronger relations with Japan and the US on the table even after Beijing removed its giant oil rig from Vietnamese waters last month. On July 26, roughly ten days after the rig was withdrawn, an international conference convened in Ho Chi Minh City, bringing together foreign and Vietnamese legal experts to debate the practicality of an international lawsuit against China. The title of the event could not have been more specific: "Legal issues regarding China's placement of the Haiyang Shiyou 981 oil rig in Vietnam's Exclusive Economic Zone and Continental Shelf." Despite the departure, conference organizer Mai Hong Quy, rector of the HCMC University of Law, was not shy about what would happen next. "The recommendations of this conference will be forwarded to Vietnamese and international agencies at the soonest possible," she said. The drill On July 15, the state-owned China National Petroleum Corporation announced that the … [Read more...] about Vietnam walks a thin line between US and China after oil rig exit
The Ministry of Construction has asked the State Bank of Vietnam (SBV), via an official document, to help tackle the credit crunch in the realty market. At the same time, this ministry has sent the Government a report that discusses challenges facing realty firms and offers a host of solutions. Deputy Minister of Construction Nguyen Tran Nam says that these documents do not mention "credit easing for realty firms" at all and seek to prop up the economy on the whole instead of benefiting only a few interest groups. To what extent does the assertion hold true? To begin with, it is worth mulling over the Ministry of Construction's request for SBV's help. This ministry suggests that SBV consider transferring debt from realty investors to homebuyers, notably by changing the parties to realty loan agreements. This is a crucial aspect of the request, which also happens to emphasize that while realty credit should not claim a higher share of bank loans, its make-up should be adjusted with … [Read more...] about Is A “Rescue” Well Worth?
In this image made from amateur video released by the Ugarit News and accessed Tuesday, July 24, 2012, a Free Syrian Army solider fires his weapon during clashes with Syrian government troops in Aleppo, Syria. Once upon a time, early in the previous century, a line in the sand was drawn, from Acre to Kirkuk. Two colonial powers - Britain and France - nonchalantly divided the Middle East between themselves; everything north of the line in the sand was France's; south, it was Britain's. Many blowbacks - and concentric tragedies - later, a new line in the sand is being drawn by Saudi Arabia and Qatar. Between Syria and Iraq, they want it all. Talk about the return of the repressed; now, as part of the North Atlantic Treaty Organization-Gulf Cooperation Council compound, they're in bed with their former colonial masters. Blow by blow No matter what militarized Western corporate media spins, there's no endgame in Syria - yet. On the contrary; the sectarian game is just beginning. … [Read more...] about Syrian blood etches a new line in the sand
Industry insiders are considering ways to improve firms’ access to credit. “Vietnamese banks are lenders which usually offer collateral-based loans and do not have sufficient experience as well as human resources to consider lending based on project feasibility. That approach needs to be modified and loans should be rendered to viable projects,” said economist Bui Kien Thanh. Thanh said in the US, if a micro business with $2,500 worth in asset value has a feasible project it can get a $250,000 loan package from banks without the need for collateral. According to Vietnam Banks Association former chairwoman Duong Thu Huong, Vietnam’s commercial banking system inclined to lend based on project potential money flows. However, firms, in fact, fail to show out project feasibility so that they often borrow with collateral. “Banks raise money not to keep it idle. To get loans, firms must prove their products are sellable with promising money flows in … [Read more...] about New bridge to scarce credit lines