Business

Acknowledging its limitations and inadequacies, the State Bank of Vietnam said it will thoroughly implement all of the Prime Minister’s instructions by adopting solutions to enhance the quality and the efficiency of its operations while improving its inspections of

German car giant Volkswagen and its two Chinese joint-ventures will recall 1.82 million vehicles in China, the country's top consumer watchdog said Monday, in a new setback for the scandal-hit company.

The Middle East is not only a large market for Vietnamese agricultural products but a bridge to the European market, according to the Ministry of Agriculture and Rural Development.

As many as 12,404 new enterprises were set up in August with total capital of 131 trillion VND (5.76 billion USD), up 6.2 percent in volume and 39 percent in value, reported the General Statistics Office.

Prime Minister Nguyen Xuan Phuc attended a ceremony in the northern port city of Hai Phong on September 2 to start the construction of the first Vietnamese automobile manufacturing complex in Dinh Vu – Cat Hai economic zone.

PAN Food Manufacturing JSC (PAN Food) successfully acquired more than 50% of Bibica Corporation (Bibica)’s stakes, overtaking Lotte Confectionery Co., Ltd. (Lotte) as the biggest shareholder and turning Bibica into a subsidiary.

The Vietnam National Oil and Gas Group (PetroVietnam) has said it was co-operating with police on the investigation of deliberate violation of state regulations by five officials.

The Police Investigation Agency under the Ministry of Public Security on September 1 issued a decision to launch criminal proceedings against the suspected deliberately violation of State regulations causing serious consequences at the Vietnam National Oil and Gas Group (PetroVietnam).

Prime Minister Nguyen Xuan Phuc has requested to tackle violations and interest groups in build, operate and transfer projects which have raised public concerns over the past time.

Vietnam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent, reported the General Statistics Office (GSO).

Some 50 bankers are on a 20-day trial that opened earlier this week in Hanoi for alleged graft and mismanagement causing $69 million in losses, as part of the government’s efforts to crack down on corruption.

The Ministry of Planning and Investment has proposed to remove as much as 3,000 unnecessary business conditions that cause extra costs for many businesses.

Dozens of households at Imperia Garden, a high-grade apartment project in Hanoi, have denounced the project investor for selling apartments which were smaller than advertised.

The Consumer Price Index in August increased by 0.92% compared to the previous month, mostly due to a rise in medicine and petrol prices, according to the General Statistics Office.

Businesses have successfully resumed operations in the Vung Ang Economic Zone in Ha Tinh Province after the Formosa pollution incident last year.

According to the Ministry of Industry and Trade (MoIT), Australia officially approved the import of dragon fruit from Vietnam on August 24, making it the first country to gain such approval.

As it prepares to host the 2017 APEC Summit, the central city is hoping a business convention in September will help it bolster its already-strong record of attracting foreign and domestic investment.

Seafood exports in 2017 could reach US$8 billion for the whole year, up 14% over 2016, as forecast by the Vietnam Association of Seafood Exporters and Producers (VASEP).

About 21,600 car dealers in Vietnam have halted operation, shut down or gone bankrupt as of August 29, according to the Business Registration Management Agency.