Business

The effective use of official development assistance over the past 20 years has helped Vietnam make great socio-economic strides in the comprehensive renewal process.

More than 200 workers at a South Korean-invested company in Ninh Binh Province went on strike for two days due to the firm’s unreasonable working conditions.

While several aquatic resources are being over exploited, Vietnamese consumers have been urged to consume sustainably caught and raised seafood.

Two-way trade turnover between Vietnam and Russia was US$2.7 billion in the first seven months of 2013, and is expected to reach US$4 billion by the year-end.

The Germany Business Association has reported Germany is now Vietnam’s largest trade partner in Europe, with 250 companies investing as much as US$1.1 billion in the country.

EVN has spent more than the regulated amount of VND3 billion to buy luxury vehicles for leaders, according to the Government Inspectorate.

The Minister Transport has sought an additional USD3.1 billion for the Ho Chi Minh road project, but this faced NA Standing Committee's concerns.

Thien Minh Tourism JSC recently announced that it would start operation of the Hai Au airlines next year.

The Vietnam Business Association has said that around 800 chief executive officers in Vietnam will attend the annual 2013 Vietnam CEO Summit at the end of this month.

Vietnamese people are estimated to spend a total USD3.5 billion on jewelry every year, making the country to be a large potential market for jewelry consumption.

Black credit in Vietnam is estimated at USD50 billion, equal to around 30% of the size of the formal credit system, said a local expert.

Decreasing salaries has lowered consumer demands and badly affected many enterprises and the whole economy in general.

Local authorities granting permission to too many mineral exploitation projects to begin operations has caused ineffective business management as well as a state budget deficit since 2005.

Former chairman of the Vietnam National Shipping Lines Duong Chi Dung and nine others face prosecution on charges of intentionally violating State regulations on economic management that caused severe consequences, and misappropriating public property.

Credit organizations forecast that the October consumer price index (CPI) will rise just 0.76% compared to the September figure of 1.06%.

Britain is to make it easier for Chinese nationals to obtain visas in an effort to boost business between the two countries, finance minister George Osborne announced.

Vietnamese labourers who want to be sent to a European country to work must pay a deposit between USD1,000 and USD2,000, according to a newly-issued circular.

Credit institutions are expecting interest rate to be lowered 1% this year, according to the SBV's Department of Monetary Forecast and Statistic.

Although state budget revenues may be lower than the estimate, minimum wage for 2014 will be maintained at VND1.15 million, one official said.