Business

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.

World Bank President Jim Yong Kim on Friday announced a program to slash costs and reduce bureaucracy at the huge development organization that is expected to result in significant layoffs.

The European Union will annually grant more than 300 million euro in official assistance development to Vietnam, announced Ambassador and Head of the EU delegation to Vietnam Franz Jessen on October 10.

While Vietnam has imported GM corn and soybeans for around decade, the country is trying to set up a legal framework for the application of biotechnology domestically.

Vietnam will start listing Government-guaranteed bonds at the Singapore Stock Exchange from October 11 to help the troubled Vietnam Shipbuilding Industry Group (Vinashin) repay its creditors.