Business

State bank further lowers lending interest rate

The State Bank of Vietnam will cap the annual lending interest rate for VND at 13% in four prioritsed economic areas.

Trees cut down in coconut land amid price drop

A large number of farmers in Ben Tre province are rushing to chop down their coconut trees as selling the fruits seems nearly impossible.

Euro jumps in Asian trade after Spain bank bailout

The euro jumped against other major currencies in early Asian trade after the eurozone agreed to lend Spain up to 100 billion euros.

IMF, US praise 100 bn euro bank deal for Spain

The IMF and US both praised a Eurogroup deal giving Spain a lifeline of up to €100 bn ($125 billion) to save its stricken banks.

Taxes unlikely to be cut: finance minister

While local businesses yearn for a tax cut to assist them amid the economic difficulties, Minister of Finance said taxes are unlikely to be cut.

Vinashin to sell 13 subsidiaries

The Vietnam Shipbuilding Industry Group has offered up their entire stake in 13 subsidiaries at a recent M&A forum.

SMEs’ better competitiveness in spotlight

Vietnamese small and medium-sized enterprises are asked to unite to raise their competitiveness at national and global levels.

State Bank lowers cap on interest rate by 2 percent

Governor of State Bank of Vietnam Nguyen Van Binh said that cap on interest rate would be lowered to 9 percent from the current 11 percent next week.

Petrol import tax increased on the heels of price cut

Shortly after a petroleum price cut, the Ministry of Finance has also decided to increase petrol import tax to 8%.

Government unable to save all businesses from crisis, official says

Vietnamese enterprises should see economic difficulties as a chance to for restructuring, one official said.

Outbound tourism remains largely uncontrolled

There are millions of Vietnamese tourists traveling abroad every year with expenditures amounting to billions of USD, but this segment has yet to be controlled tightly.

Bianfishco's debt may be turned into contributed capital

The Debt and Asset Trading Corporation and Bianfishco asked banks to turn their loans in the firm into contributed capital.

SBV buys USD9 billion this year

The State Bank of Vietnam has purchased USD9 billion so far this year, said Governor Nguyen Van Binh.

Euro crisis, 'fiscal cliff' menace US economy: Fed

The European crisis and mandated budget cuts and tax hikes pose big risks for the US economy, Federal Reserve Chairman Ben Bernanke told Congress.

Vietnam cuts petroleum prices for third time

The Ministry of Finance has decided to lower petroleum prices by VND650-VND800 per litre beginning June 7.

Donors focus on poverty relief, disaster mitigation

Donor representatives focused their discussions on poverty reduction and natural disaster mitigation in central Vietnam during the mid – term Consultative Group Meeting.

Samsung vows US launch of Galaxy despite Apple suit

Samsung vowed to press ahead with the US launch of its newest smartphone, despite a lawsuit filed by rival Apple seeking to block the cutting-edge model.

Milk falsely labeled 'Ensure' discovered in Quang Ngai

Police in Quang Ngai Province discovered and seized 782 Ensure cans bearing fake labels at a company named Thien An.

SBV paves way for more use of plastic money

The State Bank of Vietnam (SBV) will complete all related legal frameworks for the use of plastic money-credit and debit cards, as well as other forms of electronic payment in 2012.