Business

Power prices to increase by 5%

The Electricity Group of Vietnam has announced that it will raise power prices by 5% from December 20.

Lower profits mean smaller Tet bonuses

Managers of companies stated that it will be difficult for them to maintain employee Tet bonuses at the same level as last year.

Minimum asset requirements doubled for the establishment of banks

Beginning Feb. 1, 2012, the minimum assets required to form a new bank will jump to VND100 trillion.

NA committee proposes halt to new economic zones

The National Assembly Standing Committee called for a freeze on the building of new economic zones at a meeting on their operations.

Cement market to face difficulties in 2012

The domestic cement market will remain sluggish in 2012 because of continuing difficulties in production and business this year, according to experts.

Euro ministers in new crisis talks

Eurozone finance ministers will hold talks on the debt crisis on Monday to flesh out plans made at a Brussels summit this month to save the European currency.

SBV to focus on restructure of weak banks in coming year

The State Bank will focus on restructuring weak banks in the next year to ensure the liquidity in the entire banking system.

Reform of state firms could cost Vietnam $3 billion

The restructuring of state-owned enterprises will require up to USD3.12 billion for debt restructuring, handling of losses, and workforce rearrangement.

Vietnam enters the top five exporters of vegetables and fruit

Vietnam has earned $515 million in revenue from exporting vegetables and fruit to become the fifth largest exporter in the world.

Hanoians turn their backs on apartments for houses

Despite several big promotions that offer significant discounts for apartments, more people are seeking to buy houses instead.

Vietnam to expand modern retail system

The Ministry of Industry and Trade wants to move the nation away from traditional markets to a modern retail distribution system, said an official.

Fitch downgrades six global banks

Fitch downgraded six major global banks, citing increased challenges in their business and the prospect of financial turmoil ahead.

Steps to curb fraud, increase safety in gas market

Stricter measures will soon be applied on frauds in the cooking gas market in order to ensure consumer safety.

Parboiled rice exports to increase

Vietnam hopes to increase export of parboiled rice by a third next year to 400,000 tonnes.

Transport Ministry to inspect taxi firms at Tan Son Nhat Airport

The Ministry of Transport has demanded an inspection of 11 taxi firms operating at Tan Son Nhat International Airport.

3 companies, 1 individual banned in World Bank-financed projects

The World Bank announced Wednesday the debarment of three companies and one individual for sanctionable practices in projects financed by the bank in Vietnam and Indonesia.