Business

Finance Minister: Petroleum, power price hikes to offset losses

Price hikes in electricity and petroleum are necessary to offset losses in those industries, said Minister Vu Van Ninh.

Price of powdered milk expected to increase in March

The price of various brands of powdered milk will rise by between 6% and 20% next month.

Toyota recalls more than 2 million vehicles

Japanese automaker Toyota has recalled another 2.3 million vehicles to fix floor mat and carpet defects that could jam the accelerator.

FPT appoints new director

FPT, Vietnam’s leading IT corporation, appointed a new general director on Wednesday.

Economist recommends exchange-rate stabilisation fund

Vietnam should set up a fund to stabilise VND/USD exchange rate, said an expert.

Petroleum prices hit record highs in Vietnam

The Ministry of Finance has approved raising petroleum prices by 16.62% to 24.06%, beginning February 24.

IMF says weaker dollar would help global growth

The International Monetary Fund called for a weaker dollar to help America reduce its deficits with the rest of the world and rebalance the global economy.

Apple invite hints at March 2 debut of new iPad

Apple on Wednesday sent out emailed invitations to a San Francisco press event hinting at the debut of a new version of its hot-selling iPad tablet computer.

February CPI records highest rise in 30 months

Vietnam’s consumer price index in February is estimated to have increased by 2.09% from January.

Vietnam to cut power supply amid record hike

Vietnam will have to import over 4.5 billion kWh of electricity from China this year and the domestic power supply will be cut down from March.

Company absconds to avoid paying salaries

Directors of the Taiwan-based Magnicon Wool Weaving and Export Company are absconding to avoid payment of staff salaries.

FPT General Director suddenly resigns

Nguyen Thanh Nam suddenly left the position of General Director of FPT - one of Vietnam’s biggest IT corporations.

Further slashes in petroleum import taxes

The Ministry of Finance has decided to eliminate tariffs on two more petroleum products beginning on February 24.

Report: Apple to unveil iPad 2 on March 2

If the latest chatter is true, we may finally get our first glimpse at the next iPad in a little more than a week.

Hanoi’s transport infrastructure in need of USD10 billion

According to estimates, the transport infrastructure in the capital city is in need of USD10 billion by the year 2015.

Tra fish farmer profits go to high interest loans

High bank loan rates have cut heavily into profits of tra fish farmers in the Mekong Delta while the price of the fish is high.

Japan to hold consultations with Vietnam over TPP

The Japanese Government will send senior officials to Vietnam to gather information about the ongoing negotiations for the Trans-Pacific Partnership.

Credit growth reduction this year meant to lessen trade deficit

The State Bank of Vietnam is to lower credit growth to 20% or less, in an attempt to reduce the trade deficit.

Japan helps build power plant in Ha Giang

The Nippon Export and Investment Insurance of Japan will provide USD50 million as Overseas United Loan Insurance to Vietnam to build a hydro-power plant.