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Banks get more support to cut interest rates

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HÀ NỘI: Commercial banks are expected to lower lending interest rates after getting more support to cut input costs from the State Bank of Việt Nam (SBV)’s agencies this week. After reducing several key interest rates by 0.25 percentage points on September 16, the SBV’s agencies this week continued to announce the reduction of some service fees, which will help ... Read More »

Việt Nam’s insurance sector catches foreign attention


HÀ NỘI The Vietnamese insurance market is heating up with many high-value bancassurance deals and mergers and acquisitions (M&A) unveiled recently. Roughly half a dozen big names, including Allianz, Nippon Life, MS&AD Insurance, Sun Life Financial and Manulife Financial Corp are vying to buy the Vietnamese and Singaporean businesses of Britain’s Aviva, Reuters cited people with knowledge of the matter ... Read More »

Allianz, Nippon in race to buy Aviva units in Singapore, Vietnam for up to US$2.5 billion: Sources


SINGAPORE: German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva in a deal likely to be worth up to US$2.5 billion, sources said. Canada’s Sun Life Financial is also among roughly half a dozen suitors competing for the businesses, said the people with knowledge of the matter, ... Read More »

Bình Thuận gives 11 project licences worth $990 million


BÌNH THUẬN — The authorities of the central province of Bình Thuận on Sunday granted in-principle licences to 11 investment projects with total capital of VNĐ23 trillion (US$990 million). The provincial People’s Committee also signed a Memorandum of Understanding for 14 projects to enter the province with total registered capital of $19 billion. There was huge potential for Bình Thuận’s ... Read More »

Market growth to slow as momentum runs out


HÀ NỘI — Việt Nam’s benchmark VN-Index has climbed to the highest level in three weeks but analysts have warned positive market sentiment may not last in the coming week. The VN-Index on the Hồ Chí Minh Stock Exchange on Friday gained 1.14 per cent to finish last week at 987.22 points, the highest end since August 23. The VN-Index ... Read More »

Vietnam is ripe for private equity investors as US-China trade war drags on


The prolonged trade fight between the United States and China is reordering the global supply chain and Vietnam could stand to be a winner for investors, according to a senior executive at U.S. investment firm General Atlantic. As American companies plan to move their manufacturing bases outside China, countries in Southeast Asia could be the biggest beneficiaries, Sandeep Naik, head ... Read More »

VN imports more petroleum in July


HÀ NỘI — Việt Nam imported more than one million tonnes of petroleum products in July worth more than US$633.2 million, up 99 per cent in volume and 107 per cent in value from the previous month, according to the General Department of Vietnam Customs. Notably, the import price of petroleum in July was 4.2 per cent higher than in ... Read More »

Gold market demand quiet despite recent strong gains

(FILES) - Gold bars are pictured on April 6, 2009 at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in Mendrisio, southern Switzerland. The price of gold hit a record high above 1,100 dollars an ounce in trading on November 6, 2009 in London following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency. AFP PHOTO / SEBASTIEN DERUNGS (Photo credit should read SEBASTIAN DERUNGS/AFP/Getty Images)

HÀ NỘI — Gold prices on global markets have made strong gains in the past two months, but investors with short-term appetite seem uninterested in gold. Gold futures for the first time in six years broke the US$1,450 an ounce last week, gaining 1.75 per cent on Friday and a total 13.6 per cent since May 28. The strong growth ... Read More »

Vietnam seizes 125kg of smuggled rhino tusks worth $7.5m

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More than 125kg of smuggled rhino horns have been seized in Vietnam in one of the biggest wildlife trafficking cases ever seen in south-east Asia. The horns, which had been smuggled in from the United Arab Emirates on an Etihad airways flight, were found in Hanoi’s Noi Bai airport concealed in thick plaster. It took over half a day for ... Read More »

Việt Nam records $700m trade deficit in first half of July


HÀ NỘI — In the first half of July, Việt Nam’s export revenue exceeded US$10.5 billion and its import value topped $11.18 billion, resulting in a trade deficit of nearly $700 million. However, the country posted a trade surplus of more than $900 million from the beginning of this year to July 15 thanks to a significant trade surplus of ... Read More »

Vietnam and EU sign free trade agreement


HANOI: The European Union and Vietnam on Sunday signed a long-awaited free trade deal that will slash duties on almost all goods, an agreement that pushes back against a rising tide of global protectionism and hailed as a “milestone” by Brussels. The signing comes amid worldwide trade turmoil, with a dragging US-China row and Britain’s impending exit from the European ... Read More »

Vietnam’s first homegrown car to be delivered in days


HANOI — Vietnam’s homegrown carmaker VinFast will deliver its first cars on June 17, the company said as it showcased a factory in one of Asia’s fastest growing economies. VinFast said it will supply a domestic market that is rapidly expanding, thanks to a mushrooming middle class with a growing appetite for cars — though it will face stiff competition ... Read More »

Government to crack down on trade fraud


The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs. Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing ... Read More »

Đắk Lắk eyes $66 million hi-tech farming complex


ĐẮK LẮK: A hi-tech agricultural complex, expected to cost US$66 million, will be developed in the Central Highlands province of Đắk Lắk late this year. The complex’s construction follows a Memorandum of Understanding signed on Tuesday in Buôn Ma Thuột City between the provincial People’s Committee and Hùng Nhơn Group from the southern province of Bình Phước and the De ... Read More »

Take a chance on Việt Nam: PM Phúc wants Swedish investment


STOCKHOLM — Việt Nam hopes that Swedish investors and businesses will cooperate with and invest in the Southeast Asian nation, Prime Minister Nguyễn Xuân Phúc has said. The PM on Monday told the Việt Nam-Sweden business forum in Stockholm that the Southeast Asian nation is reforming its institutes and restructuring its economy, while promoting the private sector, so the time ... Read More »

Auchan retail chain to leave Việt Nam


HÀ NỘI — French supermarket group Auchan Retail had decided to sell 18 loss-making stores in Việt Nam, vietnamplus.vn cited CEO Edgar Bonte as saying. Those outlets generated 45 million euros (US$50.4 million) in revenue in 2018 but still suffered losses. The French group entered Việt Nam in 2015 and has developed a total of 21 stores in the country. ... Read More »

Vietnam Airlines offers 7.5 million seats in summer

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HÀ NỘI — The national carrier Vietnam Airlines will provide more than 7.5 million seats (equivalent to nearly 36,000 flights) on domestic and international routes, increasing by nearly 600,000 year-on-year, from June 1 to August 31, serving increasing travel demand in this summer’s peak. In the peak three months, the carrier will offer more than 4.8 million seats for domestic ... Read More »

Việt Nam, China have room to grow trade ties: experts


Vietnamese and Chinese enterprises are encouraged to tap into the great bilateral trade potential driven by the two countries’ open trade policies, experts said. Việt Nam values and gives priority to strengthening economic and trade co-operation with China, and hopes to receive greater investment from China and the overseas Chinese community, said Nguyễn Nội, deputy director of the Foreign Investment ... Read More »

Vietnam Braces for Hard Landing Amid World Trade Tensions


HO CHI MINH CITY — If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked. The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing ... Read More »

VN poised to become manufacturer of established global brands

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Việt Nam’s garment and textile sector is set to expand its market share globally, taking advantage of free trade agreements (FTAs) to become “a manufacturer of the world’s established brands”, a trade and investment official has said. Phạm Thiết Hòa, director of the HCM City Investment and Trade Promotion Centre (ITPC), told Việt Nam News that an increasing number of ... Read More »