VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8
Vietnam in january weather
BUSINESS IN BRIEF 7/7
HCM City posts GRDP growth of 7.76 percent in year’s first half Ho Chi Minh City posted 585 trillion VND (25.74 billion USD) in the Gross Regional Domestic Product (GRDP) in the first half of 2018, a growth of 7.76 percent from the same period last year, as heard at a meeting on July 3. The meeting was held by the municipal People’s Committee to review the local socio-economic development for the January-June period with Chairman Nguyen Thanh Phong in attendance. The city’s total revenue from retail sales of consumer goods and services rose by 12.5 percent year-on-year to 510.19 trillion VND (nearly 22 billion USD), while its earnings from exports reached 18.12 billion USD, up 7.6 percent year-on-year. Approximately 184 trillion VND (7.9 billion USD) was collected for the State budget during the period, making up about 48.7 percent of the yearly target. Some 21,500 new enterprises were set up with the total registered capital of nearly 249 trillion VND (10.7 billion … [Read more...] about BUSINESS IN BRIEF 7/7
Vietnam attends Moscow international tourism fair
Scene at the MITT 2018 (Photo: mitt.ru) Moscow (VNA) – Vietnam tourism body and travel agencies have been taking part in the 25th Moscow International Travel & Tourism Exhibition (MIIT), which opened on March 13 in the Russian capital. The MIIT is among the biggest tourism expos in the world, consisting of hundreds of seminars and press conferences. The Vietnamese space at the three-day event features stalls operated by the Vietnam National Administration of Tourism (VNAT), Vietnam Airlines and locally-well-known travel companies, such as Viettravel and Saigon Tourists. Vietnam Airlines is displaying its Dreamliner Boeing 787 – 9, which will be used for the carrier’s Vietnam – Moscow route from March 27. Speaking at the event, Vietnamese Ambassador to Russia Ngo Duc Manh said cooperation between the VNAT and other Vietnamese representatives at the event plays an important role in introducing Vietnamese tourism to foreigners. The VNAT sees Russia … [Read more...] about Vietnam attends Moscow international tourism fair
11.1 percent of flights delayed, cancelled in January
As many as 2,665 flights, or 11.1 percent, were delayed or cancelled in January, a positive sign reflecting recent efforts of the aviation industry to improve the flight punctuality, according to the Civil Aviation Authority of Vietnam (CAAV). 11.1 percent of flights delayed, cancelled in January Four domestic airlines – Vietnam Airlines, Vietjet Air, Jetstar Pacific and Vasco – operated a total of 24,094 flights during January, including 21,429 on-time ones, or 88.9 percent. Vietnam Air Services Company (VASCO), a low-cost airline of the national flag carrier Vietnam Airlines, was the best performer in terms of punctuality during the month with 1,145 out of 1,166 flights being on time, or 98.2 percent. Vietnam Airlines came right after with 9,657 on-time flights, or 90.4 percent of the total 10,681 flights. Meanwhile, budget Jetstar Pacific led in flight cancellations and delays with 440 out of 2,976 flights being late or cancelled in January, representing 14.8 … [Read more...] about 11.1 percent of flights delayed, cancelled in January
Storm Sanba forecast to leave Vietnam in peace for Tet
Storm Sanba, the second storm expected to enter Vietnam’s waters so far this year, is unlikely to cause significant damage thanks to a cold front that has moved in which is forecast to take the wind out of its sails, meteorologists said. At 7 a.m. on Monday, the eye of Sanba was lying 650 kilometers (403 miles) east of the Philippines' southern coast, with maximum wind speeds of 75 kilometers per hour, according to the National Center for Hydro-Meteorological Forecasting. Weather forecasters said the storm will cross Palawan Island in the Philippines before weakening as it enters the East Sea, known internationally as the South China Sea, on Wednesday night, a day before Lunar New Year's Eve, which marks the start of Vietnam's biggest holiday known as Tet. According to meteorologists, there is little chance of the storm growing stronger due to a cold front that has just moved in. This cold front is moving down from northern Vietnam to the country’s south-central and … [Read more...] about Storm Sanba forecast to leave Vietnam in peace for Tet
Fruit, veggie exports estimated at 321 million USD in January
Illustrative image (Source: VNA) Hanoi (VNA) - Vietnam earned some 321 million USD from fruit and vegetable exports in January 2018, rising by 36.9 percent from the same period last year, according to the Ministry of Agriculture and Rural Development (MARD). China, Japan, the US and the Republic of Korea remained the biggest importers of Vietnamese fruits and vegetables in the month. The markets with soaring imports from Vietnam were Japan (69.3 percent), the United Arab Emirates (56.3 percent), and China (52.4 percent). Meanwhile, the country imported 152 million USD worth of these commodities in January, of which fruits accounted for 76 percent. The Ministry said the domestic fruit market saw great fluctuations, with a rise in the price of dragon fruit in the Mekong Delta region. The trend is expected to continue in the lead-up to the Lunar New Year (Tet) festival. Prices of star apples and jack fruits also climbed up, reaching 15,000 VND (0.7 USD) and 43,000 VND (1.9 … [Read more...] about Fruit, veggie exports estimated at 321 million USD in January
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1
Take a look at Vietnam’s 6 most attractive travel destinations for Winter
The Hanoitimes - Perfect choices for those wishing to escape the hustle and bustle of the city, Sa Pa, Dien Bien, Moc Chau, Da Lat, Sa Dec, and Phu Quoc, are the eight most intriguing travel destinations in January. Sa Pa Sa Pa in the winter. The best time to visit Sapa is from March to May and from September to November. However, in the Winter from December to February, the weather in Sa Pa becomes very cold, but visitors will have the opportunity to watch the sunrise over the valley in the morning. In recent years, there is snow in Sa Pa. If you have chance to travel to this picturesque town on this occasion, you will definitely see quite a romance scene. However, this is the reason why Sa Pa is always crowded at this time of the year. Dien Bien Dien Bien. About 100 cherry trees are in full bloom on an island in Pa Khoang commune, Dien Bien district, making it the hottest destination in the northern Dien Bien province at this time of the year. On January 6, a cherry blossom … [Read more...] about Take a look at Vietnam’s 6 most attractive travel destinations for Winter
Vietnam’s largest sunflower field
Sunflowers in blossom in JanuaryThe sunflower field stretches over 100 hectares.It has become a destination for tourists.The sunflowers often in blossom in March – April and November – December seasons. However, this year’s cold weather make them blossom later.This is the largest sunflower field of Vietnam and belongs to the TH True Milk Company.Used as food for cows, the sunflowers create an attractive scenery.It has become a new tourism site in Nghe An province.It is also a main location for activities of the Sunflower Festival in early 2018.The sunflowers are arranged to be of medium height so tourists can have an overview throughout the field. BTA (Photos: VNA) … [Read more...] about Vietnam’s largest sunflower field
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1