PM stresses major socio-economic tasks for 2010

Prime Minister Nguyen Tan Dung has urged ministries, agencies and localities to concentrate resources on economic recovery, with the aim of obtaining a higher GDP growth rate, at 6.5 percent, than that of 2009, and ensuring rapid and sustainable development in the coming years.

PM ratifies 500 mln USD loan deal with ADB

Prime Minister Nguyen Tan Dung has ratified a 500 million USD fiscal support loan for Vietnam which grew out of State Bank of Vietnam ’s negotiation with the Asian Development Bank (ADB).
ADB revises up Vietnam’s GDP projection to 4.7% Business

ADB revises up Vietnam’s GDP projection to 4.7%

The Asian Development Bank (ADB) on September 22 revised up its GDP growth forecast for Vietnam for 2009 from 4.5 percent projected in March this year to 4.7 percent and maintained its projected growth of 6.5 percent for 2010.

The projections are part of the Asian Development Outlook Update 2009 which lowered its 2009 growth forecast for Southeast Asia to 0.1 percent from 0.7 percent and upgraded its economic growth forecast for 2009 in East Asia and South Asia to 4.4 percent and 5.6 percent respectively.

ANZ to expand capital base in Vietnam

The Australia and New Zealand Banking Group (ANZ) will tip a further 64.6 million AUD into its Vietnam bank to expand its capital base, according to a local newspaper.
Awards presented to top FDI businesses Business

Awards presented to top FDI businesses

Deputy Prime Minister Nguyen Thien Nhan on Sept. 20 presented the “Vietnam Golden FDI” Awards to 85 FDI businesses and 15 entrepreneurs that have attained the most outstanding production and business performances in and out of the country.

Vietnam dong hits peak against weakened dollar

The VND has continued to peak against the US dollar since the foreign exchange trading band was widened to plus-or-minus 5 percent.

The interbank rate on Sept. 14 was 16,984 VND to the dollar, only 5 VND below the previous record set back on December 25 when the trading band was loosened to plus-or-minus 3 percent.

Banks show positive results for the year

Banks continuously reported positive business performance in August after good results in the first seven months of the year.

Techcombank general director Nguyen Duc Vinh said his bank’s pre-tax profit in August was about 200 billion VND (11.2 million USD), lifting the bank’s pre-tax profit in the first eight months to nearly 1.43 trillion VND (79.9 million USD).
Japan pledges record ODA loan for Vietnam Politics

Japan pledges record ODA loan for Vietnam

The Japanese government will provide Vietnam with the biggest ever official development assistance (ODA) loan in 2009, exceeding the record 1.1 billion USD loan in 2007, the Japanese Ambassador told the Vietnam News Agency on Aug. 26.
Commercial banks racing to pool capital Business

Commercial banks racing to pool capital

Vietnamese commercial banks have, since late July, lifted interest rates on deposits in VND, especially short-term ones, in a bid to mobilise more capital in the remaining months of the year.

Vietnam’s bond market association debuts

The Vietnam Bond Market Association (VBMA) made its debut in Hanoi on August 14, setting the stage to further spur the development of the bond market and other financial tools in the country.

Bank capital adequacy rules tighten

The State Bank of Vietnam on Aug 11 tightened the cap on the ratio that commercial banks and to the financial institutions may maintain between short-term deposits and medium- to long-term outstanding loans, in a new move to increase the security of the banking system.