Business

Undercapitalised banks face closure

Commercial banks and other credit institutions which do not have plans to increase charter capital to regulated higher levels by the end of this year will be closed down – or required to merge or be acquired by a larger institution, according to a message issue by the State Bank of Vietnam on May 11.
Society

Lawmakers to discuss Hanoi plan

The master plan for the development of the capital city by 2030 with a vision towards 2050 was a hot topic for discussion for the National Assembly Standing Committee on May 11 morning.
Business

Clampdown on slow investment projects

Bac Ninh province’s recent decision to withdraw the investment licence of Republic of Korea-invested IGS Vietnam Co is the latest demonstration of Vietnam’s ongoing efforts to crack down on slow-moving foreign-invested projects.

The investor was licensed two years ago to develop an industrial and residential complex on a site of 630ha at a cost of 240 million USD but failed to obtain financing for the project.
Business

Major power projects go on line

A major transmission line and transformer station costing 81 million USD have finally come on line to improve connection between the southwest power system and the national grid.
Business

Vietinbank to increase charter capital

At the meeting, Hung clarified for shareholders a rumours that the bank had suffered losses of millions of dollars by leasing land in the Ciputra project that was never conveyed.
Society

US rolls out new visa application form in VN

As of April 16, 2010, the US Embassy in Hanoi and the US Consulate General in Ho Chi Minh City will require all non-immigrant visa applicants to complete a new, electronic, web-based form.
Business

Ministry seeks further extensions for equitisations

Following the tardy progress of equitisation of State-owned enterprises last year, the Ministry of Finance fears similar delays this year too and has said it will ask the Government to extend deadlines for further equitisation.
Business

HSBC joins online partnership

HSBC Bank (Vietnam) in partnership with Baoviet Insurance will launch an online insurance product, Travel Care, on March 22.
Business

Industrial parks ‘half empty'

Less than half of the 136 planned investment projects in the Central Highland province of Dak Lak have been implemented, according to a report issued by the provincial People's Committee.
Business

Vietnam to fine tune policies on equitisation

The Ministry of Investment and Planning (MPI) is in a hurry to draw up a decree to cover the conversion of state-owned enterprises into one-member limited liability companies to speed up the process of restructuring state-owned enterprises which is said to be “too slow”.
Business

Asia-Pacific countries agree to develop dry ports

Transport ministers from the Asia-Pacific region have agreed to work on a treaty to promote the development of dry ports – inland transport and logistics hubs – to spur intraregional trade and growth.
Business

Dung Quat Economic Zone reels in investment

The Dung Quat Economic Zone in the central province of Quang Ngai has so far this year granted business licences to seven new domestic and foreign-invested projects worth nearly 1.6 trillion VND (85 million USD).