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BUSINESS IN BRIEF 24/1
The authority of Saigon Hi-Tech Park (SHTP) and Holland-based
The two sides will cooperate in training programs related to
integrated circuits and special courses at the training and research centers
of the park in HCMC’s District 9.
They will jointly provide services and assessments regarding
machinery and equipment, fab-care services, research and development
(R&D), production, and distribution as well as organize seminars at home
and abroad.
Besides, FabMax will assist in consulting, introduce experts
and equipment.
The collaboration aims to increase the quality and quantity of
personnel to meet the needs of high-technology enterprises operating in and
outside SHTP.
SHTP last year granted investment certificates to 10 projects
with combined investment pledges of US$1.9 billion. There have been 68
approved local and foreign investment projects with total registered capital
of nearly US$4.2 billion.
Enterprises at SHTP posted exports of some US$3.1 billion last
year and more than US$10 billion so far, accounting for more than 90% of the
city’s high-tech export value.
Local content in products made at SHTP increased to over 32%
last year from 20-22% in 2010.
The
The number of companies involved in R&D at SHTP was 22 last
year.
EU firms sound out food market prospects
A delegation comprising of 14 European companies have arrived
in Vietnam to look for opportunities in the food sector and prepare to tap
into chances to be brought by the Free Trade Agreement (FTA) the two sides
will sign, hopefully this year.
As scheduled, the EU businesses meet with more than 100 local
distributors in
Speaking at a seminar in the capital city Tuesday, Joao
Rodriges, marketing director of Grupo Montalva, said the company hoped to
find partners such as hotels, restaurants and supermarkets to sell its meat
products.
Grupo Montalva will consider plans to build a processing
facility in the country, Rodriges said.
The delegation also consists of beverage firms which want to
branch out into
Denis Lance, sales manager of Alcor specializing in spirits,
said the company wanted to look for local distributors and expected the FTA
would help ease procedures and tariffs for liquor imports.
The Ambassador and Head of the European Union Delegation to
The bilateral trade doubled from nearly US$6.5 billion in 2000
to US$36.8 billion in 2014. The EU was the largest importer of Vietnamese
commodities in the 2010-2013 period and followed the
Short-term inter-bank rates inch up
The average interest rates for under-one-month loans on the
inter-bank market picked up last week but the rate for one-month loans
declined, VietnamPlus cites a central bank report.
The average overnight, one-week and two-week rates grew 1.03
percentage point, 0.37 percentage point and 0.38 percentage point per year
respectively against the previous week. Meanwhile, the one-month rate fell
0.36 percentage point per year.
Despite the changes, deposit rates were stable and even
dropped at many commercial banks. For example, Eximbank, LienVietPostBank and
TPBank slightly lowered the rates by 0.1-0.2 percentage point per year.
The rates of demand and below-one-month deposits in Vietnam
dong currently range between 0.8% and 1% per year while the respective
deposit rates of one-month and under-six-month terms, six-month and under
12-month-terms, and over-12-month terms are 5-5.5%, 5.7-6.7% and 6.7-7.3% per
year.
The interest rates for loans in
According to the central bank, with dollar transactions, the
average inter-bank overnight and one-month rates market inched up 0.02 and
0.03 percentage point. Meanwhile, the rates of one-week and two-week dollar
loans dropped 0.17 and 0.04 percentage point.
Regarding dollar deposits, the rates are 0.75% per year for
individual clients and 0.25% for corporate customers. In addition, the rates
in short-term dollar loans are 3-6% per year and medium- and long-term dollar
loans 5.5-7% per year.
Ministries meet on goods supply for Tet holidays
The Ministry of Agriculture and Rural Development and the
Ministry of Industry and Trade yesterday met to debate measures to stabilize
goods prices and supply sources for the Lunar New Year Festival in February.
Head of the Agro-Forestry, Seafood Processing and Salt
Industry Department Vo Thanh Do said that rice supply for the coming Tet
holidays is abundant with over 1.5 million tons in January and February.
Rice prices have been stable or slightly reduced by VND200-300
a kilogram in the southern region where is entering the winter spring
crop. The Ministry of Agriculture and Rural Development forecast rice
consumption demand will somewhat increase in the Tet occasion.
Deputy Head of the Department of Livestock Tong Xuan Chinh
said that supplies of pork and beef, poultry and seafood are expected to be
plentiful. These goods’ prices have been stable or in down trend thanks to
petrol price fall. The department reported an increase of 20 percent in the
output of pork and beef, poultry, eggs and milk for Tet holidays in January
and February over normal months.
The Department of Cultivation said that vegetable area has
reached 881,000 hectares, up nearly 33,000 hectares over the same period last
year thanks to fine weather.
At the meeting Deputy Minister of Industry and Trade Do Thang
Hai said that provinces and cities are rushing to stockpile goods for Tet
holidays, as
Goods scarcity will not occur in big cities such as
Urgent need for Long Thanh airport project to be evaluated
The Ministry of Transport has proposed hiring a Japanese
consulting firm to evaluate the need for developing an international airport
in Long Thanh District in the southern
At a meeting with the National Assembly’s Economic Committee
in
The meeting was held for the transport ministry and ACV to
clarify issues related to the big-ticket project with representatives of the
committee less than one month after the committee gathered comments from
aviation experts against the international project.
At the meeting, ACV compared the design of Long Thanh airport
with that of
The investor of Long Thanh also presented revised plans for
construction, site clearance, functional areas, investments and capital
mobilization for the airport, which is 32 kilometers from Bien Hoa military
airport and 43 kilometers from Tan Son Nhat.
To ensure the efficiency of the project, the committee’s
chairman Nguyen Van Giau urged the parties concerned to make clear why Tan
Son Nhat cannot be expanded and the density of air traffic at this biggest
international airport in
Minister Thang told ACV to make clear how Long Thanh would be
operated and its impacts on socio-economic development of the project on the
country in general and the southern region in particular.
Earlier, Japan airport consultancy company JAC assisted ACV in
drawing up the Long Thanh airport project and making comparisons with
expansion plans for Tan Son Nhat International Airport and Bien Hoa Airport
in Bien Hoa City, Dong Nai Province.
The first phase of Long Thanh airport project is estimated at
US$7.8 billion, including US$5.6 billion for First Phase 1A and US$730
million used to compensate for some 1,500 households forced to relocate. It
costs an estimated US$9.1 billion to expand Tan Son Nhat airport and an
additional US$16.1 billion for site clearance and relocation of 150,000
affected households.
The expansion of Bien Hoa military airport is seen unfeasible
as it requires the same amount of investment for construction plus US$4.6
billion for site clearance.
Long Thanh airport was first planned in 2005 with an area of
5,000 hectares. It is designed with a maximum capacity of 100 million
passengers and five million tons of cargo per year, and capable of receiving
Airbus A380, the world’s current largest jumbo jet, and those of same seating
capacity.
The project was previously scheduled for getting off the
ground in 2015. Some 24,000 workers would be needed in the construction
process.
Steel firms want regulations on steel quality revised
Member enterprises of the Vietnam Steel Association (VSA) have
proposed the ministries of industry-trade and science-technology adjust
regulations on quality management for imported products to aid local
steelmakers.
Vu Van Thanh, deputy general director of Hoa Sen Group, said
Circular 44 has worked well as a technical barrier to the import of
low-quality steel from
But the circular has not produced as many positive results as
expected due to unclear requirements which allow exporters and importers to
make their deals, thus making it hard for competent agencies to inspect the
quality of steel imports, Thanh told a 2014 review conference on the steel
industry in Hanoi on Tuesday.
Therefore, VSA wants State agencies to revise regulations in
the circular to tighten controls on imported products to protect domestic
manufacturers of quality products.
Representatives of other steel firms noted that Circular 44
just protects construction steel only and should do the same for galvanized
and color-coated steel sheets because the import of these products is large
in volume.
VSA suggested State agencies consider adjusting import tariffs
on galvanized and color-coated steel sheets in order to support local
steelmakers. Clear requirements should be applied to imported galvanized and
color-coated steel sheets to prevent trade fraud and counterfeits.
The association also proposed simplifying inspection
procedures to prevent cargo congestion at ports and help importers save time
and money.
According to VSA, the local steel sector fared well last year
when 13.8 million tons of steel products was consumed, rising 13% compared to
the previous year.
However, the association said local steelmakers still faced a
host of difficulties.
FDI firms contribute more to export growth
Foreign direct investment (FDI) enterprises have contributed
more to the country’s export performance in the past five years, hence
economic growth, according to the Foreign Investment Agency.
The latest figures of the Ministry of Planning and Investment
showed exports of the FDI sector made up 54.1% of the country’s total in 2010
and the percentage shot up to 56.9% in 2011, 64% in 2012 and 66.9% in 2013.
Last year, this sector posted total export revenue of nearly
US$101.6 billion, up 15.2% versus the previous year and accounting for 68% of
the nation’s total.
Data from the General Department of Customs indicated FDI
firms had shipped mobile phones and phone parts worth US$21.8 billion as of
November last year, making up 24.7% of the sector’s total export revenue.
Meanwhile, outbound sales of computers and electronics, apparel and footwear
reached US$10.2 billion, US$11.26 billion and US$7.1 billion respectively.
The agency said FDI companies still achieved high export
revenue growth despite continued economic uncertainties at home and abroad,
with good corporate governance, long-term strategies, strong financial
resources and stable markets cited as main reasons.
The outstanding export performance of FDI firms has piled
pressure on domestic companies and forced them to find ways to improve their
competitiveness, according to the agency.
Ministry: Priority for worker housing projects
The Ministry of Construction has identified investments in social
housing projects for workers as one of the priorities this year, expressing
hope that these projects would help boost disbursements of the VND30-trillion
(US$1.4-billion) home loan package.
Minister Trinh Dinh Dung said to enable more people to benefit
from the Government’s home loan program, the property market needs more
low-cost apartments and that developing more social housing, especially for
workers, would help realize this.
The supply of housing for workers at industrial parks (IPs) is
still limited, Dung told the Daily when he made a field trip to worker
housing projects in Ba Ria-Vung Tau and Dong Nai provinces on Tuesday.
According to the master development plan for IPs in
Dung said he is concerned that workers have to live in leased
apartments with a small area of only 2-3 square meters for one person and
poor hygiene standards. Therefore, it is important to encourage more real
estate firms to invest in housing for workers.
The minister suggested local authorities create favorable
conditions for property firms to develop those housing projects by preparing
land and simplifying procedures.
The ministry will propose the Government issue more supporting
policies to encourage the development of worker housing in the coming time.
BR-VT meets 20% of workers’ housing demand
* Tran Ngoc Thoi, vice chairman of Ba Ria-Vung Tau Province,
said property companies have built apartments for 6,500 workers, meeting more
than 20% of the demand.
Around 30,000 out of 50,000 workers in the province have
demand to own apartments.
In the past years, the southern province has approved 24
social housing projects on a total area of 235 hectares, and nine completed
projects have provided apartments for 6,500 workers.
Thoi said the province has passed a social housing development
scheme for 2009-2015 with an aim to build 5,000 apartments. More than 1,100
apartments of them have been used, and 1,700 more condos are in the offing in
Vung Tau and Ba Ria cities.
The provincial government has agreed on transforming two
commercial housing projects with more than 1,080 apartments into social
housing projects.
Consortium seeks to build wastewater treatment plant
A consortium grouping SFC Vietnam Investment and Environment
Development Corp. and Phu Xuan Construction and Trading Co. Ltd. is seeking
the HCMC government’s nod to construct a wastewater treatment plant in Thu
Duc District.
As proposed by the consortium, the facility with a daily
capacity of 65,000 cubic meters will be built at Nhum Stream in the outlying
district to process wastewater from Nhum and Cai streams, Xuan Truong and Go
Cat drainage systems.
The project will cost an estimated VND523 billion (US$24.6
million) and be executed under the build-transfer (BT) and the
build-operate-transfer (BOT) formats.
The consortium plans groundbreaking in June this year and
commission the facility in August next year. It suggested the city government
pay the treatment fee.
The consortium calculated the operation, maintenance and wastewater
treatment costs should be VND3,700 for each cubic meter and the figure will
increase 10% after every three years.
According to a representative of the
Binh Hung Wastewater Treatment Plant can treat 141,000 cubic
meters per day in its first stage, while Binh Hung Hoa handles 30,000 cubic
meters a day.
The city plans to expand Binh Hung Wastewater Treatment Plant
to enable it to treat 469,000 cubic meters a day and invest in Nhieu Loc-Thi
Nghe plant with a capacity of 480,000 cubic meters a day.
Currently, the city government is finding investors for 12
more wastewater treatment facilities to process three million cubic meters a
day.
Online trading must pay taxes from Jan 20
According to a new circular by the Ministry of Industry and
Trade, all electronic commerce websites and social networks with business activities
such as opening online stalls to display and introduce goods or services will
have to register with the ministry under electronic exchange floor form and
pay taxes from January 20.
Online traders must sufficiently supply information about
their goods and services and conduct their tax obligations as per the Tax
Law. Social network operators are responsible for banning traders, who do not
make registration, from posting goods or services information on their
websites.
The ministry will receive and handle announcements related to
e-sales at website www.online.gov.vn.
The Department of Industry and Trade in HCMC yesterday
reported that 48.2 percent of city residents knew how to shop online and the
number of online shopping has hit 20.5 percent, double it in 2011. Of these
websites account for 86.4 percent and social networks account for 33.7
percent.
A survey by HCMC Statistic Office in the first quarter last
year showed that HCMC led the country in e-commerce with over 80,000 websites
operating in this field. Fifty percent of them are updated with goods and
service information every day.
They occupy one third of the country's online trade value.
Cash payment holds 90.5 percent of online transactions in the city. The rate
of consumer’s distrust to goods quality sold by online shops has drastically
fallen to 17.8 percent from 55 percent in 2011.
Public
investment management, debt settlement need to be strengthened
The need to strengthen public investment management and settle
outstanding debts from the State budget and Government bonds was highlighted
in an extensive inspection report published by the Government Inspectorate of
Vietnam (GIV).
In the report, the GIV suggested the Government instruct
ministries, sectors, and localities review and develop measures to address
delayed and extended projects while accelerating the implementation of
investment laws.
Other suggestions include drastic settlement of outstanding
construction debt in 2015, building a medium-term investment scheme for 2016
- 2020, designing a law on public investment, and strengthening the autonomy
and responsibility of localities over their allocated public financial
sources.
Ministries, sectors and centrally-run cities were requested to
give financial priority to completed, key, and urgent projects and national
target programmes on poverty reduction and new-style rural area building,
while ensuring capital availability for official development assistance
projects on constructing rural road and irrigation systems, and enhancing the
education sector.
They were also urged to strengthen the verification and
assessment of capital sources during the approval of public investment
projects, cancel inefficient projects, and seek alternative resources for
effective projects.
According to statistics released by ministries and localities,
as many as 740 inspection teams have been set up to examine more than 13,000
projects worth over VND502 trillion (US$23.9 billion) in total.
During the inspections, nearly VND1.25 trillion (US$59.2
million) has been collected and returned to the State budget, with 240 units
and nearly 200 individuals reprimanded for poor management.
EuroCham’s
BCI shows increased confidence
The European Chamber of Commerce (EuroCham) in
In the fourth quarter the BCI increased from 74 to 78, and
according to Csaba Bundik, Executive Director of the EuroCham, the results of
the survey reflect European enterprises’ expectations on the effects of the
Free Trade Agreement between the European Union and
The confidence, however, would dramatically shrink if on-going
rounds of negotiations could not come to an end within a reasonable amount of
time, he said.
The number of respondents that assert their business situation
as positive continued to rise, with 52% perceiving the situation as “good”,
while 33% reported a “neutral” business situation and around 8-10% reported
poor condition.
The greater majority of respondents perceive their business
outlook as “positive”, and 62% of the respondents expect “good” business
conditions.
The participants expect a rise in the inflation rate over the
next six months, from 4.61% in the last survey up to 5.78% in Quarter 4. A
rise in the inflation rate is a logical expected outcome for the participants
as they believe the overall business situation in
This is also reflected in participants’ expectations on
headcount, investment and orders/revenue. For headcount development, 48% of
respondents said they are considering increasing slightly the number of
employees. Likewise, answering questions in regards to investment plans in
the medium term, the largest group at 41% said they consider increasing their
investment in
The survey, however, showed a slight rise in concerns overall
positive macroeconomic outlook for
Csaba Bundik said EuroCham will actively coordinate with the
Vietnamese Government to address the problems European enterprises have been
facing to ensure a better and more transparent business climate as well as
help them get ready for investment and business opportunities from the FTA.
According to the Plant Protection Department (PPD) under the
Ministry of Agriculture and Rural Development (MARD), negotiations to deal
with technical barriers produced significant positive results in 2014.
A representative of MARD said the talks have now paved the way
for litchi to get a toehold in the
After the
Meanwhile,
Taiwanese importers have also expressed an interest on
purchasing Vietnamese dragon fruit provided they comply with food hygiene and
safety regulations.
The Australian market has set out a number of conditions for
The PPD has asked for
In
Moreover,
The PPD said most of Vietnamese agro-products met importers’
requirements on plant quarantine. Last year, 90 letters of notification of
violations were issued for Vietnamese partners, a reduction of 20% from 2013.
However, a number of Vietnamese spices have been among those
violating phytosanitary regulations. The European Union (EU) informed that
five kinds of Vietnamese vegetable were not qualified for sale in the
demanding market.
The Department asked local producers and exporters to pay due
attention to meeting phytosanitary regulations and other requirements by EU
importers.
PPD Director Nguyen Xuan Hong said
The PPD intensified inspections on the trading and the use of
pesticides, and all kinds of imported pesticides were carefully examined by
the MARD and other functional agencies, he adds.
Talking about the PPD’s tasks in 2015, Hong emphasized the
need to popularise the application of the integrated pest management (IPM) –
an effective and environmentally sensitive approach to pest management, and
advanced technologies in production.
He noted the Department will also intensify inspection and
management over pesticides as well as working to ensure safety of vegetables
and fruits.
Ninh
Binh hosts six-day handicraft exhibition
A six-day handicraft exhibition with 400 booths is taking
place in the
Vice chairman of the provincial People's Committee Dinh Quoc
Tri described the fair as a good opportunity for enterprises and craft
villages to advertise their products, share market information and seek new
trade partners.
The event will close on Monday.
Central city strives to draw $140 million in IP investment
The central
In order to fulfill the target, the board plans to continue
reforming investment promotion activities and administrative procedures as
well as improving infrastructure in the industrial parks including transport
infrastructure, water and power supply and telecommunications.
At the same time, the board will support investors via
incentives such as preferential land rent and tax rates as well as assistance
in land clearance and human resource training.
The central province is home to six industrial parks, which
attracted combined investment capital of VND2.25 trillion ($107 million) last
year through 10 new projects and nine existing ones.
All industrial parks in the province have 92 valid projects,
including 70 from local investors, with combined capital of more than
VND19.58 trillion ($932 million). Capital disbursement has reached over
VND7.39 trillion ($352 million) or 38 per cent of total registered capital.
Gradual economic recovery seen
The Vietnamese economy will gradually recover in 2015 with GDP
growing at an expected 6.2 per cent, economists told a conference in
"The economy will truly recover, albeit slowly, thanks to
good macroeconomic management, stable finance and monetary policies, low
inflation, and active restructuring of State-owned enterprises," Dr Tran
Du Lich, a member of the National Assembly's Economic Committee, told the
Viet Nam Economy Scenario 2015 conference.
To accomplish this, he pointed out that the Government has
adopted a consistent macroeconomic policy for the last four years focusing on
stabilising the economy rather than growing it at any price.
But he said the recovery is contingent on three important
conditions — economic stability, clear and transparent legal system, and a
business-friendly administration.
"A stable macro economy would help companies predict the
future, while a clear and transparent legal system would help them feel
secure about investing and doing business.
And a business-friendly administration would help them improve
their efficiency."
He said 2015 would be a year of intensive integration and the
"opportunity is promising and challenges are real."
"
By 2015
Eleven laws will be amended and take effect by the middle of
the year.
Vo Tri Thanh, deputy director of the Central Institute of
Economic Management, agreed with Lich that the economy would recover in 2015.
"Institutional renovation will need more effort but the
risk will remain very high."
According to deputy head of the Central Economic Commission,
Le Vinh Tan, the economic pitfalls include challenges to sustainability,
growth falling short of potential, production inefficiency, high public debts
and pressure to repay, high ratio of bank bad debts and their slow
resolution, and significant fall in oil prices.
Le Xuan Nghia, member of the National Financial and Monetary
Policy Advisory Council, said: "If
He also mentioned the biggest risk for economic growth in 2015
is process to deal with bad debt.
"The legal system is not robust enough to cope with bad
debts because they are governed by 11 different laws.
"The Government should speedily improve the legal system
[which] would impact State Owned Enterprises' restructure speed and economic
development."
He also listed smuggling and commercial fraud as other risks
facing the economy.
"Reform of the legal system is the most important task in
ensuring sustainable economic growth in the long term."
Dominic Mellor, the Asian Development Bank's country economist
for
"
"The legacy of central planning and the continued lack of
transparency and consistency in government policy and its implementation
still affect entrepreneurs' attitudes toward more open approaches of doing
business."
The conference, organised annually by the Viet Nam Economic
Times newspaper, this year discussed "Intensive integration, fierce
competition".
IFC invests in PAN food unit
The International Finance Corporation (IFC) has invested
US$6.5 million in Pan Pacific Corp's (PAN) expansion in the agricultural and
food sector, the IFC announced yesterday.
IFC will hold about 5 per cent of Pan Pacific. The financing
aims to help the company realise its long-term strategy of acquiring and
consolidating more agricultural and food businesses. Pan Pacific plans to
adopt good environmental and social practices in these businesses to ensure
sustainability.
"Pan Pacific welcomes IFC among our group of
extraordinary international and domestic investors," said Michael Rosen,
Pan Pacific's CEO, adding that the organisation's support would help his
company become a leading regional agriculture and food company. The
agricultural sector, including fishery and forestry, is growing fast in
"
IFC has significantly scaled up its investments in
agribusiness over the last few years. In 2014, IFC invested $4 billion across
the agribusiness supply chain – from farm to retail – to help boost
production, increase liquidity, improve logistics and distribution and expand
access to credit for small farmers. At the end of the fiscal year, IFC's
overall agribusiness portfolio stood at $6.1 billion.
Pan Pacific was established in 1993 and listed on the HCM
Stock Exchange. The company increased its charter capital to more than VND200
billion in 2013 from VND250 million in 1998.
Second-home segment bouncing back
The second-home market is becoming livelier as the property
market emerges from a long slump.
Dau Tu newspaper reported that Vinh Thien Duong Company is
wrapping up preparations for its US$300 million
Russian firm State Development is building the Cam Ranh
Flowers Resort in the same town with villas, bungalows and apartments, and is
scheduled to complete it in the first quarter of 2016.
In nearby Nha Trang, Hoan Cau Group, the developer of the $4
billion Diamond Bay City, on Monday unveiled its Diamond Bay Resort II. It is
expected to be completed in the fourth quarter with more than 1000 apartments
and almost 380 bungalows, all of four-star quality. An 18-hole golf course
and a resort are already in operation.
The company's business and marketing director Tran Ngoc Nhat
hoped that the first 200 apartments on offer would soon find buyers since Nha
Trang is a favourite destination for both Vietnamese and foreign tourists.
Meanwhile,
FLC expects to turn the coastal Thanh Hoa Province into a new
destination for second-home buyers with an investment of VND5.5 trillion
(US$250 million) in its FLC Samson Golf Links that will have a golf course,
convention centre, luxury hotel, villas and townhouses.
Ian Fleming, general director of FLC Samson Golf Links, told
Dau Tu newspaper that international coastal golf and resort properties have
yet to be developed in the north of
In Phu Yen, the Rose Rock Group, founded by members of the
Matthew Powell, the
Other second-home projects are under development not only in
popular places like Phan Thiet,
The segment is no longer only for the wealthy. VinaLingving,
for instance, recently launched its golf course villas, the latest offering
at its 260ha Danang Beach Resort project, at a price of VND5.5 billion for a
250sq.m ($250,000) unit.
The price goes down to VND2.6 billion for a commercial
front-street house in the Little Vietnam project in
Powell said his company has received positive feedback from
buyers.
CPI down on falling fuel prices
In January consumer prices in
But the January consumer price index (CPI) rose by 0.76 per
cent from a year earlier, according to the HCM City Statistics Bureau.
Since early 2014, fuel prices have fallen on 15 occasions. In
January they fell by a further 1.5 per cent as prices of transportation
services also dropped by 4.8 per cent.
Housing, electricity, water, and construction materials prices
declined by 1.5 per cent, post and telecom services saw a 0.16 per cent
decrease, and household utensils became 0.03 per cent cheaper.
Prices of drugs, education and health services remained
unchanged. Some prices rose. Food prices went up by 0.34 per cent, beverages
and tobacco by 0.22 per cent, hospitality services by 0.2 per cent, garments,
footwear and hats by 0.19 per cent, and cultural and entertainment services
by 0.1 per cent. The gold price index was down by 0.02 per cent while US
dollar gained 0.58 per cent.
Bank credit swells in two largest cities
Growing demand is expected to significantly boost commercial
banks' credit for January, based on information from banks in the country's
two largest cities Ha Noi and
The HCM City Statistics Office reported that the city's
lending in January has risen by 11 per cent, against the same period last
year, and is up 1.9 per cent from last month to VND1,057 trillion (US$49.39
billion).
During this month, lending for the Vietnamese dong contributed
to a growth of 9.9 per cent against the same period last year, while lending
in US dollars increased by 16.9 per cent.
Medium and long-term outstanding loans accounted for more than
a half of the city's total loans, up 2.3 per cent from the same period last
year.
Deposits at commercial banks in HCM City in January also grew
by 10.5 per cent against the same period last year and are up 0.3 per cent
month-on-month to VND1,293.7 trillion ($60.45 billion).
Deposits in US dollars accounted for 15.6 per cent of the
city's total deposits, up 7.6 per cent against the same period last year,
while deposits for dong jumped 11 per cent.
The Ha Noi Statistics Office also reported that the city's
deposits in January grew by 1.1 per cent month-on-month to VND1,204 trillion
($56.26 billion), while the city's lending rose by 0.7 per cent to VND1,017
trillion ($47.52 billion).
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 23 tháng 1, 2015
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