Posts

Inflation falls from 23% to 5% in one year

HCM CITY, Aug 2012. Policymakers have signalled that they are willing to take necessary actions to move the economy forward,the Hong Kong and Shanghai Bank (HSBC) has said in its monthly research report.

“Vietnam at a Glance” notes that inflation declined to 5 per cent in July from 23 per cent in August 2011. The trade deficit, too, narrowed to US $58m in the first seven months compared to almost $ 6bn a year earlier.

The dong has been stable for most of the year while forex reserves have risen, bolstered by both an improved trade deficit and strong FDI disbursements.

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Weekly Update Jul 2: U.S.-ASEAN Business Forum, APEC Business Advisory Council

Highlights

Raffle Prize Winners, USA Independence Day Celebration & Family Picnic
Fr, Jul 13 U.S.-ASEAN Business Forum, Siam Reap, Cambodia
Mo, Jul 16 APEC Business Advisory Council – Investment Conference
Tu, Jul 17 Legal & VBF Liaison Committee
Presentation: eCustoms at Intel Products Vietnam
Welcome to new AmCham companies • Jan ~ Jun 2012
FDI into Vietnam continues to fall: down 27.3% in first half of 2012
Myanmar: New challenges for Vietnam: FDI in Myanmar has skyrocketed …
Vietnam maps out strategy to attract FDI in supporting industries
Vietnam – U.S. Trade Status and Outlook, 2011 – 2020e (updated Jun 26, 2012)
Many Foreign Invested Enterprises (FIEs) face closure
The unlearned lesson: Vinashin, VinaLines, and other SOEs’ inefficiencies
Sep – Dec AmCham Scholarship 2012
Tu, Nov 6, U.S. General Elections Day • U.S. Voter Registration Web Sites

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In Vietnam, a shipping line raises alarm over debt (SOEs)

Jun 26, 2012. Shipping line Vinalines once symbolised the postwar promise of Vietnam when it began jockeying for global trade after the United States lifted sanctions on its former enemy in 1994.

Today, it represents all that has gone wrong since then: a bloated behemoth with 18,000 workers, a fleet of loss-making ships and $ 2.1 billion in debt. In recent weeks, two senior executives have been arrested, its former chairman is on the run, and the firm has become a byword for mismanagement.

Vinalines and other debt-ridden state companies are turning into a big test of the government’s graft-fighting credentials and whether Communist-run Vietnam is likelier to reclaim its status as a star among emerging markets or sink deeper into an economic malaise rooted in a state sector plagued by red ink and cronyism.

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Germany’s Merkel visits Vietnam to boost trade amid European debt crisis

Oct 11, 2011. Merkel and Vietnamese Prime Minister Dung signed a “strategic partnership” agreement similar to ones Vietnam has signed with seven other countries including China, Russia, Japan and South Korea.

Speaking at a joint news conference, Dung said there is room for the two countries to expand their trade, which stood at $ 5 billion last year.

Germany is Vietnam’s largest European trading partner. Vietnam’s lateral trade with China and the United States stands at more than $ 30 billion and more than $ 20 billion respectively.

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Hard lesson for Vietnam as property slumps

Like many hoping for easy cash in Vietnam’s property market, Nguyen Thu Huong borrowed VND500 million ($24,000) from a bank in April to buy a new flat she didn’t need and planned to flip. The only question, she thought, was how big the profit would be.

Five months later, she is lucky if she can sell it at all.

Vietnam’s real-estate market has stalled, beset by soaring inflation, sky-high interest rates and sharp lending curbs. Developers are halting projects or delaying new ones. Prices have fallen from dizzying heights in 2006 and 2007 and brokers are bracing for more losses ahead.

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10 Vietnam firms in Forbs “Best under a Billion” list

Sep 2, 2011. Ten Vietnamese companies are ranked among the top 200 Asia-Pacific corporations in Forbes Asia’s “Best Under a Billion” list for 2011, the magazine said.

“Vietnam makes the biggest jump with 10 companies, nine more than last year,” Forbes said in a statement. The companies include PetroVietnam Low Pressure Gas Distribution and DHG Pharmaceuticals.

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“Our selection of the Best Under A Billion in Asia-Pacific begins with a search for companies that show both sales and earnings growth. To qualify they must have annual revenue between $ 5 million and $ 1 billion and be publicly traded for at least a year. The universe is then screened for earnings growth, sales growth and return on equity in the past 12 months and over 3 years.

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S&P Strips U.S. of Top Credit Rating

The unprecedented move came after several hours of high-stakes drama. It began in the morning, when word leaked that a downgrade was imminent and stocks tumbled. Around 1:30 p.m., S&P officials notified the Treasury Department that they planned to downgrade U.S. debt and presented the government with their findings. Treasury officials noticed a $2 trillion error in S&P’s math that delayed an announcement for several hours. S&P officials decided to move ahead, and after 8 p.m. they made their downgrade official.

S&P said the downgrade “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.” It also blamed the weakened “effectiveness, stability, and predictability” of U.S. policy making and political institutions at a time when challenges are mounting.

“A judgment flawed by a $ 2 trillion error speaks for itself,” a Treasury representative said.

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Vietnam bonds fall on speculation of further policy tightening

Apr 22, 2011. Vietnam’s five-year bonds dropped this week by the most in five months as banks refrained from purchasing debt on concern the government will further tighten monetary policy to combat surging inflation. The dong gained.

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