Technological development funds beyond firms' reach Though having a total registered capital of VND50 billion (US$2.4 million), which insiders say is too low given the demand of 14,000 businesses, the Ho Chi Minh City fund for technological and scientific development has only disbursed VND25 billion over its first five years of operation. Do Thanh Technology Corporation is among the very few fortunate borrowers that have been able to access loans. In September 2009 it was approved for a loan worth VND3.3 billion, or 70 percent of the total capital needed for its project to set up a new production line. The company has now nearly completely cleared the debt. Not so lucky, the Handa Co Ltd, an essential oil manufacturer, was approved to borrow VND4.7 billion from the fund in January 8, yet the company has yet to receive the money. Meanwhile, despite an application for loan submitted early this year, Huynh Van Hai, director of the Bao Long Food Technology Production Co, is still … [Read more...] about BUSINESS IN BRIEF 23/5
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SOCIETY IN BRIEF 27/11
High tide continues to rise in HCMC High tide caused flooding of roads in Ho Chi Minh City on Nov 25 and continues to rise, forecast to reach 1.6 meters in Phu An Station and 1.58 meters in Nha Be Station, according to Southern Regional Hydro Meteorological Centre. Many city roads like Luong Dinh Cua Street in District 2, Ngo Tat To and Vo Duy Ninh Streets in Binh Thanh District, Kha Van Can and Ho Ngoc Lam Streets in Binh Tan District were inundated under 30-40 centimetres of water. High tide is also affecting the lives of city residents and flooding residential areas. On the same day, the Central Regional Hydro Meteorological Centre said that the cold front will result in heavy rainfall in regions from Thua Thien Hue Province to Quang Ngai Province. Water levels in rivers of the central region reached above level 1 and 2. Some rivers crossed the level 3 mark as did the Ve River in Quang Ngai Province. Thousands of households from Thua Thien Hue and Quang Ngai Provinces … [Read more...] about SOCIETY IN BRIEF 27/11
BUSINESS IN BRIEF 6/10
Gold prices hit VND47.85 mil per tael SJC gold in HCM City on October 4 reached VND47.55-47.85 million per tael, up VND50,000 from the previous trading session. In the meantime, SJC gold in Hanoi rose by VND450,000 per tael to VND47.55-47.87 million per tael, a record high ever seen in a year. On the global market, Kitco gold jumped to US$1.778.8 per ounce, up US$5 per ounce compared to the previous trading session while Comex gold for December delivery showed an increase of US$4.2 to US$1.779.8 per ounce. Early this week, gold prices reached US$1.791.2 per ounce, the highest level since November 2011. Vietnam's trade deficit with China estimated at US$11 bil Vietnam's trade deficit with China was estimated at more than US$11 billion in the past nine months. The General Statistics Office (GSO) said total exports to China reached nearly US$83.8 billion while imports from the country stayed at US$83.7 million. Currently, China is the largest trade partner which makes up nearly 25 … [Read more...] about BUSINESS IN BRIEF 6/10
BUSINESS IN BRIEF 6/8
New office to promote trade with Tuscany An office to promote trade and investment between Viet Nam and Italy is set to open in central Italy's Tuscany region. Viet Nam's Ambassador to Italy Nguyen Hoang Long and Stefano Giovannelli, General Director of Tuscany Economic Promotion Agency (TEPA), yesterday signed a memorandum of understanding on the establishment of the office. The office aims to play an important role in exchanging information on trade and investment between Viet Nam and the Tuscany region. Vietnamese or Italian business people who want to find out about business opportunities and policies in each other's countries can seek help from the office. The office is scheduled to open next month and be managed by a Vietnamese officer. Speaking at the singing ceremony, Ambassador Long said he hoped the office would operate efficiently and act as a bridge for bilateral economic co-operation. A Viet Nam Week featuring Vietnamese culture, arts and music will be held in … [Read more...] about BUSINESS IN BRIEF 6/8
BUSINESS IN BRIEF 7/12
Housing market recovery helps property firm shares Dang Tran Hai Dang, the company's research and analysis deputy director, told a seminar on an overview of the real estate market and investment opportunities that most shares in the sector had outperformed the VN Index in the past three months though they gave up some of the gains in November when the market retreated. In the past six months, the property sector accounted for the highest trading value, with 18.7 per cent of the total. In terms of market capitalisation, the sector accounted for 12 per cent, second only to banking. But Dang pointed out that in the first nine months of the year almost 40 per cent of the listed real estate companies saw profits fall while 22.4 per cent suffered losses. In the short term investors should consider companies with projects at strategic locations, like near the railway route in Ha Noi, the metro lines in HCM City, and ports, airports and beach resorts in Da Nang, Nha Trang, and Phu Quoc. … [Read more...] about BUSINESS IN BRIEF 7/12