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Posts Tagged ‘Businesses’

Local businesses borrow at any costs for booming time at yearend

In Uncategorized on December 16, 2010 at 10:05 am

Financial experts said many businesses would be willing to borrow money at the current rates as they need large sources of capital at the end of the year, which is expected to be a booming time of the local retail market.

A cash teller (left, in blue) talks with a client at the Asia Commercial Bank (Photo: Minh Tri)

At some commercial banks, deposit rates reached 15-16 percent per annum last week, while lending rates for businesses and individuals are up to 17-19 percent and more than 19 percent.

Some small and medium enterprises disclosed lenders’ current lend rates remained much lower than unofficial sources’ ones, which can be up to 3-4 percent per month or 48 percent per annum.

High interest rates showed commercial banks’ credit growth last month was a little bit slower than previous months, according to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City branch.

He expected the banks’ more steady liquidity combining with local firms’ large demand for capital this month will put the growth rate back on track.

However, the central bank’s HCMC branch noticed in a report that interbank rates still reply mainly on the state-owned lenders. Commercial banks and financial firms are often clients of the state-run lenders. The interbank rates therefore will increase rapidly if  the state-owned banks, in some cases, refuse to give loans to commercial lenders, the report said.

The state-owned lenders mostly have to say no to commercial banks or financial firms, whose plans on using capital are risky and unreasonable.

Economists said many lenders’ growth rates nearly reach their annual target, so they will be unwilling to loan more.

The credit growth rate of the Military Bank was 5 percent higher than October’s rate and rose 50 percent so far this year. The lender had to slow down last month’s growth rate as they were afraid it would surge over this year’s target, an officer at the bank said, without providing how much the targeted rate is.

The state bank’s HCMC branch expected credit growth rates this year would rise 25 percent year-on-year to VND699.81 billion (US$35 million), and the deposit would increase 27 percent year-on-year to VND766.25 billion ($38.3 billion).

However, some banks will likely to miss their target. Asia Commercial Bank, known as ACB, said the number of personal loans was small because of the high interest rates. Other commercial lenders said they still accepted personal loan applies, but would offer the loans next year.

Source: SGGP

Businesses with disabled employees enjoy tax holidays

In Uncategorized on November 22, 2010 at 2:03 pm

PM urges state-run businesses to improve operational effectiveness

In Uncategorized on November 19, 2010 at 1:58 pm

Korean businesses raise money for charity

In Uncategorized on November 16, 2010 at 2:31 pm

European businesses show interest in Vietnam’s infrastructure

In Uncategorized on November 5, 2010 at 12:19 pm

State President receives Spanish businesses

In Uncategorized on October 25, 2010 at 5:38 pm

State President receives Spanish businesses

QĐND – Monday, October 25, 2010, 20:39 (GMT+7)

State President Nguyen Minh Triet on October 25 received the leaders of two Spanish economic groups in Hanoi, DEFEX and ACCIONA.

President Triet praised the two groups’ involvement in mining and building the Ke Ga deep-water harbour in the southern province of Binh Thuan in cooperation with the Vietnam Coal and Minerals Group (VinaCoal) and a digital television service with the An Vien Joint Stock Company.

He stressed that Vietnam during its socio-economic development process needs assistance from the international community, including economic groups.

He said that he hoped DEFEX and ACCIONA would expand their investment in Vietnam and spread the word about Vietnam ’s potential to other Spanish businesses.

The President expressed his satisfaction at the development of Vietnamese-Spanish relations, which can be seen in the common views held by both countries in the world arena, as well as their wish to expand cooperation.

He suggested that both countries lift cooperation in economics, trade, investment, science and technology and culture to match their “strategic partnership”.

President Triet also praised the contributions made by Spanish Ambassador Fernando Curcio Ruigomez in bringing Vietnam and Spain closer together.

The Ambassador said that President Triet’s visit to Spain in late 2009 had strengthened ties between both countries and one of the outcomes was the new DEFEX and An Vien digital television service.

Source: VNA

Source: QDND

Swiss businesses eye Hanoi market

In Uncategorized on October 20, 2010 at 3:04 pm

Swiss businesses eye Hanoi market

QĐND – Wednesday, October 20, 2010, 20:57 (GMT+7)

A delegation of 22 Swiss businesses headed by Baumgartner from Credit Suisse AG, one of the world’s leading banking and financial service providers, met with the Hanoi People’s Committee on October 18 with the aim to seek out investment opportunities in the capital city.

The businesses mainly operate in finance, banking, import-export, investment management, tourism, industrial production and real estate.

Nguyen Huy Tuong, Vice Chairman of the Hanoi People’s Committee, briefed the guests on the city’s potentials and strengths after it was expanded in 2008, saying the city’s investment policies have reaped positive outcomes.

According to the municipal leader, Hanoi encourages investors in banking, finance, tourism, clean technology and brain-intensive industries.

The aforementioned areas are of Switzerland ’s strengths, he said, stressing that Hanoi will create favourable conditions for Swiss business to invest in the city.

During the meeting, the Swiss businesses said they are impressed by the rapid development of Hanoi and the capital’s 1,000 year-old culture.

Baumgartner said through the gathering, the Swiss businesses get useful information regarding investment and other areas of their interest.

Source: VNA

Source: QDND

Businesses flock to Hanoi industrial fair

In Uncategorized on October 16, 2010 at 6:25 pm

Businesses flock to Hanoi industrial fair

QĐND – Saturday, October 16, 2010, 20:49 (GMT+7)

More than 350 businesses, including 100 foreign companies from the Czech Republic, the Republic of Korea, mainland China, Taiwan (China) , Japan, Singapore and India will participate in the Vietnam International Industrial Fair 2010 (VIIF 2010) in Hanoi from October 19-23.

At the fair, businesses will introduce their industrial machines and equipment, including compressors, electric engines, power generators, analysing and measuring equipment and welding robots.

Speaking at a press conference on October 15, Nguyen Danh Thuan, Deputy General Director of the Giang Vo Exhibition Centre, affirmed that the annual VIIF offers a chance for domestic and foreign businesses to meet and seek partners as well as providing investment and technology transfer opportunities, helping speed up the international integration process.

During the fair, a seminar on automation, measurement and control will be held with the participation of nearly 80 businesses operating in this field.

Source: VNA

Source: QDND

Obama to give tax breaks to businesses creating new jobs

In Uncategorized on October 16, 2010 at 2:24 pm

US President Barack Obama said Saturday he wanted to create tax incentives for businesses that innovate and create new jobs.

Unemployment in the US from September 2009 to September 2010

“I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year,” the president said in his weekly radio address. “That’s going to make it easier for folks to expand and hire new people.”

The comments came after US government data showed the US economy shed 95,000 jobs in September just weeks ahead of key mid-term elections.

The unemployment rate remained unchanged at 9.6 percent from August.

Obama also said he wanted to make the research and experimentation tax credit permanent as job creation depended on promoting new ideas and technologies.

He also said he wanted to provide a tax cut for clean energy manufacturing in America.

But Obama criticized previsions in the US tax law that give billions ofkkk dollars in tax breaks to companies that create jobs and profits in other countries, saying: “I want to close these tax loopholes.”

The president he said Republicans in Washington had consistently fought to keep these corporate loopholes open.

“Over the last four years alone, Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas — a policy that costs taxpayers billions of dollars every year,” Obama said, adding: “That doesn’t make a lot sense.”


Source: SGGP

German businesses join Green Office programme

In Uncategorized on October 14, 2010 at 6:29 pm

German businesses join Green Office programme

QĐND – Wednesday, October 13, 2010, 20:33 (GMT+7)

The German Business Association (GBA) in Vietnam, in coordination with World Wildlife Fund for Nature Vietnam (WWF Vietnam), on October 12th announced that they will encourage and support its member businesses to carry out the WWF Green Office programme.

Alexander Bischoff, Chairman of GBA Vietnam said the programme will help increase awareness of environmental protection and energy saving among its member firms.

The World Bank estimates that Vietnam may lose up to 5.5% of GDP due to environmental pollution and energy waste each year and the country also has to spend around US$780 million on community health care due to diseases related to environment pollution.

Launched in 1997 in Finland, the WWF Green Office programme has been assisting businesses and organisations in creating simple but practical changes on their working environment as well as employees’ working behaviour in order to minimise the impacts of climate change.

Source: thesaigontimes

Translated by Vu Hung

Source: QDND