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Posts Tagged ‘commercial’

First commercial flight from Far East lands at Cam Ranh

In Uncategorized on December 16, 2010 at 2:29 pm

First commercial flight from Far East lands at Cam Ranh

QĐND – Thursday, December 16, 2010, 21:3 (GMT+7)

The first commercial flight from Vladivostok city, Russia , by the Russian carrier Vladivostok Air landed at the Cam Ranh international airport in the central province of Khanh Hoa on Dec. 15.

Another flight left Cam Ranh for Vladivostok the same day, marking the launch of a direct air route between the two cities.

The airline said two similar flights will be conducted between another Far East city, Khabarov and Cam Ranh on Dec. 16.

According to Vladivostok Air, 14 flights will be conducted on the two routes from mid-December through to March, with two flights every two weeks in the immediate future. The airline will use TU 240 aircraft on the routes, which target Russian tourists who want to escape from serve winter in the Far East . Khanh Hoa boats the famous resort city of Nha Trang with warm weather and sunny beaches.

Cam Ranh Airport ’s authorities pledged to halve the charges on landing and services for Vladivostok Air in the initial period.

Nearly 10 four and five star hotels and resorts in Nha Trang have also agreed to reduce their prices by between 20-50 percent for Russian tourists flying to Nha Trang on the new routes.

Cam Ranh Airport became an international airport in December 2009 and has recorded an average annual growth rate in passenger numbers of 21 percent, the highest rate in Vietnam.

Source: VNA

Source: QDND

Commercial banks raise VND deposit interest rate

In Uncategorized on November 9, 2010 at 8:51 am

Commercial banks raise VND deposit interest rate

In Uncategorized on November 8, 2010 at 5:12 pm

New law promotes arbitration to solve commercial disputes

In Uncategorized on July 21, 2010 at 3:17 pm

New law promotes arbitration to solve commercial disputes

QĐND – Wednesday, July 21, 2010, 21:1 (GMT+7)

The Law on Commercial Arbitration Law recently passed by the National Assembly will provide an important legal foundation for businesses to minimise the risks of disputes, said the head of the Vietnam Chamber of Commerce and Industry’s legal department, Tran Huu Huynh.

Speaking at a conference in Hanoi on July 20 held to review the provisions of the new law, Huynh said few enterprises in Vietnam have yet paid much attention to arbitration, continuing to prefer to take their disputes to court rather than employ commercial arbitrators.

He added that the settlement of disputes by arbitration was fast, effective and confidential, and the arbitration of disputes would help ease the burden on the nation’s court system. Statistics from the Vietnam International Arbitration Centre have shown that the Hanoi People’s Court handled 300 economic disputes in 2009, while those in HCM City had a docket of around 1,000. Meanwhile, the centre last year handled only 58 petitions for arbitration from businesses.

“Every judge in Ha Noi and HCM City’s economic courts yearly handles from 30 to 50 disputes while the average arbitrator handles only one,” said Vietnam Law Association chairman Pham Quoc Anh.

The nation currently has a total of seven arbitration centres, but arbitration has not been popular in Vietnam due to a lack of a proper legal framework in the 2003 Ordinance on Commercial Arbitration.

“The law has improved shortcomings in the ordinance such as removing limitations on the application of arbitration to commercial disputes,” Anh said. “Commercial disputes, meanwhile, are increasing rapidly, requiring quick and efficient forms of settlement.”

The new law, which would take effect next January 1, would also create an equal legal footing for both Vietnamese and foreign enterprises, said the vice chairman of the National Assembly’s Justice Committee, Pham Quy Ty.

Retailers said public relations campaigns should be conducted to raise awareness among enterprises of the advantages of arbitration, said Dinh Thi My Loan, secretary general and standing vice chairwoman of the Association of Viet Nam Retailers.

Source: VNA

Source: QDND

Commercial banks resist gov’t order to cut interest rates

In Uncategorized on May 29, 2010 at 5:17 pm

Commercial banks resist gov’t order to cut interest rates

QĐND – Saturday, May 29, 2010, 20:52 (GMT+7)

The nation’s commercial banks are still struggling to comply with a Government order to cut lending interest rates to no more than 12 per cent per year in order to help businesses access credit.

But market pressures continue to push rates upward, and many bankers and banking experts told Viet Nam News that lower interest rates needed to be coupled with caps on deposit interest rates or lower input costs.

“Lowering borrowing costs will be an impossible mission for the system if some banks keep raising deposit interest rates,” said the deputy director of a Ha Noi-based bank who asked that his name be withheld.

“Some banks have no trouble with liquidity but they just keep raising deposit rates to maintain sustainable capital sources and stay competitive,” said Bao Viet Bank general director Phan Dao Vu.

“Deposit interest competition is getting fiercer, so lending interest can’t be cut right now,” said An Binh Bank deputy director Pham Quoc Thanh. “Banks need time to balance capital costs.”

Cutting borrowing in fact is believed to require a very great attempt, as about 80 per cent of the economy’s capital demand of the economy depends on credit institutions.

Some suggested that the State Bank of Viet Nam needed to use monetary policy to adjust the amount of currency in circulation. High interest rates implied credit demand was higher than the supply, suggesting that the State Bank should increase the cash supply.

In an interview with reporters on the sidelines of the National Assembly meeting this month, the vice chairman of the National Assembly’s Economics Committee, Vu Viet Ngoan, said, “A very important tool to help banks cut interest rates would be to loosen monetary policy and inject more money into the economy.”

However, an oversupply of currency could trigger inflation, economists note.

“Interest rate reductions should be achieved by applying economic measures other than administrative orders. The State Bank is doing very well,” Ngoan said.

Eximbank general director Truong Van Phuoc said that interest rates would continue to track both market signals and inflationary movements.

Credit grew by just 5.58 per cent between December and April, and just 1.73 per cent in April alone, against an official target for the year of 25 per cent.

Source: VietNamNet/Viet Nam News

Source: QDND

Stricter rules for commercial banks

In Uncategorized on March 31, 2010 at 2:19 pm

Stricter rules for commercial banks

QĐND – Wednesday, March 31, 2010, 21:2 (GMT+7)

The State Bank of Vietnam issued Circular No 09/2010/TT-NHNN on March 26, regulating the establishment of commercial banks.

The new regulation provides that founding shareholders may not contribute authorised capital in the form of loans and will be held responsible for the legality of the contribution.

Founding shareholders are subject to strict financial capacity requirements and must be an enterprise duly established under the Law on Enterprises or a Vietnamese citizen not prohibited under Article 13.2 of the Law on Enterprises.

Commercial banks must have at least 100 shareholders, at least three of which are enterprises that have operated for at least five years, have capital of at least 500 billion VND (26.32 million USD) for five consecutive years prior to the year of the application to establish the commercial bank.

A bank serving as a founding shareholder of another bank must have assets of at least 50 trillion VND (2.63 billion USD).

The circular takes place 45 days after its issuance.

Source: VNA

Source: QDND

State bank limits commercial banks to two branches

In Uncategorized on March 24, 2010 at 6:20 am

Commercial banks in Hanoi and Ho Chi Minh City, which have from two or more branches in each city, will temporarily not be allowed to open new affiliates, the State Bank of Vietnam has said.

A branch of Asia Commercial Bank in HCMC. Commercial banks are just allowed to open a maximum of two branches.

In a document on the establishment of transaction offices, branches and transaction departments of commercial banks in 2010, the State Bank said each commercial bank would initially be permitted to open a maximum of two branches.

The State Bank, however, would consider allowing commercial banks to establish more branches once their established affiliates operate well.

To establish transaction departments, commercial banks must have yielded profits, conformed to government standards, classified debts and established risk funds.

According to the document, transaction offices and branches would be allowed to open transaction departments after they have operated profitably for at least one year.

In addition, their bad debt ratio must be lower than 3 percent compared with the total liability at the time they apply to open new transaction departments.

Transaction offices or branches of commercial banks would be able to open only one transaction department at a time, according to the State Bank.

Source: SGGP Bookmark & Share

State Bank denies rumor of helping commercial banks

In Vietnam Banking Finance on December 16, 2009 at 10:40 am

The State Bank of Vietnam (SBV) on December 15 denied a rumor of pumping VND30 trillion into commercial banks to fortify liquidity as it was applying measures to limit credit growth in order to control inflation.

On the stock market, the rumor prompted investors to increase buying. Banking shares hit the ceiling of their regulated daily trading bands with high liquidity.

Governor Nguyen Van Giau said the State Bank encouraged competition among commercial banks, adding that the banks should set interest rates in line with their capabilities.

Earlier, a rumor that SBV would tighten monetary policy, increase compulsory reserves, and issue VND1 million bank notes, caused an immediate slump on Vietnam’s stock market December 2.

Bank officials denied the rumor.

Source: SGGP Bookmark & Share

First commercial flight lands at Suvarnabhumi

In Uncategorized on December 4, 2008 at 2:27 pm

Bangkok (VNA) – The first commercial flight, operated by Thai Airways, touched down at Suvarnabhumi airport in Bangkok on December 3 after an eight-day blockade by anti-government protesters.

The Thai Airways flight arrived at 2:15 (local time) from the resort island of Phuket.

More than an hour later, a Royal Jordanian Airlines flight from Amman, Jordan, arrived at Suvarnabhumi, becoming the first international flight to land at the airport since the protestors ended their occupation of the airport.

Thai Airways flights to Sydney, Delhi, Tokyo, Frankfurt, Seoul and Copenhagen have been cleared to depart later the same day, with flights continuing throughout the night.

AirAsia announced that it will resume flights to and from Suvarnabhumi from December 5.

The move took place following a Thai Constitutional Court ruling dissolving the People Power Party and banning prime minister Somchai Wongsawat from politics for five years.

Also on December 3, the Election Commission (EC) of Thailand said that a date has been set for re-elections, which will take place on December 11 across 26 constituencies in 22 provinces.-

From polluted site to commercial hub

In Uncategorized on August 14, 2008 at 4:22 pm

HCM CITY — Dong Nai Province has sought Government approval to close down the factories in Bien Hoa I Industrial Park that are causing pollution and turn it into a services and business centre.

The IP situated in Bien Hoa city, built in 1963, has 94 domestic and foreign plants that were recently found to be seriously polluting the environment, especially the air and water.

The factories discharge 15,000cu.m of wastewater daily but only a fraction of it — 200cu.m — is treated by the park’s 16 wastewater treatment plants. The rest is discharged untreated into the Dong Nai River.

The lead content in the wastewater has been found to be four times the permissible level.

The province has told the Government that the green cover and entertainment facilities for workers in the park too are inadequate.

The plan, if approved, is expected to take five to seven years to implement.

There are 183 IPs in the country, most of them in the south-east, Hong (Red) River Delta, and central region.

Most of them suffer from a dearth of facilities to treat wastewater and gases that are then directly discharged into the environment.

It is estimated they discharge 220,000 tonnes of solid waste and 47.2 million cu.m of wastewater per year. —