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Posts Tagged ‘pct’

Central Bank raises prime rate to 9 pct

In Uncategorized on November 6, 2010 at 7:21 am

Prime rate to remain unchanged at 8 pct

In Uncategorized on October 29, 2010 at 5:09 am

The State Bank of Vietnam decided October 27 to retain the prime interest rate for dong deposit accounts at 8 percent for the 12th consecutive month. 

Transactions conducted at an Orient Commercial Bank branch in Ho Chi Minh City (Photo: SGGP)

The refinance interest rate is set at 8 percent per annum and the discount rate at 6 percent. The overnight rate in inter-bank electronic payments, and the rate of loans to finance balances in clearing transactions between the State Bank and commercial banks are all 8 percent per annum.

The decision will take effect as of November 1, 2010.

According to the bank’s statistics, the average deposit interest rate in dong has reduced by 0.14 percent per annum on the market.
The current average rate is 10.44 percent per annum.
Commercial banks have cut their deposit interest rates by 0.1-0.2 percent points to 11 percent per annum since October 15 in accordance with their commitment to the Vietnam Banking Association.

Source: SGGP

ADB raises Vietnam’s economic forecast to 6.7 pct

In Uncategorized on October 13, 2010 at 3:56 am

ADB raises Vietnam’s economic forecast to 6.7 pct

QĐND – Wednesday, September 29, 2010, 20:54 (GMT+7)

The Asian Development Bank (ADB) increased Vietnam’s economic growth forecast for 2010 from 6.5 percent to 6.7 percent while lowering the inflation projection to 8.5 percent.

In its Asian Development Outlook 2010 Update (ADO Update) released in Hanoi on Sept. 28, ADB also revised upward Vietnam’s GDP growth to 7 percent in 2011 from its April forecast of 6.8 percent.

“Vietnam has consolidated its macroeconomic stability, and as a result we are making upward adjustments in our growth forecast for both 2010 and 2011, while lowering the projections for inflation,” said Ayumi Konishi, ADB Country Director for Vietnam.

According to ADB Senior Expert Lei Lei Song, Vietnam is performing well in the context of the global crisis.

“The shift from strong fiscal and monetary stimulus implemented during the global recession to a more balanced policy stance helped to stabilise financial and economic conditions and, together with the global economic recovery, paved the way for solid economic growth this year,” he said.

According to the General Statistics Office, Vietnam’s GDP growth rate reached 6.5 percent in the first nine months of 2010.

Vietnam’s neighbouring economies, such as China, continue their robust growth next year, which will help Vietnam ’s economy grow, Song added.

China’s robust growth will demand more Vietnamese exports, contributing to the Southeast Asian country’s growth, he said.

Vietnam’s exports to China will continue to surge in the future, according to the senior expert.

Director Konishi said as Vietnam is a low-middle-income country in the next ten years, the country will have to face different challenges, including how to raise the efficiency of the economy.

One of the issues Vietnam should focus on in its economic development strategy for the next 10 years is to identify its role in the ASEAN bloc, he said, suggesting the country produce higher value products in its efforts to speed up national industrialisation and modernisation.

He also recommended that Vietnam pay attention to taking measures to narrow income gap in its development plan and attach environment protection to development.

According to Yumiko Tamura, ADB Principle Country Specialist, who is also Country Deputy Country Director, developing Asia countries, including Vietnam, are recovering with speed and vigour.

ADB forecast that these countries will see average growths of 8.2 percent in 2010 and 7.3 percent in 2011.

Source: VNA

Photo: VOV

Source: QDND

Traffic fines increase by up to 200 pct in 2-tier plan

In Uncategorized on April 16, 2010 at 4:31 pm

Traffic fines increase by up to 200 pct in 2-tier plan

QĐND – Friday, April 16, 2010, 22:13 (GMT+7)

HCM City will distinguish between its urban and rural areas for deciding the amount of fines motorists have to pay for violating road rules under a recent Government decree that has increased the fines.

The decree, which takes effort on May 20, allows HCM City and Hanoi to increase the fines by 40 to 200 percent from current rates, but requires them to distinguish between urban and rural roads.

A 36-month pilot programme in the two cities will see much higher fines imposed in urban areas for the same offences. Authorities in the two cities are, however, divided over the issue with many saying making the differentiation is hard.

Nguyen Xuan Tan, deputy director of the Hanoi Department of Transport, said it would be difficult to exactly differentiate between urban and rural areas.

Tran Chi Dung, director of HCM City’s Department of Planning and Architecture, said Cu Chi, Hoc Mon, Binh Chanh, Nha Be and Can Gio districts are considered rural.

But a District 12 People’s Committee leader disagreed saying the demarcation is not clear.

He cited the instance of National Road 22 (from An Suong fly-over to Ba Diem intersection), pointing out that one side it is in District 12 and the other, in Hoc Mon district, making it difficult for the traffic police to decide on the amount.

The city Department of Transport plans to soon hold a meeting with the concerned agencies to discuss the issue but it has yet to decide the date.

Source: VNA

Source: QDND

Obesity hits 10 pct of HCM City’s primary school children

In Uncategorized on March 27, 2010 at 2:19 pm

Obesity hits 10 pct of HCM City’s primary school children

QĐND – Saturday, March 27, 2010, 21:6 (GMT+7)

Obesity is found in 10 percent of primary-school children in Ho Chi Minh City , putting them at risk of serious health problems as they age.

The finding was provided by Do Thi Ngoc Diep, Deputy Director of the Municipal Nutrition Centre on March 26.

The nutritional expert also came up with the fact that 17 percent of primary school children are struggling against overweight that increase the risk of heart disease, diabetes and other chronic illnesses.

She blamed the alarming situation for children’s frequent intake of fast food, soft drinks, and sweets but less practice of physical activities.

To tackle obesity and overweight in children, HCM City will prioritise the undertaking of intervention measures, especially at primary schools.

More physically-challenged games will be designed and introduced to school boys and girls.

The Municipal Nutrition Centre will instruct food suppliers to avoid overuse of sugar and fat in meals for school children.

Source: VNA

Source: QDND

Economy to post first-quarter growth of nearly 6 pct

In Uncategorized on March 24, 2010 at 4:45 am

It is estimated that Vietnam’s economy will grow by 5.7-5.9 percent in the first quarter of this year—or nearly double the rate for the same quarter last year–according to the General Statistics Office (GSO).

The GSO based the projection on the national economy’s performance in the first two months, taking into account possible ups and downs it may face in the future.

According to the office, retail sales and service revenues will surge 24 percent over the first quarter of 2009.

Also, industrial production value is projected to grow by 13.5-13.8 percent, and agriculture, forestry and fisheries production value by 5.6-5.8 percent.

The GSO has estimated an import value of US$16.8 billion with the majority of imports being input materials due to the strong recovery of domestic production and exports of US$14.2 billion in the reviewed period.

As the first quarter has nearly a month to go, the GSO proposed that sectors and branches take prompt measures and appropriate and flexible financial and monetary policies to manage the market and prices of essential commodities which already spiked after the traditional Lunar New Year festival.

Source: SGGP Bookmark & Share

Price of power to rise 6.8 pct next month

In Vietnam Economy on February 28, 2010 at 11:30 am

Price of power to rise 6.8 pct next month

QĐND – Friday, February 26, 2010, 22:23 (GMT+7)

The price of electricity will increase by an average of 6.8 percent starting March 1, the Ministry of Industry and Trade announced on February 26.

Accordingly, the price will stand at 1,058 VND/kWh and the retail price for production and trading services will go up by 6.3 percent, standing at 1,009 VND/kWh and 1,919 VND/kWh, respectively.

However, the retail power price for families using less than 50 kWh per month will remain at 600 VND/kWh as a support for low income households.

The higher rates will have no great impact on the public or the economy, Do Huu Hao, deputy minister of Industry and Trade said at a press briefing.

It will reduce the growth of the country’s gross domestic product by around 0.34 percent and directly push up the consumer price index by 0.16 percent this year, he said, adding that electricity expenditures for the production sector would grow by nearly 1 percent.

Deputy General Director of Electricity of Vietnam (EVN) Dinh Quang Tri said with the increase, the average electricity price in Vietnam will reach about 5.54 cents/kWh–higher than the price in Laos but lower than that of other countries in the Association of Southeast Asian Nations (ASEAN).

Source: VNA

Source: QDND

Central bank maintains prime rate at 8 pct

In Vietnam Banking Finance on December 26, 2009 at 12:30 pm

The State Bank of Vietnam decided December 25 to keep the prime interest rate for dong deposit accounts at 8 percent.

Transaction conducted at an Asia Commercial Bank branch in Ho Chi Minh City.

Other interest rates remain unchanged compared to last month. 

The refinance interest rate is set at 8 percent per annum and the discount rate at 6 percent. The overnight rate in inter-bank electronic payments, and the rate of loans to finance balances in clearing transactions between the State Bank and commercial banks are all 8 percent per annum.

The decision will take effect as of January 1, 2010.

The bank said the management of basic interest, refinance and discount rates will be flexible in 2010 to keep market interest rates at reasonable rates to facilitate mobilization of funds and achieve growth targets. 

In 2010, the State Bank is aiming for a credit growth rate of 25 percent, lower than this year’s 37.73 percent.

The bank’s governor also asked commercial banks to provide loans to agricultural, forestry and aquaculture enterprises. 

Source: SGGP Bookmark & Share

Central Bank maintains prime rate at 7 pct

In Vietnam Banking Finance on September 29, 2009 at 1:56 pm

The prime rate will remain unchanged at 7 percent, the State Bank of Vietnam has announced.

At an Orient Commercial Bank branch in HCMC (Photo: SGGP)

Also from October 1, its refinance and rediscount rates for credit organizations will remain unchanged at 7 percent and 5 percent respectively.

The overnight lending rate for inter-bank electronic payments will remain at 7 percent a year. 

Meanwhile, some banks said exporters have been selling an increasing quantity of foreign currency, helping restore the balance between supply and demand.

Source: SGGP

China says on track for eight pct growth in 2009

In World on September 11, 2009 at 5:43 pm

China said Friday it was on track to achieve its target of eight percent economic growth in 2009 as a new flood of data suggested that massive stimulus spending was paying off.

Investment on fixed assets in China’s cities was steady in August but exports for the first eight months of the year fell more than 20 percent, indicating that government spending is now the main prop to growth.

“The data from January to August has laid a good foundation for realising the eight percent economic growth target for the full year,” Li Xiaochao, a spokesman for the National Bureau of Statistics (NBS), told a press conference.

“So far, the main reason why the overall economy is stabilising and starting to recover is that we adopted the stimulus package to expand domestic demand.”

Retail sales, the main measure of consumer spending, rose 15.4 percent in August compared with the same month last year, the government said. In July, the figure was up 15.2 percent from a year earlier.

High rise buildings seen under construction in Shanghai

The consumer price index, the main gauge of inflation, fell 1.2 percent in August year-on-year, the NBS said in a statement.

August’s inflation figure was the seventh consecutive monthly decline, and compared with a 1.8 percent decrease in July.

But Li sounded a note of caution, saying China has “a lot of work to do” to reach the eight percent growth threshold — which is seen as vital to maintain job creation and thus stave off social unrest.

Growth in some industries was still slow, the official said, with China’s export-driven economy suffering fallout from the global crisis.

Before the crisis struck, the country had experienced double-digit annual growth from 2003 to 2007 and again in the first two quarters of last year.

That had slowed to 6.1 percent in this year’s first quarter, before a pickup to 7.9 percent in the second quarter.

Last year, China unveiled a four-trillion-yuan (580-billion-dollar) stimulus package aimed at boosting domestic demand as exports plunged and economic growth slowed.

On Thursday, Premier Wen Jiabao said China’s recovery momentum was “not yet stable” and that it was too soon to back away from the stimulus policies.

Exports for the first eight months of 2009 stood at 730.7 billion dollars, down 22.2 percent year-on-year. But the monthly figures showed some improvement with August exports at 103.7 billion dollars, up 3.4 percent from July.

China’s trade surplus in August totalled 15.7 billion dollars, up from 10.6 billion dollars in July.

Industrial output expanded by 12.3 percent in August from a year earlier, compared with a 10.8 percent expansion in July. Electricity output rose for the third straight month as factories cranked up activity.

Investments in urban fixed assets rose 33 percent in the first eight months of the year, on a par with growth of 32.9 percent in the January-July period.

Analysts said the numbers had beaten market expectations but China was not yet out of the woods.

“I think that the data is stronger than expected but I would argue for caution, because activity collapsed this time last year and comparisons against last year will always be favourable,” Ben Simpfendorfer, a Hong Kong-based economist at Royal Bank of Scotland, told AFP.

“There was a worry that the fiscal stimulus was fading in the second half but the stable fixed asset investment data should ease those concerns,” he said.

UBS China economist Wang Tao said: “The trend is quite clear — the underlying economy is improving and economic activity will continue to increase.”

New loans rebounded in August to 410.4 billion yuan after falling to 355.9 billion yuan in July, as lenders continued to pump money into the economic recovery effort, and easing fears of tighter credit.

“The solid bank lending is consistent with assurances from senior officials in recent weeks that they intend to keep policy accommodative in the near term,” said Brian Jackson, a strategist at Royal Bank of Canada.


Source: SGGP