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Posts Tagged ‘rush’

Foreign lenders rush to raise registered capital

In Uncategorized on January 8, 2011 at 4:26 am

While local lenders gained a one-year extension for the deadline to raise their registered capital, foreign-owned banks are on a rush to increase the capital in accordance with the Law on Credit Institutions.

A foreigner waits outside an ATM booth in Ho Chi Minh City (Photo:Minh Tri)

Prime Minister Nguyen Tan Dung has approved the proposal requiring local lenders to raise registered capital levels to VND3 trillion (US$153.9 million), by Dec. 31, 2011, the State Bank of Vietnam said on its website last week.

Commercial lenders took a breath of relief on the fact that the central bank extending the deadline to raise registered capital by one year to ease pressure on banks having difficulty meeting higher requirements.

Foreign-owned banks, meanwhile, are in a race to either reduce the outstanding credit or add more capital in an attempt to meet the new requirement, experts said.

According to the Law on Credit Institution, foreign banks are not allowed to offer a loan which is worth 15 percent higher than its registered capital.

A Vietnam branch of a foreign bank said in spite of its registered capital of $15 million only, it could support projects worth $50 million thanks to the mother bank’s large capital.

But according to the requirement of raising registered capital levels, they can loan around $1-2 million only.

The State Bank of Vietnam early this week granted permissions to three foreign lenders to raise their capital.

Among those banks are Taiwan-based Hua Nan Commercial Bank increasing its registered capital to $65 million from $15 million, Taiwan-based Chinatrust Commerical Bank raising to $50 million from $15 million and Japan’s Mizuho Corporate Bank to $133.5 million from $15 million.

An official of Korea Exchange Bank said the bank will surely have to raise capital as 60 percent of its clients borrowed more than $4 million for each. 

Financial experts said foreign lenders with high foreign currency liquidity have an edge over local banks. Therefore, asking them to raise capital will prompt to a shortage of foreign currency, the expert warned.

“Borrowers struggling to get foreign currency loans from foreign banks will switch to local lenders, pilling up pressures on the country’s foreign currency supply,” an economist said.

“The National Financial Supervisory Commission proposed the government to set up credit limits for foreign banks, instead of their branches in Vietnam,” said Dr. Le Xuan Nghia, vice chairman of the commission.

Statistics show Vietnam has 71 foreign credit institutions with 48 representative offices. Their total asset this year reaches more than VND420 trillion, increasing 30.8 percent year-on-year and making out of 11.25 percent of the banking system’s total asset.

They mobilized nearly VND364 trillion, a year-on-year increase of 33.8 percent, and loaned more than VND230 trillion in the first ten months of the year. 

Source: SGGP

Fans to rush to Malaysia

In Uncategorized on December 16, 2010 at 9:37 am

Fans to rush to Malaysia

QĐND – Friday, December 10, 2010, 20:54 (GMT+7)

Hundreds of Vietnamese football fans are planning to fly to Malaysia to encourage their national team at the first leg of the semi-final of the ASEAN Football Cup 2010 (AFF Suzuki Cup 2010) to be held at the Bukit Jalil Stadium, in Kuala Lumpur.

Vietravel, a large travel agency in Vietnam, has hired two aircraft from Vietnam Airlines to bring these fans to Malaysia for the event. The one day tour to Malaysia costs 8.9 million VND from Ho Chi Minh City and 9.9 million VND from Hanoi.

On this occasion, the travel agency also sells three or four day tours to Malaysia. All tourists will be provided with bands, flags and T-shirts to encourage Vietnam’s team.

The Hanoi Redtour Travel Agency has also introduced tours to Malaysia to visit the country and watch the semi-final. Each tour will last four days and cost US$469.

The number of passengers taking tours to watch the football match in Malaysia keeps increasing, according to travel agencies.

Source: Vnexpress

Translated by Duy Minh

Source: QDND

iPhone triggers videogame gold rush

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

VOV’s traffic information to be televised at rush hours

In Uncategorized on July 3, 2010 at 4:08 pm

VOV’s traffic information to be televised at rush hours

QĐND – Saturday, July 03, 2010, 21:1 (GMT+7)

VOVTV channel will broadcast traffic information presented by reporters from different locations in Hanoi at rush hours (6.30am-8am, 11am-12am and 4.30pm-6pm) as from July 10.

The people of Hanoi will be able to see the traffic flow and make a choice of the most suitable routes to avoid congestion on the road.

Vu Minh Tuan, Director of VOV Traffic Information Channel and Deputy Director of VOVTV, said there will also be other TV programmes showing Vietnamese film producers at work along with interesting stories about their shoots.

Source: VOV

Source: QDND

A rush of holiday makers return to cities

In Uncategorized on May 5, 2010 at 8:35 am

Holiday makers had to make a lot of exertion to reach tourist spots or return home and again had to face miserableness  to come back to the city. 

The Liberation Day and May Day fell on the weekend hence government workers and laborers had at least three days off for vacation.

Most of transport companies operated a huge additional bus trips but still could not meet demand. After bringing passengers to the city, the buses hurriedly left for picking up travelers in provinces.

Buses from Mekong Delta provinces of Long An, Tien Giang, Dong Thap and the southern province of Ba Ria – Vung Tau, the south-central coast province of Binh Thuan and more were overloaded with people.

The increase of buses to help holiday makers come back to the city resulted in traffic congestion on the National Highway 1A which is the major route from neighboring provinces to the city.

The similar situation also occurred in Hanoi.

Traffic was blocked at bus stations like My Dinh, Nuoc Ngam because a massive number of people crowded on the streets to catch buses, taxi and taxi-motorcycles.

The bus fare has remarkably increased by 50-100 percent for routes from provinces Tuyen Quang, Thanh Hoa, Nghe An and others to the capital.

Buses of transport private enterprises stopped on the way to illegally pick up too many passengers and speeded along the roads dangerously, several passengers complained.


Source: SGGP

Farmers enjoy sugar rush

In Vietnam Economy on March 17, 2010 at 2:48 am

Farmers enjoy sugar rush

QĐND – Tuesday, March 16, 2010, 20:43 (GMT+7)

Farmers in the Mekong Delta provinces are rushing to plant sugarcane following the recent sharp increase in prices, and observers say it may lead to abundant supply this year.

From 850 VND-900VND per kilo in November 2009, the prices have shot up to 1,200-1,450 VND at present, as sugar mills struggle to get raw materials to meet their installed processing capacities.

The director of a sugar mill in the Mekong Delta said his factor had a processing capacity of 3,500 tonnes of sugarcane a day, but was only able to get 2,000 tonnes so far.

Nguyen Van Son, deputy director of the Can Tho Sugarcane and Sugar Company, said sugar mills had to compete with each other in buying sugarcane due to a shortage of the material, pushing up its price.

Several sugar mills had been forced to scale down production or even suspend operations due to a shortage of material, he said.

The situation has encouraged many farmers to return to sugarcane cultivation, after suffering losses in previous harvests.

Pham Thanh Son, head of Department of Cultivation in Soc Trang province, said as planned, Soc Trang would have 12,200ha devoted to sugarcane cultivation this crop.

But the current price hike had encouraged farmers to expand cultivation, Son said, noting that though the crop had just begun, as many as 7,000ha of land in the province had already been planted with sugarcane.

Nguyen Phuoc Hung, a farmer in Soc Trang province’s Cu Lao Dung district, said: “I have returned to sugarcane cultivation since its price has increased strongly in recent times.”

However, he was also worried that the current high prices would not stay for long. If the price drops, he will incur heavy losses as in previous years.

According to the An Giang Province’s Department of Agriculture and Rural Development, the province plans to have 15,000ha of sugarcane this year, an increase of 3,000ha over the last crop. But the real cultivation area this year could be much higher since farmers had tended to plant more areas with the crop, he added.

According to latest estimates, the sugarcane area in the Mekong Delta has increased by at least 30 percent over last year, when the region had 52,000ha under cultivation.

Source: VNA

Source: QDND

Borrowers rush to pay off loans

In Uncategorized on December 9, 2008 at 5:13 pm

HCM City (VNA) – Many borrowers who took out high interest rate bank loans months ago are seeking credit on the black market to pay off their loans before their maturity date.

With interest rates on bank loans as high as 18 percent to 21 percent several months ago, borrowers are looking to the black market for loans at an average of 0.5 percent per day (12 percent a month).

Two months ago, Nguyen Thi Thanh Mai of Hanoi ’s Dong Da district borrowed 100 million VND from Hanoi ’s Techcombank at an interest rate of 21 percent per year for a six-month term and she has paid the interest for two months and will have to continue to pay about 7 million VND for the remaining four months.

“I borrowed 100 million VND from the black market on a seven-day term. With such an interest rate, I had to pay a total of 3.5 million VND only. Then I used the money to pay my loan four months ahead of schedule at Techcombank,” she said.

Like many others who have borrowed from the black market, Mai went to a Commercial Bank, Agribank, to take advantage of interest rates that have dropped sharply in the last few weeks.

Her loan at Agribank, at 14 percent interest per month, will be used to pay off her black market loan.

Mai is only one of hundred of individuals and enterprises nationwide who are taking out loans on the black market.

One black market loan dealer, who requested anonymity, said that many companies had been asking to borrow money to pay bank loans before maturity.

He said they often accepted hot loans at interest rates of between 0.5 and 0.7 percent per day and with terms of five to seven days.

To qualify for the loans from the black market, borrowers must use as collateral their ownership certificates for houses or cars if they want to borrow at least 300 million VND.

Several websites have been set up that give information about acquiring loans from the black market.

In mid-October the bank loan ceiling rate was 21 percent per year, falling to 15 percent in late November.

The average interest rate on bank loans has dropped and is now an average of 11 percent.-