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Posts Tagged ‘tries’

State Bank tries to prevent banks from increasing their interest rates

In Uncategorized on December 16, 2010 at 10:04 am

The State Bank of Vietnam has ordered its branches to monitor all other banks that have an interest rate higher than 14 percent a year.

The State Bank is trying to prevent banks increasing interest rates

On Wednesday, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) raised its one month interest rate to 17 percent per year, which will apply from 8-10 December with deposits of more than VND100 million.  As soon as this happen, other joint stock banks, also changed their interest rates to 17.5 and 18 percent a year.

Specifically, the floating interest rate of 36 month deposit of a bank was rebounded up to 18 percent a year, for all deposits over VND5 million.

Ho Huu Hanh, director of the State Bank of Vietnam in Ho Chi Minh City, said he has asked four delegations to investigate the banks about the skyrocketing interest rate.

This discision immediately made some banks reduce their interest rate from 17-18 to 14 percent a year.

An official from Techcombank said, “That it had not increased the interest rate of savings deposit to 17 percent, but it was only a promotional program for those long term customers”.

Furthermore, the State Bank in Hanoi has expressed their disagreement with the rising interest rate, saying it that it gave some banks an unreasonable advantage, which may lead to unfair competition.

Techcombank’s action had lead to a movement of deposits from other banks, forcing them to elevate their interest rates.

Meanwhile, Nguyen Duc Vinh, general director of Techcombank, admitted his bank had not being able to anticipate this affect, and has promised to cancel the program.

After the meeting, thousand of banks, agreed to lower their rate to 14 percent a year.

A spokesperson from the State Bank said, “The inflation rate this year will not exceed 12 percent, so, there is no reason for banks to raise their interest rate to 17-18 percent a year”.

In a related move, the State Bank has pledged to provide loans to smaller banks. All these banks require is to present their credit contracts, to the State Bank, to approve their for loans.

However, a joint stock bank’s leader said, “Some small banks are afraid to borrow capital, because they will be closely monitored by the State Bank, and this will lead to the larger banks raising their interest rates again”.

Source: SGGP

Nation tries to reduce stunting malnutrition

In Uncategorized on November 12, 2010 at 1:58 pm

Thai govt tries legal moves to oust Reds from tourist hub

In Uncategorized on April 4, 2010 at 9:28 am

BANGKOK, April 4, 2010 (AFP) – Thailand’s government on Sunday said it would seek a court order to force anti-government protesters, loyal to ex-premier Thaksin Shinawatra, to end their crippling rally in Bangkok’s tourist hub.

The “Red Shirts”, who are demanding immediate elections to pave the way for the return of fugitive Thaksin, escalated their three-week rally a day earlier, massing in the capital’s main shopping and luxury hotel district.

Red Shirts supporters shout slogans during anti-government protests at a tourist hub in Bangkok on April 4, 2010. AFP photo

With businesses and tourism threatened, the government has banned the gathering under a strict security law invoked to cover the protests, and threatened protesters with a year in jail.

Deputy prime minister Suthep Thaugsuban, in charge of security, said the government would seek a court order to increase pressure on the Reds to leave after the weekend.

“Legal experts are drafting a request to submit to court tomorrow. When we have a court order the government will see what we can do,” said Suthep.

“We will avoid force which risks clashes. But we may have to send authorities to the site.”

Police said about 30,000 Reds, most of whom come from Thailand’s poorer rural northern provinces, have ignored the government’s warning to remain on Sunday.

“I am not afraid of being arrested and put in jail. I am sure I will have many people there with me,” said one defiant protester, Kampa Ngaokor, a 55-year-old farmer from the northeastern province of Chaiyaphum.

In a televised address, premier Abhisit Vejjajiva urged the Red Shirts to return to a protest site in the capital’s government quarter.

“(We) know that some people want the government to use tough measures but we are all Thai. The government will use international standards starting with soft measures,” Abhisit said.

Authorities are seeking to avoid a repeat of last April’s clashes with Red Shirts that left two people dead, six months after riot police took on the Reds’ rival Yellow Shirts in other bloody scenes outside parliament.

Thai society is split between Thaksin’s Reds, who accuse Abhisit’s government of being elitist and army-backed, and the Yellow Shirts, supporters of the country’s establishment who accuse Thaksin of gross corruption.

The Reds continued their demonstrations under sun umbrellas amid sweltering temperatures on Sunday, forcing many shopping malls to close for a second day and seizing up traffic in the district.

“We use our rights (to stay) under the constitution because this is a peaceful protest,” Red Shirt leader Nattawut Saikuar told reporters.

Police said some 60,000 protesters had filled the upmarket shopping area on Saturday, but tourists appeared largely unfazed, with some enjoying the rally’s carnival-like atmosphere with dancing and live music in the streets.

The military has mounted a heavy security response involving 50,000 personnel for the protests.

The Reds oppose the coup that toppled Thaksin in 2006 and say Abhisit’s government is undemocratic because it took office through a parliamentary vote after a court stripped Thaksin’s allies of power.

Thaksin, a billionaire former telecoms tycoon who lives abroad to avoid a jail term for graft at home, has regularly addressed the protesters via videolink, urging them not to back down.

The Reds have staged a series of dramatic stunts to press their demands, including throwing their own blood at Abhisit’s offices.

They rioted in Bangkok in April last year, leaving two dead and scores injured.

The Yellow Shirts’ protests precipitated the 2006 coup that deposed Thaksin, while their 2008 campaign led to a crippling nine-day blockade of the country’s airports.

Source: SGGP

Vietnamese fashion tries to crack domestic market

In Vietnam Economy on September 8, 2009 at 5:06 pm

Many garment businesses over the past few years have only focused on exporting clothes and forgot the potential domestic market of 86 million of people. Some companies have decided to crack the market, including Viet Tien.

A Viet Tien shop in HCMC (Photo: SGGP)

In the last five to ten years, the country has seen many new fashion labels which sit in consumers’ minds, like Ninomax, PT 2000, Blue Exchange, Viethy and Forci. However, most of them are just for the medium priced market for young fashion.

High and low ends of the market are currently flooded by Chinese goods and foreign high fashion businesses.

In spite of economic difficulties, the growth rate of domestic fashion consumption has been 25 percent up year on year.

This is a good sign for domestic businesses to develop in their own country. However, they have met a lot of difficulties.

First is materials, Vietnam has seriously lacked materials for domestic fashion commodities, as well as export items. The next problem is high expenditure for premises.

Experience from building the Viet Tien label

Being different from other export businesses, Viet Tien has focused on the domestic market besides exporting items like European style clothing, khaki trousers and shirts for men.

Viet Tien has aimed at men working in offices with high incomes. These product lines have had a steady stand in Vietnam.

The company is now the leading fashion house in Vietnam. Its products have been sold in 63 provinces and cities with over 1,000 shops and dealers.

Domestic growth of the company is 30 percent a year. In 2008, its domestic revenue reached VND450 billion (US$25 million). It is expected that this will rise to between VND600 to 700 billion this year.

Domestic consumption has played an important role in the company’s business and accounts for 40 percent of its total revenue.

The company hopes that by the end of this year, it will present a new fashion line for men with medium wages.

Viet Tien has also worked with other businesses to develop more brands, Vee Sendy for the youth, and T-up, a top-end male fashion line.

In 2008, the company bought the trademarks for two high fashion labels from Italy and the US, San Sciaro and Mahattan, to produce and sell in Vietnam.

Source: SGGP

Cambodia tries to minimise climate change’s affects

In Uncategorized on December 15, 2008 at 4:36 pm

Phnom Penh (VNA) – The Cambodian government is trying its best to join the international community’s efforts in minimising the global climate change’s affects, a Cambodian government official said.

Over the past years, the government has closely cooperated with UN agencies and international organisations in applying the Clean Development Mechanism (CDM) in Cambodia, Secretary of State of the Ministry of Environment Prach Sun told a last weekend’s forum in Phnom Penh.

CDM is one of the most important standards required by the government in licensing new projects, the minister said.

So far, Cambodia has carried out five projects aimed at reducing greenhouse gas missions.

The government has also carried out many programmes to raise the Cambodian people’s awareness about affects and dangers caused by climate change as well as enhance their responsibility in protecting environment. –