Nearly 12,000 firms established in November
HCMC – November saw 11,943 new enterprises established nationwide with total pledged capital of VND104.49 trillion, rising by 0.3% in number but down 30.3% in capital year-on-year, according to the General Statistics Office. The new market entrants registered to employ 74,000 workers, falling by
Vietnam-U.S. trade reaches US$115 billion in Jan-Nov
HCMC – The January-November period saw two-way trade between Vietnam and the U.S. hitting some US$114.9 billion, surpassing the 2021 figure by US$5 billion, according to the Ministry of Industry and Trade. The U.S. remains Vietnam’s largest export partner. Overall revenue for the 11-month period
Vietnam, South Korea upgrade ties to comprehensive strategic partnership
HCMC – Vietnam and South Korea have upgraded their relations to a comprehensive strategic partnership, paving the way for stronger cooperation between the two countries in the years to come. Vietnam’s President Nguyen Xuan Phuc, who is in South Korea for a three-day state visit scheduled to wrap
Yen Bai airport feasible for civil aviation development
HCMC – The northern upland province of Yen Bai has proposed the Ministry of Transport include a local airport in the national aviation development plan for 2021-2030, with a vision to 2050. Yen Bai airport is managed by the Ministry of Defense. Its 279.5-hectare area and 2,400-meter-long runway
Bac Ninh attracts over US$2 billion of FDI in 2022
HCMC – The northern province of Bac Ninh has attracted more than US$2 billion in new foreign direct investments (FDI). This year Bac Ninh has seen 124 new projects registered with a total investment of US$318.8 million, up 7.8% in the total number of projects. There have been 118 projects FDI
Central bank revises up credit growth limit
HCMC – The State Bank of Vietnam (SBV) decided last night (December 5) to increase the credit growth limit for this year by 1.5 to 2.0 percentage points, reversing its persistent stance on loan growth. With inflationary pressure on its mind, the SBV, the country’s central bank, earlier affirmed
Multiple violations detected in tourism projects
HCMC – The Government Inspectorate has inspected tourism projects under the management of the Ministry of Culture, Sports and Tourism and nine provinces and detected a series of violations. The Ministry of Culture, Sports and Tourism and the People’s Committees of nine provinces such as Hanoi,
Extra sugar import tariff quota allocated via auction
HCMC – The Ministry of Industry and Trade (MOIT) will auction an additional import tariff quota for 200,000 tons of sugar for the crop year 2021-2022. The type of sugar and quantity of additional import tariff quota for sugar would be 160,000 tons of raw sugar and 40,000 tons of refined sugar with
Vietnam’s President arrives in S.Korea for state visit
HCMC – State President Nguyen Xuan Phuc arrived in Seoul today, December 4, beginning a three-day state visit to South Korea at the invitation of South Korean President Yoon Suk Yeol. During the visit, the two presidents will hold talks and witness the signing and exchange of a number of
Bad debt skyrockets at banks
The banking system is facing a decline in asset quality as bad debt has ballooned since Circular 14/2021/TT-NHNN expired. However, they can overcome the hardships if they set aside enough provisions and succeed in managing credit risk when lending to high-risk sectors. Bad debt surges The Covid-19
Is it time to increase credit growth cap?
Though the central bank has shown no sign of revising the credit growth target of 14% for 2022, there is still room for increasing it amidst a soaring thirst for capital induced by a bond market crash. Why is credit expansion necessary? As a credit crunch can make the country’s post-pandemic
Risks on corporate leaseholders
The draft amendments to the Land Law are intended to limit options for one-time payment of land rent, and encourage annual rent payments instead. Such a change would ensure stable income and avoid losses for the State budget, but it poses risks to enterprises. In implementing the 2013 Land Law,
