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Vietnam Giant Shipbuilder Unveils Wrongdoings: Govt Official

Officials from the loss-making Vietnam Shipbuilding Industry Corporation (Vinashin) have made up false reports to the government to conceal the group’s wrongdoings and financial losses.

Risks Still Latent to Vietnam Economy, National Assembly Says

The National Assembly (NA) said Vietnam’s economy still has latent risks though the gross domestic product growth would reach 6.7% this year, surpassing the NA’s target of 6.5%.

HCM City CPI Up 0.45% in Oct: Report

Ho Chi Minh City’s consumer price index in October is estimated to have increased 0.45% from September, supported by higher prices of beverages and cigarettes, the municipal Statistics Office said.

Hanoi Oct CPI Likely to Hit 8-Month High at 1.22%

Hanoi’s consumer price index in Oct is estimated to have risen 1.22% from Sept, the highest rate since March, driven by higher prices of food and foodstuff services amid the 1000th anniversary of Thang Long.

Vietnam Moving on 6.5% Growth Target This Year: World Bank

Vietnam’s economy has bounced back quite rapidly and the country is on track to achieve the GDP growth target of 6.5% this year, compared to 5.3% last year, the World Bank said in a report.

WB Urges Vietnam to Boost SOEs Reform

Vietnam should have a mechanism to control capital usage and effectiveness of state-owned enterprises (SOEs) to avoid economic instability, WB Director Victoria Kwakwa said, taking Vietnam Shipbuilding Industry Corp (Vinashin) as an evident example.

ADB to Fund $40M to Support Vietnam SMEs

Board of Directors of the Asian Development Bank (ADB) Tuesday approved a $40 million loan agreement on supporting Vietnam’s small and medium-sized enterprises (SMEs).

ADB to Grant $1M to Road Transport Development in Vietnam

The Asian Development Bank (ADB) has agreed to provide a $1 million non-refundable loan to help Vietnam to increase efficiency in road transport management and attract investment for road transport projects.

World Bank Estimates Vietnam 2010 Trade Deficit at $10.8B

Vietnam is estimated to incur a trade deficit of $10.8 billion this year, compared to last year’s figure of $8.3 billion, the World Bank said in a report released on Tuesday.

Central Bank Affirms No Dong Devaluation Plan

The State Bank of Vietnam (SBV) has affirmed the central bank has no plans to adjust the exchange rate between U.S. dollar and Vietnamese dong, though the local currency has been falling on the unofficial market.

Vietnam to Fine Banks Violating Dollar Sales Rule

The State Bank of Vietnam, the country’s central bank, will penalize commercial banks that are selling U.S. dollar at prices beyond the ceiling rate by imposing other charges, state media reported.

Vietnam Becomes Target of Int’l Card Crime

The rate of forged transactions by cards in Vietnam was three times higher than the regional average, local newswire VnExpress reported, citing Nguyen Thu Ha, chairman of the Vietnam Banking Card Association.

Oct 19: Vietnam Shares Decline; Further Losses Worried

Vietnam’s shares continued falling streak today, with local investors selling on worries that prices may decline further in coming sessions as current damaging floods in the central region may accelerate higher inflation.

Vietinbank Posts Annual Growth Rate of 20%-30%

Vietnam Joint Stock Bank for Industry and Trade (CTG), or Vietinbank, had a compound annual growth rate of between 20% and 30% in recent years with a local financial market share of 12%.

Navibank Posts Pretax Profit of VND151B in Jan-Sept

Nam Viet Commercial Joint Stock Bank (NVB), or Navibank, said it made a pretax profit of VND151 billion in the first nine months of this year, fulfilling 43% of its full-year target.

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