January 2, 2012
Tran Hoang Huy, Director of Huy Phat Company A senior customs officer has been suspended after a businessman complained about customs services in a letter to Vietnam’s finance minister earlier this month. But there’s no sign that the suspension will be followed by a punishment as the first investigation by the ministry concluded the official innocent, news website VnExpress [...]
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December 26, 2011
Vietnam raised electricity prices by 5 percent last Tuesday The Ministry of Finance said prices of electricity, coal, fuel products and public services, which are heavily subsidized by the government, will be determined by the market no later than 2013. Prices of these essentials will gradually be “given back to the market,” the ministry said [...]
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December 22, 2011
A Petrolimex gas station in Hanoi The Finance Ministry has found that major Vietnamese importers of oil products made smaller losses than they previously reported. Petrolimex, the largest fuel trader with a market share of around 60 percent, had reported losses of VND1.8 trillion (US$85.7 million) in the first six months. However, the actual loss [...]
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November 14, 2011
Workers at a ship yard of the Vietnam Shipbuilding Industry Group, or Vinashin. Many in Vietnam hope the government will pursue reforms that are broad enough and deep enough to fix debt-ridden state banks and rein in inefficient state enterprises (SOEs) such as Vinashin, which embarrassingly defaulted last year. After four years of economic instability, [...]
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November 5, 2011
Vietnam’s public debt will probably be higher than estimated, as the Ministry of Finance has missed including in its calculations several kinds of debt related to the government, lawmakers said at the National Assembly’s meeting on Friday. According to the National Assembly’s Finance and Budget Committee, their review showed that the country’s public debt will [...]
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October 15, 2011
Vietnam’s new cabinet makes a strong start with several “smart technocrats”, but economic woes and lack of transparency pose hurdles, according to analysts Residents fishing next to Han River bridge in central coastal city of Da Nang. New Transport Minister Dinh La Thang last week took the unusual step of firing the manager of [...]
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October 3, 2011
The DAX Index board is pictured at Frankfurt’s stock exchange August 5, 2011. Greece’s admission that it will miss its deficit targets this year and next despite harsh new austerity measures sent stock markets reeling on Monday and raised new doubts over a planned second international bailout. The gloomy news from Athens brought the specter [...]
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September 27, 2011
File picture shows Russian President Dmitry Medvedev (L) meeting with then finance minister Alexei Kudrin in May. The Kremlin on Tuesday faced warnings of trouble for the Russian economy after President Dmitry Medvedev ousted his finance minister in the most bitter public clash within the elite for years. Finance Minister Alexei Kudrin, who had been [...]
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September 22, 2011
Greece adopted yet more austerity measures on Wednesday to secure a bailout installment crucial to avoid running out of money next month, as the IMF warned that Europe’s sovereign debt crisis risks tearing a giant hole in banks’ capital. The Greek cabinet agreed to cut high pensions by 20 percent, put 30,000 civil servants [...]
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September 16, 2011
General view of the European parliament in Strasbourg, eastern France. The European Union moved closer on Thursday to toughening budget rules to punish overspenders after the EU Parliament and governments reached a compromise to prevent future debt crises. Governments that run excessive public deficits could face financial sanctions under the deal, although the measures would [...]
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