January 15, 2012
Vietnam may need to import US$2.5-billion in gold during 2012. The State Bank of Vietnam has allowed more than 10 companies to import a total 2.1 tons of gold for jewelry production, local media reported Friday. Some of the companies, including DI, Jewelpark Vina, Son Duong Vang, have been granted quotas to import more than [...]
Tags: companies, import, Last year, May Need, The Companies, The Gold, Vietnam, Vietnam May Need
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January 2, 2012
Vietnam will find it difficult to sustain into the new year the trade deficit reduction that it managed in 2011, given that it plans to reduce import tariffs on many products and that the ongoing global recession could hurt its exports, experts say. Vietnam’s trade deficit narrowed to US$9.5 billion from $12.4 billion in [...]
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November 23, 2011
The Vietnamese auto industry still has a chance to grow, an official says Falling import tariffs on cars will give local automakers a tough time in the next few years, and some may have to quit the business, said Le Duong Quang, deputy minister of trade and industry. “The car market has and will see [...]
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November 18, 2011
While laws on money laundering prevention are necessary in Vietnam, a bill drafted by the State Bank of Vietnam failed to clearly define laundering activities, lawmakers said at the National Assembly on Tuesday. Do Van Duong from Ho Chi Minh City said the bill needs to clarify the types of money laundering, which range from investment into hotels [...]
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November 14, 2011
A car factory of Truong Hai, a member of the Vietnam Automobile Manufacturers' Association. The Vietnam Automobile Manufacturers’ Association is opposing a ministeral decision that allows local car maker Hyundai Thanh Cong to import auto frames at lower tariffs than usual. According to the association, also known as VAMA, the Ministry of Science and Technology [...]
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November 12, 2011
Auto industry insiders say authorities have given an unfair tax advantage to Hyundai Thanh Cong, allowing the car maker to import whole frames at low tariffs applicable only to separate components. According to Hyundai Thanh Cong, which assembles and imports models of the South Korean car maker Hyundai, the company was allowed to import [...]
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October 8, 2011
A man sells petrol at a station outside Hanoi on September 22. The Finance Ministry has sent out inspection teams to look into oil product prices of Petrolimex, PV Oil and two other distributors. The losses or profits fuel importers make are not clearly accounted for and people are unhappy about this. If the accounting [...]
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September 18, 2011
Deputy health minister Cao Minh Quang Vietnam’s deputy health minister Wednesday denied accusations that he abused power to force a pharmaceutical company to lend him VND1 billion (US$48,000). Cao Minh Quang, deputy minister of the Ministry of Health, made the denial in an interview with the Tuoi Tre newspaper after several news sources reported that [...]
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August 31, 2011
Vietnam’s central bank said it will raise compulsory reserve ratios for foreign currency deposits from next month, the third increase this year as it strives to shore up the local currency and discourage the use of dollars. The move will effectively make it more expensive for banks to deal in dollars, which make up [...]
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August 27, 2011
In 1954, the year Vietnam was split in two by the Geneva Accords, Do Thi Mien bought her first gold ring with money she had earned selling grass to cow farmers. For more than 55 years, Mien remained a gold bug, like most of her compatriots, investing almost exclusively in the yellow metal. She [...]
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