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* Vietnam will target cutting public investment by about VND80 trillion (US$3.88 billion) this year, the government said in a statement on its website on Wednesday. The cuts are equivalent to about 9-10 percent of total overall investment in the country slated for this year.

* The State Bank of Vietnam is purchasing US dollars to raise foreign exchange reserves, according to a central bank report. The central bank has bought as much as $200 million a day from banks, State Bank Governor Nguyen Van Giau said.

* State-owned companies have been ordered to sell all foreign currency deposited with banks from July 1. State-owned firms will also have to sell to banks any foreign currency they collect, according to a central bank statement.

* The State Bank of Vietnam has ordered lenders to set aside more dollar reserves for the second time in less than two months. The reserve-requirement ratio on US dollar deposits rose by 1 percentage point to a range from 4 percent to 7 percent, effective this month.

* Petrolimex, Vietnam's top oil importer and distributor, has received government approval to sell around 5 percent of its shares in an initial public offering, a government directive said. It gave no date for the IPO or details on possible foreign ownership.

* Total debts of state-run shipbuilder Vinashin reached VND96.7 trillion ($4.71 billion) as of December 31, 2009, about VND11 trillion higher than what the company had estimated, Lao Dong newspaper reported Thursday, citing an audit by the Government Inspectorate. Vinashin's total assets were VND92.6 trillion as of December 2009, Lao Dong said.

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