Business briefs

TN News

Email Print

* Vietnam Shipbuilding Industry Group is in talks with Mitsubishi Heavy Industries Ltd. and other foreign companies as it seeks to sell stakes in units to help pare debts and restructure operations. Vinashin, as the state-owned shipbuilder is known, is talking to Mitsubishi Heavy about a diesel-engine making unit in the northern port city of Hai Phong, Chairman Nguyen Ngoc Su said by phone Tuesday.

* India-Vietnam bilateral trade turnover has grown nearly 20 times by 2011, from US$200 million in 2000. Trade posted an increase of 42 percent last year, crossing $3.9 billion, with Indian exports growing by 33 percent and Vietnamese exports by 57 percent, Consul General of India in Ho Chi Minh City Abhay Thakur said in a statement.

* Vietnam, the world's second-largest rice exporter, shipped 627,000 tons in the first two months this year, a drop of 43 percent from the same period last year, according to a statement on the government's website. Rice exports may fall to 1 million tons in the first quarter, compared with 1.8 million tons a year ago, the statement cited Pham Van Bay, deputy chairman of the Vietnam Food Association as saying.

* A total of 62 out of 105 securities brokerages posted losses at the end of last year, Thoi Bao Kinh Te Vietnam reported, citing the State Securities Commission's Business Management Department.

* Vietnam's foreign exchange reserves at the end of February were up 20 percent from the end of 2011, helping to improve liquidity in the banking system and maintain a steady exchange rate. The State Bank of Vietnam said in a statement that it had bought foreign currencies to ensure the market balance. "The situation with liquidity in banks will improve... ensuring no pressure on inflation, no pressure on the foreign exchange market," the statement said.

* State-owned Agribank, Vietnam's largest lender by assets, said it aims to expand its operations and double its credit growth by 2015 even as it undergoes a partial privatization in line with government policies. The bank said it has projected annual credit growth of between 10 and 15 percent by 2015, after both lending and its total assets expanded around 7 percent in 2011.

* Aeon Vietnam Co Ltd, an affiliate of Japan's leading retailer Aeon Co, said the group's first shopping center would be built in Ho Chi Minh City, Vietnam News reported. Construction of the $109 million facility would begin this September and be completed by mid 2014.

More Business News