President of the Republic of Tatarstan Rustam Minnikhanov (Source: VNA) HCM City (VNA) – The Vietnam – TatarstanBusiness Forum took place in Ho Chi Minh City on November 20, attracting nearly50 business representatives from the two countries. Speaking at the event, President of the Republic ofTatarstan, Russia, Rustam Minnikhanov said Tatarstan and Vietnam, especially HoChi Minh City, have room for cooperation, especially in fields of Tatarstan’sstrength and Ho Chi Minh City’s demand such as machinery engineering, high technology,trade, tourism, education, culture and sports. Standing Vice Chairman of the municipal People’s CommitteeLe Thanh Liem lauded the initiative to hold the event in order to strengthenbilateral ties. He said the city highly appreciates foreign investment infour key areas, including food processing, chemicals-rubber, engineering, andelectronics - high technology. Russian Consulate General in Ho Chi Minh City … [Read more...] about Vietnam-Tatarstan Business Forum opens in Ho Chi Minh City
Businesses
Restructuring plan to end PetroVietnam’s non-core business
PetroVietnam will only focus on its five core business areas and withdraw from others, according to the group’s restructuring plan for the period of 2012-2015. PetroVietnam has proposed retaining a 20% stake in PVFC The group has been asked to send the project to the Ministry of Industry and Trade for appraisal before submission to the Prime Minister this month. PetroVietnam’s non-core business activities have proven inefficient, with many showing resulting in large losses. The firm has established too many affiliates, which has caused significant difficulties management, according to the Government’s report. Under the restructuring plan the group will concentrate on its five major business areas of oil surveying, exploration and exploitation, oil refining and petrochemistry, the gas industry, electricity and oil services. PetroVietnam will also withdraw from non-core investments, particularly in the securities market, real … [Read more...] about Restructuring plan to end PetroVietnam’s non-core business
BUSINESS IN BRIEF 20/11
Car lovers flock to Viet Nam Motor Show The 10th Viet Nam Motor Show 2014 (VMS) kicked off in HCM City yesterday and attracted 18 renowned automobile companies, the largest number of participants in any Vietnamese car show. The three-day event featured world-famous brands such as Ford, GM, Honda and Mercedes-Benz, as well as Suzuki, Toyota, Mitsubishi and Nissan. Audi, BMW and Jaguar Land Rover likewise attended. The show, which the Viet Nam Automobile Manufacturers Association (VAMA) organised, also introduced hundred of parts and accessories, as well as insurance and financing companies. It expects to attract 150,000 visitors. "We hope the show will be a real chance for auto marketing and serve as a place for auto makers to showcase their latest products and technologies, as well as get feedback from customers," said VAMA chairman Jesus Metelo Arias. Arias, also Ford Viet Nam's general director, added that auto makers would likewise be introducing the latest convenient and … [Read more...] about BUSINESS IN BRIEF 20/11
Congestion charge affects production and business activities: Expert
Major proposals of a project to restrict private vehicles in the centre of big cities would include a congestion charge. The restriction and applications of many fees would affect production and business activities of people, said Chairman of the Hanoi Transport Association Bui Danh Lien. Overcrowded streets in Hanoi According to the official, the requirement that only people who live in cities for at least five years are in cities are allowed to register their vehicles should be removed because this contradicts the Vietnam Civil Code. He also said that motorbikes should not be restricted in inner-city areas at the beginning of the project implementation to avoid possible impacts on production, study and social activities. The project’s regulation on the expiry date of private vehicle use duration should be carefully studied, he said, noting that, “The regulation should be only revised when necessary. Authorities should learn experiences from … [Read more...] about Congestion charge affects production and business activities: Expert
Economist: Debt deferment for businesses not a valid solution
Debt extensions for businesses will only prolong the existence of incompetent businesses, an economist said. Dr. Le Xuan Nghia Dr. Le Xuan Nghia, a member of the Advisory Council for National Monetary Policy, told DTiNews in a recent interview that it's vital to take measures to deal with enterprises’ bad debts in order to improve bank liquidity and help credit growth. Why is the country’s credit growth still lower than expected, despite decreased interest rates? Vietnam has experienced a decline in economic growth as a result of both the global economic downturn and risky domestic policy. The country’s fiscal policies have sometimes been too loose, and at others too tight. The country’s money supply grew by over 10% in 2011, while credit growth rate was only 12%. The situation has put the nation in capital deficiency, resulting in stagnation in the real estate, commodities and securities markets. Commercial … [Read more...] about Economist: Debt deferment for businesses not a valid solution