The use of forged and stolen international payment cards has increased sharply in Viet Nam, bankers admit. Le Thanh Ha of the Bank Card Association (BCA) 's Viet Nam Bank Card risk Management Subcommittee told Lao Dong (Labour) newspaper that the number of frauds had soared since early this year while the value of illegal transactions rose from US$1 million in the first quarter to US$1.5 million in the second. The amount in the same period last year had been just a third, he said. A report on fraudulent transactions by Visacard said for every $100 paid in the first quarter of 2011, 16.5 cent had been illegal, and the ratio rose to 42.1 cent in the second quarter. The BCA said the figure was nearly five times the world rate, and 17 times the region's. One of the most common forms of fraud in Viet Nam is through the use of forged cards and those altered with illegally obtained payment card account data, something contrary to global trends, Ha said. Around 350 counterfeit … [Read more...] about VN credit card fraud rises to highest within region
Domestic high risk merchant account
VietNamNet Bridge – Most Vietnamese exports to China, either through official channels or across the border, have been meeting obstacles, except for rice. Experts question why this is happening. Advisor to the Vietnam Food Association (VFA) Truong Thanh Phong said Chinese merchants have been stepping up rice imports from Vietnam recently. This has led to a domestic rice price increasing rapidly in recent weeks. The Can Tho port area in the Mekong River Delta is very bustling with over 30 ships going in and out. They ship rice to the border gates where rice is carried across to China. Chinese businessmen are buying as much as Vietnamese farmers can provide. The high supply has made domestic 5 percent broken price soar by VND200 per kilo to VND8,300 per kilo. The phenomenon, in the eyes of the VFA advisor, is “abnormal”. Meanwhile, Vietnamese businessmen believe that Chinese merchants are trying to collect rice because of the tension escalating in the East … [Read more...] about Experts question motivation behind China’s big rice purchases
Kiosks’ coercive removal conducted in Tan Son Nhat Airport vicinity The owner of a kiosk in Truong Chinh street removes goods after authorized agencies conduct coercive removal measure The People’s Committee of Tan Binh district yesterday organized the coercive removal of kiosks located in military land adjacent to Tan Son Nhat International Airport, Truong Chinh street, HCMC. The owner of a kiosk in Truong Chinh street removes goods after authorized agencies conduct coercive removal measure The district People’s Committee has announced that August 31 is the deadline to dismantle the kiosks, which owners refused to remove although their land lease contracts have expired. The majority of the kiosks’ area is within the boundary of second metro line Ben Thanh-Tham Luong. The kiosks have mainly been used for selling pottery products, ornamental plants and fish. Previously at a … [Read more...] about Social News 17/9
Vietinbank pledges $81.9m for highway Vietinbank will provide VND1.72 trillion (US$81.90 million) in funding for a national highway project of the HCM City Infrastructure Investment Joint Stock Company (CII) in Ninh Thuan Province. The amount included loans and guaranteed money, Le Quoc Binh, CII general director, said in a news release on Monday. In a comprehensive co-operation agreement signed in October last year, the bank pledged to help provide capital for the company and its member units. The company's shares yesterday slid VND200 to stand at VND21,600 per share at the HCM City Stock Exchange. Latex processor opens in Binh Phuoc Binh Phuoc Rubber Company opened a latex processing plant yesterday in Dong Phu commune of the southern province of Binh Phuoc. The 16ha plant is equipped with advanced technology capable of processing 7,500 tonnes of latex per year. Investment will total about VND115 billion (US$5.4 million). More goods flow through Da Nang The central city's … [Read more...] about BUSINESS IN BRIEF 22/8
In China, the invisible hand of the market sometimes needs help from the iron fist of the state. That’s certainly true after a meltdown vaporized $3.5 trillion in the value of shares traded on the Shanghai and Shenzhen exchanges. President Xi Jinping’s government isn’t being subtle in its campaign to reflate the bubble it had a big role in creating. The government has suspended initial public offerings and eased rules on margin loans, even allowing investors to use their homes as collateral to borrow money to buy stocks. On June 27, the People’s Bank of China cut its benchmark interest rate and the amount of reserves certain banks are required to hold. Days later, it offered financial support to a group of 21 brokerages that have pledged to buy 120 billion yuan ($19.3 billion) worth of shares and hold them for a year. On July 8, China’s securities regulator banned major company shareholders (those with stakes exceeding 5 percent), corporate executives, and … [Read more...] about Who blew up China’s stock bubble?