VietNamNet Bridge – It’s not the right time to find out who has to take responsibility for the unreasonable investment in the Vietnamese fleet, which has led to the disastrous consequences. It’s now the right time to find the way to rescue the huge assets which have been lost day by day, and save the crew members who have been trapped in both Vietnam and foreign countries. Experts say like any other industries, shipping business would see ups and downs. In 2006-2007, when the transportation demand increased sharply, ship owners and crew members lived well thanks to the sky high freights. The high demand then prompted investors to pour their money into the maritime transport. Ship builders continuously received orders and they had to work day and night to fulfill the contracts. Meanwhile, investors dreamed of earning big money from the then boisterous shipping market. However, the market has always been as changeable as the weather. When investors received … [Read more...] about Vietnam takes actions to rescue the slowly sinking fleet
Mortgage how to get approved
Realty market witnesses many projects change hands The property market witnesses many projects changing hands this January as companies are restructuring their investment portfolios. VinaLand, a real estate fund managed by VinaCapital, announced it had sold its stake in an office building project at 30 Nguyen Du Street in Hanoi after four years of investment. The entire stake of 65% that Vinaland held in this project was sold at US$3.3 million. The project was originally a three-star hotel, but then it was turned into a grade-C office building with some 2,240 square meters of floor space for rent. Also in the northern region, Thu Duc Housing Development Corp. (Thuduc House) has pulled out of the Dong Mai-Ha Dong project in Hanoi’s Ha Dong District after selling its stake in the project at VND80 billion. Similarly, the Malaysian-invested Perdana Parkcity has bought a 25% stake from its local partner to wholly own the Parkcity Hanoi project in Ha Dong District. With … [Read more...] about BUSINESS IN BRIEF 28/1
The first Chinese interest-rate cut in more than two years is a stark recognition that the world's second-biggest economy is in trouble. After years of piling ever more public debt onto the national balance sheet, it makes sense to have the People's Bank of China take the lead in propping up gross domestic product. Yet while today's benchmark rate cut should help stabilize growth, the move also adds to worries about looser credit that could pose risks to the global economy. Case in point: mortgages. Earlier this year, Chinese officials took several stealthy steps aimed at stabilizing the property sector and bolstering GDP growth. The China Banking Regulatory Commission loosened lending policies. Even before cutting the one-year lending rate to 5.6 percent and the one-year deposit rate to 2.75 percent today, the central bank had cut payment ratios and mortgage rates, while prodding loan officers to ease up on their reluctance to approve borrowers without local household registrations. … [Read more...] about Is China building a mortgage bomb?
Court hears appeal on Agribank corruption Pham Thi Bich Luong The Hà Nội People’s High Court started hearing an appeal yesterday on a high-profile corruption and economic mismanagement case at the State-owned Bank for Agriculture and Rural Development (Agribank) which resulted in the loss of over VNĐ2.425 trillion (US$106.6 million). The case involves 18 defendants, 13 of whom are former Agribank officials, while four others are former customs officers and one is a former company director. In a trial last December, Phạm Thị Bích Lương, 47, former director of the bank’s South Hà Nội Branch was identified by the Hà Nội People’s Court as the principal defendant. She was sentenced to 30 years in jail for violating lending regulations and abusing her position. She was also found as having joint responsibility in the misappropriation of VNĐ1.6 trillion from the bank and ordered to pay back this … [Read more...] about Social News 18/12
Add-on rooms put residents in peril Old residential buildings on Ha Noi's Nguyen Cong Tru Street. The safety of residents is threatened by the creation of extra "rooms" mostly carved out of balcony space, in residential buildings. Many extra rooms, mostly carved out of balcony spaces, have been built in resettlement and residential quarters in Ha Noi affecting the buildings' and people's safety, according to local authorities. Observations by the Vietnam News Agency's correspondent at the Den Lu 2 residential quarter in Ha Noi's Hoang Mai District showed that many add-on structures were built out of the apartment's balcony for several metres on the 17th and 18th floor causing dangerous conditions. Pham Vinh Quang, head of the E Building in the residential quarter, said that building the expanded parts seriously affected the building's safety. The management boards gave warning to the residents, but they still made it to have more space, he said. The same situation … [Read more...] about Social News 5/12