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Italy's government approved a 2014 budget that will have "less spending, less debt and less tax" to help sustain a gradual economic recovery it hopes will start later this year.
South Korean contractor denounced for USD2.1 million debt refusal
VietNamNet Bridge – Thirty nine Vietnamese sub-contractors have
accused South Korea-owned Hyupjin Vina Company of refusing the debt of
VND44 billion (USD2.1 million), allegedly owed them.
Wall Street slumps, Dow hits one-month low on rising U.S. default concerns
U.S. stocks took a big hit Monday, with the Dow Jones Industrial
Average closing at a one-month low, as investors grew more worried about
a possible debt default in Washington.
Buying debts enables foreigners entering VN property market
VietNamNet Bridge – Why are the Vietnamese debts so attractive to
foreigners? The answer is that 70 percent of the debts have been
mortgaged by real estate products.
The major operation succeeds at 8/9 weak banks
VietNamNet Bridge – The compulsory restructuring of 8 out of the 9 weak banks has completed successfully.
BUSINESS IN BRIEF 7/9
Hanoi backs support industries; State petrol management may loosen; Hanoi hosts Vietnam-Japan Economic Summit; Car makers plead for Gov't help
EVN's debt increases to nearly VND10 trillion
The increase of coal and gas prices made input
costs of the Electricity of Vietnam Group or EVN rise by VND7.2 trillion
in 2013. In the first half of the year, EVN’s debts to the gas and coal
groups nearly VND10 trillion ($476 million).
Veteran ethnic singer facing mounting debt
Siu Black, a prominent Vietnamese popular singer from the Central
Highlands, has admitted that she in fact owes around VND10 billion
(USD476,190), not the recently announced VND2.5 billion.
Banks warned not to hide debt
The combined bad debts of BIDV, Vietcombank and Vietinbank reached
more than VND23.1 trillion (US$1.1 billion) in the first half of the
year, according to the composite mid-year financial report of the three
leading commercial banks.
Banks’ bad debts drop suspiciously
Finance reports released by commercial
banks showed that their bad debt ratios have fallen down to
below 3%. This spells that the Vietnam Asset Management Company
VAMC, established to help set banks free from bad debts, will have no
job to do.
Coffee businesses reveal debt woes
Domestic coffee businesses were preparing to report their bad debts to
the State Bank and related ministries by August 15, according to Nguyen
Viet Vinh, general secretary of the Viet Nam Coffee and Cocoa
Association (VICOFA).
VAMC may become out of work
VietNamNet Bridge – Experts have warned that the Vietnam Asset
Management Company (VAMC) may be “jobless,” because it may have no debt
to trade.
Lang Son: Couple goes into insolvency with tens of millions USD
VietNamNet Bridge – Lang Son Province Police on Sunday arrested a couple to investigate the act of appropriating property.
Many businesses died, arrears of tax reach over $3 billion
According to a report from the General Department
of Taxation, arrears of tax in the first half of 2013 reached VND64.632
trillion ($3.23 billion), up 32 percent compared to 2012 and 30 percent
over the same period.
BUSINESS IN BRIEF 24/7
Ways sought for homebuyers to access stimulus package; Saigon Newport expands wharfs, warehouses; M&A deal value surges five times
BUSINESS IN BRIEF 14/7
Bottlenecks in fight against sturgeon smuggling; Vietnam dragon fruit to go back to Taiwan; Pepper exporters running out of stock; FIEs suffer from dismal supporting industries; VinaPhone, Viettel launch mobile money transfer
Garment group to perform IPO in the fourth quarter
VietNamNet Bridge – The Vietnam Textile and Garment Group (Vinatex)
has completed the audit and business valuation for its first issue of
shares to the public (IPO) in the fourth quarter of 2013.
Young people fail to budget money wisely
VietNamNet Bridge – Pham Chi Mai, 26, has been struggling to pay off
her credit cards after an impromptu spending spree three years ago. The
money she has borrowed has now reached nearly VND100mil - rather a
lot of credit for someone her age
The tragedy of seafood exporters in southwestern region
VietNamNet Bridge - These days the number of seafood processing
workers in Tra Noc Industrial Zone (Can Tho City) and Trung Hoa
Industrial Zone (Ca Mau) have been reducing.
BUSINESS IN BRIEF 30/6
Cell phone export to UAE reaches US$1.36 billion; Garments and textiles to enjoy zero percent tariffs; Major infrastructure investment priorities discussed; SOE cutbacks expected as State tightens belt
