debt

Update news debt

 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