The ratio of bad debts at a number of credit institutions in HCMC in 2011 was still high, or even sharply rose compared to the previous year, said the central bank’s HCMC Branch. The branch unveiled the above information in a review report on last year’s performance and this year’s operation orientation. As per the report, the fifth-group debts – seen as the worst non-performing loans –... 

Locals on Wednesday still rushed to buy gold to wish for good luck on the occasion of the God of Wealth Day, the tenth day of the Lunar New Year. According to local folklore, the God of Wealth returns to heaven on the tenth day of the first lunar month every year. Vietnamese people consider this the God of Wealth Day, thus often buy gold to wish for good luck and prosperity. Saigon Jewelry Holding... 

The local market made a slight gain in the third straight rising session on Wednesday given sudden late rebound of some large caps. The VN-Index rose 2.7 points, or 0.7%, from the session earlier to close at 390.67. The market opened just into the black and fell sharply from the second phase. Having hit a low of 383.05 points, it reversed direction and recovered all the lost ground before closing... 

The Ministry of Finance will start restructuring the insurance market this year, with an aim to promote the development of healthy insurers and consolidating weaker firms as part of the drive to stabilize the financial market. The ministry is compiling a set of criteria to assess and categorize insurance companies into four groups, with specific management and supervision measures for each group. The... 

Vietnam’s business confidence index (BCI) has decreased sharply from 123 points in the third quarter of 2011 to 116 points at present. This is the result of a survey conducted by WVB Financial Intelligence Services (WVB Vietnam) from December 15, 2011 to January 16, 2012 at 158 businesses operating in 11 major industries and leading the country in terms of property, total revenue and number of staff. Nearly... 

Gold hiked to VND100,000 on Thursday, jumping to VND45.4 million a tael (1.2 ounces), as global price rose. Saigon Jewellery Company, the biggest gold processor and trader in Vietnam, collected the metal at VND45.1 million and sold at VND45.4 million as of 10 am Vietnamese time. Sacombank Jewellery Company bought gold at VND45.1 million and sold at VND45.4 million as of 10:05 am Vietnamese time. Hanoi-based... 

Analysts believe that with the new strict regulations on the import procedures, the automobile market in 2012 would have no room for unofficial car imports, while the market would witness the establishment of massive official authorized dealers. The Circular No 20 released by the Ministry of Industry and Trade, which, according to the ministry, aims to re-establish the order on the car import market,... 

There has been a slight increase in business confidence and outlook among European enterprises in Vietnam, according to the EuroCham Business Climate Index survey announced on February 1. The results of the survey showed that the EuroCham business climate index rose to 56 points after dropping 11 points in the fourth quarter of last year. About 36 percent of surveyed businesses express pleasure at... 

Social networking titan Facebook filed to go public, seeking to raise $5 billion in the largest flotation ever by an Internet company on Wall Street. The paperwork for the initial public offering provided the first glimpse of the financial details of the Web giant launched eight years ago by Mark Zuckerberg from his Harvard University dorm room when he was just 19. Zuckerberg, in a letter to investors,... 

Fred Hochberg, President of the Export-Import Bank (Ex-Im Bank) of the United States and other high-ranking leaders of the bank will pay a visit to Vietnam from February 5-8. The three-day visit aims to seek opportunities for financial support for US high-quality goods and services in Vietnam. Accordingly, the delegation of the US finance organization will meet with Vietnam’s trade partners and...