Việt Nam News

Việt Nam is expected to adopt International Financial Reporting Standards (IFRS) instead of the current Vietnamese accounting standards (VAS) by 2025 in its efforts to enhance comparability and improve transparency.

Stocks on the HCM Stock Exchange edged up in the last trading minutes yesterday, but the overall market condition was negative as investors remained cautious prior to year-end holidays.

Dung Quất Refinery is working with foreign oil groups to seek strategic investments for its privatisation, which is expected to be carried out in 2017.

The Ministry of Industry and Trade (MoIT) will tighten control over the fertiliser and petroleum markets in 2017 to limit fake products and frauds.

Bắc Ninh Province has gained US$26 billion from the export value of industrial products in 2016, largely because of foreign-invested information and telecommunication enterprises.

Following a sharp rise in the past few weeks, inter-bank rates have hit a 10-month high of more than 5 per cent per year due to decreasing liquidity in the banking system, said Bảo Việt Securities Co (BVSC).

A number of commercial banks have increased their Vietnamese đồng deposit interest rates by 0.2-0.4 per cent per year to attract depositors at year-end.

VietABank has offered a preferential loan totalling VNĐ500 billion (US$22 million) to support businesses in hi-tech agriculture.

Bảo Việt Group, listed on the HCM Stock Exchange as BVH, has become the first finance and insurance company in Việt Nam to earn revenues of US$1 billion.

The Hop Lun Vietnam Company Limited of Hong Kong (China) on Thursday started construction of a clothing factory in the northern province of Vĩnh Phúc.

Many banks won’t be able to offer loans despite the high demand for capital before Tết as they have used up their credit quotas, said Đầu tư Chứng khoán newspaper.

Việt Nam had a trade surplus of US$2.59 billion from the early this year until December 15, according to the General Department of Customs.

Sharply decreasing Liquid Natural Gas (LNG) output and increasing prices of new gas resources are forcing Việt Nam to look to increase LNG imports.

Risks that companies face while exporting and measures to mitigate such risks and collect overseas receivables were discussed at a seminar in HCM City yesterday.

Despite the many fluctuations of the world stock market, Việt Nam has maintained positive growth rates, as one of South East Asia’s five markets with the highest potential for development, said Vũ Bằng, Chairman of the State Securities Commission of Vietnam (SSC). 

The insurance market in Việt Nam is poised for robust growth in 2017, bolstered by the anticipated improved economic outlook, along with the Government’s policies of promoting the services market.

Shares declined yesterday on the two exchanges after foreign sells on heavyweight stocks reignited investors’ fears about a possible downturn.

The number of newly-established firms set a record in 2016, reflecting improvement in business confidence, following the government's efforts to boost reform.