Keangnam Vina to Give up Operation, Management, Maintenance Services at Keangnam Tower
March 29, 2012 (Vietnamica) – Korean FDI Keangnam Vina has asked Hanoi People Committee to replace them by other building operation, management, and maintenance services provider by April 1. This decision is resulted from long-standing dispute between Keangnam Vina and residents of Keangnam Tower over service fees. Keangnam Tower is one of the highest, best quality, and most expensive building in Vietnam (VnExpress, Mar 28).
March 28, 2012 (Vietnamica) — A central bank circular said the State Bank of Vietnam will recapitalize weak banks that are insolvent and that may threaten the security of the banking system through a special mechanism (Reuters, Mar 28).
March 27, 2012 (Vietnamica) – “Vietnam’s central bank may remove a ceiling on deposit rates in June or July,” State Bank of Vietnam’s Governor Nguyen Van Binh told the media (Reuters, Mar 26). “The central bank also aims to cut the rate ceiling by an average 1 percentage point each quarter or sooner if liquidity improves and inflation continues to slow,” he added (VnExpress, Mar 25).
Vietnam: FDI, Trade Deficit Fell in Q1.2012March 26, 2012 (Vietnamica) — Foreign direct investment (FDI) inflows into Vietnam in the first three months of 2012 fell 0.8 percent from a year ago to US$2.52 billion. FDI, overseas remittances and aid funds are key sources of foreign exchange for Vietnam to offset its trade deficit, which is expected to be more than US$10 billion this year. Vietnam’s trade deficit in the first quarter ended March fell to US$300 million from a gap of US$3 billion in the first three months of 2011 (Reuters, Mar 26).
March 26, 2012 (Vietnamica) – A project of “National Coffee Cluster” has been submitted to the Government by the privately-run Trung Nguyen Coffee. The new agro-industrial prototype is expected to increase the country’s coffee export revenue to US$20 billion, ten times higher than current level. In addition, sustained growth of coffee industry would create five to six million jobs. To this end, a role model will be carried out at EaTul commune, Cu M’Gar district, Dak Lak province this year.
March 25, 2012 (Vietnamica) — Vinacafe Buon Ma Thuot, which was named the world largest coffee bean exporter by International Coffee Organization, is reportedly unable to pay its debt of VND2,000 billion, or US$95 million (VnExpress, Mar 25).
