Vietnam Aims at Faster Economic Growth, Bad Debt Cut to 2.9%

Tuan Minh

17:22 20/10/2015

BizLIVE - The Vietnamese government has planned to beef up economic growth in the coming five years. Gazprom seeks to distribute liquefied natural gas to Vietnam’s southern provinces.

Vietnam Aims at Faster Economic Growth, Bad Debt Cut to 2.9%

The Vietnamese government has planned to beef up economic growth in the coming five years.

Vietnam Govt Targets Economic Growth of 6.5%-7% in 2016-2020
Vietnam’s economy is projected to grow 6.5%-7.0% in the next five years, higher than an estimated expansion of 5.88% in the 2011-2015 period, Prime Minister Nguyen Tan Dung has said.
The nation’s gross domestic product per capita is aimed at $3,750 in the 2016-2020 period and $2,450 in 2016, PM Dung said in a report at the National Assembly’s plenary meeting which started Tuesday.
Vietnam Cuts Bad Debt Ratio to 2.9% in September: Govt Report
The bad loan ratio of the Vietnamese banking system has been lowered to 2.9% in September 2015 from 17.43% three years ago, Prime Minister Nguyen Tan Dung has said in a report.
The reduction of the bad debt ratio was attributed to local commercial banks handling non-performing loans themselves and the role of the central bank-run Vietnam Asset Management Company (VAMC), the prime minister said in a report at the ongoing parliament sitting.
Central Bank Limits Usage of Foreign Currencies within Vietnam
The State Bank of Vietnam, the country’s central bank, has issued a regulation limiting the usage of foreign currencies in the Vietnamese territory in a bid to tackle the “dollarization” and ease the demand for the U.S. dollar.
Circular 16 dated October 19 allows resident and non-resident institutions to use foreign currencies in the Vietnamese territory while individuals are disallowed. The bank will consider approving firms involved in the security, national defense and oil & gas sectors to use foreign currencies.
Vietnam, Thailand Businesses Discuss Cooperation
Vietnamese and Thai businesses discussed ways to boost cooperation among them at the second congress of the Business Association of Thai Viet Nam (BAOTV) held in Udon Thani Province on Sunday.
The association has helped many Vietnamese and Thai enterprises explore business opportunities in the two countries during its six-year existence, the association’s Chairman Nguyen Quang Trung said.
Gazprom Mulls over LNG Storage Facilities in Southern Vietnam
Russia’s gas giant Gazprom met with Dong Nai provincial authorities on October 19 to show the company’s plan to build a liquefied natural gas (LNG) terminal to supply the liquid to the southern provinces.
Vietnam Slashes Petrol Prices
The Vietnamese Ministries of Finance and Industry and Trade cut the domestic retail price of gasoline by 136 dong, bringing it to 18,003 dong (80 U.S. cents) per liter as of 3 pm Monday, marking the 14th adjustment of petrol prices this year.
However, the diesel price increased by 222 dong to 13,945 dong (61 cents) per liter. The price of kerosene also rose by 279 dong per liter to 13,004 dong (57 cents), while the price of fuel oil climbed 445 dong per kilogram to 9,887 dong (43 cents) per kilogram.
Vietnam Central Bank Chief Holds Talks with Tony Blair
State Bank of Vietnam Governor Nguyen Van Binh received UK former Prime Minister Tony Blair, who is on visit to the Southeast Asian country as Chairman of the Office of Tony Blair.
Governor Nguyen Van Ninh highly valued the support of the office for the Vietnamese government and the bank in foreign investment attraction, public-private partnership and the overhaul of state-owned companies.
MobiFone Joins Retail Market
MobiFone, Vietnam’s second largest mobile network operator after military-run Viettel, has entered the retail market with the opening of its first high-tech device store in Ho Chi Minh City on October 19.
The firm has plans to expand into retail, cable TV and multimedia channels in the future, and this outlet is the first step, said General Director Cao Duy Hai.
Da Nang City Eyes Osaka Air Service to Boost Tourism
A delegation of the central city of Da Nang will discuss next month the launch of an air route connecting the city with Japan’s Osaka to bring more Japanese tourists to the Vietnamese hub.
Japan is the third-largest source of international tourists for Da Nang city, after China and South Korea, according to the municipal Department of Culture, Sports and Tourism. The city welcomed around 45,000 Japanese visitors in 2014, a sharp rise from 26,000 in 2012.