restructuring

Update news restructuring

Banks reduce cross-ownership

 VietNamNet Bridge – Only three pairs of commercial joint stock banks had cross-ownerships, down three pairs from 2012, said Governor of the State Bank of Viet Nam (SBV) Nguyen Van Binh.

Forestry sector told to focus on restructuring

 VietNamNet Bridge – Deputy Prime Minister Hoang Trung Hai has asked localities nationwide to focus on forestry restructuring by improving productivity, quality and value.

Challenges await banks this year

 VietNamNet Bridge – Bankers said 2015 will remain a challenging year though some banks have reported higher earnings and there have been more positive signs in the local economy.

Will Vietcombank take over Saigon Bank?

Vietcombank, one of five Vietnamese largest commercial banks has announced it will acquire another credit institution. Sources say the “other credit institution” could be Saigon Bank.

VN targets 2020 industrial nation status

VietNamNet Bridge – The industry and trade sector will be restructuring its organisation and operations in line with strategies to ensure national socio-economic development.  

Firms struggle to stay in business

 VietNamNet Bridge – The number of Vietnamese companies that have either been dissolved or have suspended operations in the first 10 months of 2014 increased by 9.3 per cent year-on-year to 54,333.

Gov’t changes mind about settling bad debts with state money

VietNamNet Bridge – In a last-minute move, the government has decided not to settle bad debts with money from the state budget, which had been suggested by the Ministry of Planning and Investment.

Vinalines restructuring gets a further boost

 VietNamNet Bridge – Strong measures are being proposed to put struggling Vinalines, once a leading player in the shipping business, back afloat.

Banks suffer to build risk funds

 VietNamNet Bridge – Several small Vietnamese banks have posted losses in Q2 after setting aside risk provision funds to control risks and push ahead with restructuring.

SCIC halfway home on state capital divestment

 VietNamNet Bridge – The State Capital Investment Corporation has announced it is considering completing divestitures at 290 state-owned enterprises valued at VND1.3 trillion ($62.8 million) this year.

Restructuring efforts see results

 VietNamNet Bridge – Efficient enforcement and financial administration are key in successful restructuring of public investment projects, Truong Van Vo, a NA deputy, tells Thoi bao Kinh te Viet Nam (Viet Nam Economic Times).

Vietnamese fleet incurs major losses

VietNamNet Bridge – Vietnam’s fleet of ships are incurring losses even though 80 percent of goods are carried by waterways and seaways.

PM gives go-ahead for Mobifone, VNPT split

 VietNamNet Bridge – Major mobile network operator Mobifone has split from the State-owned Viet Nam Posts and Telecommunications (VNPT), and is now under the management of the Ministry of Information and Communications (MIC).

Restructuring public investment continues to show results

 VietNamNet Bridge – Nguyen Quang Thai, a professor at the Viet Nam Economics Science Association, told newspaper Dai doan ket (Great National Unity) about the progress made towards restructuring public investment.

Banks put forward M&A plans

VietNamNet Bridge – Several banks have recently presented plans or expressed intentions to complete mergers even as the nation continues to speed up the restructuring of credit institutions.

BUSINESS IN BRIEF 4/5

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Banking reform should match international norms

 VietNamNet Bridge – Adopting international standards and limiting cross-ownership are among key measures that will ensure Vietnam's banking sector reforms are effective.

Forestry reforms necessary

 VietNamNet Bridge – Deputy Director of the Reform Steering Committee and Enterprises Development Pham Quoc Doanh spoke to Thoi bao Ngan hang (Banking Times) newspaper about agri-forestry restructuring.

MobiFone detaches from VNPT

VietNamNet Bridge – Prime Minister Nguyen Tan Dung has passed Vietnam Post and Telecommunication Group (VNPT)’s proposal to split its largest member unit MobiFone from VNPT as part of the latest restructuring draft plan of the VNPT.

PM addresses socio-economic issues

 VietNamNet Bridge – Prime Minister Nguyen Tan Dung asked ministries and localities to continue the comprehensive and effective implementation of socio-economic development tasks at a Government meeting in Ha Noi yesterday, April1.