Indian firm interested in BP’s Vietnamese asset sales; Life insurance market lifts in first half; Wire exports set to increase
 |
India
According to the Financial Times, ONGC Chairman R. S. Sharma and Indian Oil and Gas Minister Murli Deora would be in
Sharma said the issue would be brought into discussion with
BP intends to sell all of its assets in
BP’s Vietnamese assets are estimated at about 966 million USD.
BP has been operating in
BP has a minority stake in the 371km Nam Con Son pipeline connecting the field to onshore terminals, and controls a third of the Phu My power plant.
BP said it welcomes interests from any parties and will hopefully work towards a deal by the end of the year.
Life insurance market lifts in first half
The life insurance market in the first half of the year saw revenue gains of about 25 percent over the same period last year, according to preliminary statistics from the Vietnam Insurance Association.
Among the biggest gainers was Dai-ichi Life
Other insurance companies also reported strong growth in the first half of the year. ACE Life said new premium policies were up 40 percent, while Korea Life
AIA Vietnam also saw solid growth in premiums, as did Prudential Vietnam, which said its market share by premiums rose 27 percent in the first six months. It now has a market share (by premium revenue) of 40 percent.
Jack Howell, Prudential Vietnam’s CEO, said strong growth in the local insurance market was an indication of
Meanwhile, Phung Dac Loc, general secretary of the Vietnam Insurance Association, said there was still room for growth in the local insurance market.
At the moment, just 5 percent of the Vietnamese population has life insurance. It is estimated that 30 percent of the country’s population can afford to take out insurance policies.
There are currently 11 life insurance companies in the country. Only Bao Viet is home-grown.
Nguyen Quang Tung, general director of the Vietnam Investment and Development Bank’s insurance company, said his firm plans to expand its life insurance business by forming joint ventures with foreign partners.
Wire exports set to increase
Increased global demand for electric wire and cable in the automobile industry is tipped to boost exports in the third quarter of this year, the Ministry of Industry and Trade said.
Vietnamese electric wire and cable is sought after because the quality is good and the price competitive, the ministry said.
Imports of materials to make electric wire and cable increased sharply in May and the price of the material also increased, which was expected to push up the price of exports.
In the first five months,
The two largest importers were
Africa and the
The sector has room for growth and will benefit from support policies, such as reduced export fees and red tape, the ministry said.
Producers should use local material to cut production costs and invest in research and production technology to add value to products.
Higher fees for late payment of Govt debt loans
Borrowers of money sourced from the Government’s foreign debt will be charged a late fee equal to 150 percent of the interest due on their loans from Monday, August 1.
The present penalty is 130 per cent of the prevailing interest rate.
The decision to tighten the criteria for loans to financial institutions and provincial People’s Committees is embodied in Decree No78/2010/ND-CP which was signed on July 14.
The purpose of the decree is to promote effective spending.
“I think the higher late-payment-fee is to remind borrowers of the need to improve the profitability of each borrowed penny,” Central Institute for Economic Management dep-uty director Vo Tri Thanh told the English – language daily Vietnam News.
A member of another Hanoi-based economic think-tank, who asked to remain anonymous said the decision seemed essential after spending violations such as those by the Vinashin Business Group.
The new decree regulates three types of fees which, unlike previously, are based on the type of borrowings rather than the value of the loans.
Borrowers from Overseas Development Assistance loans will have to pay a fee equal to 0.2 percent of the debt balance; the fee for commercial and preferred borrowers will total 0.25 per cent of the debt balance.
The fee will not apply to provincial people’s committees.
Foreign lending parties will have responsibility for the collection of the second type of fee – the management; commitment; capital withdrawal; insurance and any other fees stipulated in the foreign loan.
The third type of fee – borrower payment of fees to intermediary banks, will remain subject to the latter’s regulations.
Electronic documents on auditor’s drawing board
The State Audit Office plans to have more than two-thirds of all the documents it sends to agencies and businesses transmitted electronically by 2015.
The office’s development plan to 2020 is intended to make it highly advanced and this included the application of modern information technology for all auditing, deputy auditor general Hoang Hong Lac told a workshop in
Total cost of the two-stage plan is estimated at 8.4 million USD, he said.
Phase 1, from 2011 to 2015, will cost 94.5 billion VND (5 million USD) and Phase 2, from 2016 to 2020, 65.3 billion VND (3.4 million USD).
The money would come from various sources including the State budget, cooperative sponsors and self-funding.
The plan also intends to have all State auditors and managers comfortable with the internet; 90 percent will have a desktop computer and 80 percent laptops, he said.
Emails would become the most frequent means of internal communication.
The plan, which also provides for upgraded and new internet infrastructure, was introduced at the workshop held to discuss strategic planning for the application of IT at the State Audit Office and to hear suggestions and comments about how this should be done.
The application of IT in the work of State offices is irresistible, said Nguyen Thanh Phuc from the Information and Communications Ministry.
“The State Audit Office’s plan is fundamentally in line with
Quach Tuan Ngoc from the Education and Training Ministry noted the plan would probably undergo change with implementation to make it more responsive to rapid technological innovation.
The Information and Technology Ministry’s IT department, the Finance Ministry’s IT and statistics department and the Education and Training Ministry’s IT department will help the State Audit Office implement the plan.
Financial officials of
The officials’ meeting formed part of a Vietnam-RoK policy dialogue programme, jointly organised by the Vietnamese Finance Ministry and the RoK Finance and Strategy Ministry.
In the storm of the global financial crisis in 2009, the Vietnamese Government deployed economic stimulus packages and generous financial and monetary policies as well as measures to ensure social welfare for its people, said Pham Van Ha from the Finance Ministry’s Policy Consultancy Group.
To deal with the post-crisis period,
In addition, the country will enhance the transparency of its financial market by completing the establishment of a real estate market as soon as possible and increasing the provision of information on the securities market, the official shared with other participants.
Meanwhile, Head of the Foreign Investment Management Agency of the Ministry of Planning and Investment Do Nhat Hoang unveiled the Vietnamese target of mobilising a total investment of 300 billion USD, with 33 percent of which coming from foreign investment in the 2011-2015 period.
Dr. Joo-Kyung Kim from the RoK Development Institute said his country is currently deploying a policy that seeks to monitor the liquidity of foreign currencies, axe bank interest rates, launch stimulus packages in a broad scope, increase support of small and medium-sized businesses, and strengthen banks.
He said his country drew a lesson from the global financial crisis that underscored the need to apply policies to control capital, manage foreign exchange reserve and cooperate financially with regional countries.
Banks finance offshore floating vessel renovation
A group of Vietnamese banks has agreed to finance the Singaporean PVKEEZ company’s project to revamp a floating production, storage and offloading unit of the Chim Sao oilfield in offshore
A contract on the 227 million USD loan, which has a term of six years with two grace years, was signed in
As the loan is the first for a foreign joint venture company in
PVKEEZ is partnered by the Oil and Gas Transport Joint Stock Corporation, EOC Limited, Ezra Holding Limited and KSI Production Pte. Ltd.
Source: VNA
Comments
You must be logged in to post a comment.
- Most Recent
-
Stranded Russian tourists to enjoy good hospitality
Saigon Cyclo Challenge to be held in March
Vietnamese boy wins global art contest
Suspect seized for hacking Vietnam's top net security site
Two wartime families bond!
Spurious gasoline: complete purge needed
Today’s festivals are destroying true festive spirit
Pizza with an Asian twist
12th grader dies in fall at school in Vietnam
Vietnam seeks foreign help in identifying bizarre skin condition
