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12:04 AM [Gabriel24] still on phone confirming...brb :)/>/>/> ok, xcan't confirm forex because it's been closed since thursday Euro is .37 though

12:07 AM [toni1960] Gabriel24 because of the holiday

12:07 AM [Gabriel24] yes

12:07 AM [toni1960] Gabriel24 ok thanks

12:07 AM [westf] so we waite til monday

12:07 AM [Gabriel24] all forex quotes are current as of wed night. Last trading close

12:08 AM [toni1960] oh ok when will they open

12:08 AM [Gabriel24] but i saw the vnd it a gigh of .39 euro on fri *************

12:08 AM [toni1960] westf duh monday right

12:08 AM [Gabriel24] high

12:09 AM [toni1960] Gabriel24 wow so thats good

12:09 AM [Gabriel24] closed at .367 or something like that so basically .37 rounded off

12:09 AM [toni1960] wow thanks

12:10 AM [westf] good

12:10 AM [Gabriel24] I'm just wondering why the VN CBI isn't showing anything that's what I'm trying to confirm

12:11 AM [toni1960] oh ok thats weired if the others are

12:12 AM [Gabriel24] hve to wait till monday and see what happens too many typos tonight

12:12 AM [msjeta1] doesn't Forex open tomorrow afternoon 515p est?

12:13 AM [toni1960] msjeta1 your right i think it does sunday right

12:13 AM [Gabriel24] must be that darn typo virus go around !

12:13 AM [msjeta1] so we only have to wait till tomorrow afternoon and pray we see something then

12:13 AM [Gabriel24] msjeta1 seems that way but it has been actively trading

12:14 AM [toni1960] msjeta1 i pray we see something

12:14 AM [msjeta1] Gabriel24 that really confuses me but it doesn't take much some times

12:15 AM [Gabriel24] toni1960 you and me both

12:15 AM [msjeta1] I don't understand how it can be actively trading in other places and not here

12:15 AM [Gabriel24] msjeta1 because the forex is closed :)/>/>/>

12:16 AM [toni1960] msjeta1 i know thats strange

12:16 AM [toni1960] Gabriel24 ok

12:16 AM [msjeta1] Gabriel24 if its closed here isn't it closed everywhere?

12:16 AM [Gabriel24] msjeta1 no, every country has their own system :)/>/>/> just like the stock market

12:17 AM [msjeta1] Gabriel24 oh so can they still keep it off our Forex?

12:17 AM [Gabriel24] msjeta1 yes

12:17 AM [msjeta1] Gabriel24 well thats just not fair we need to complain

12:17 AM [Gabriel24] if you go to netdamia and type in vnd/usd it will say wait

12:18 AM [Gabriel24] msjeta1 I agree

12:18 AM [msjeta1] Gabriel24 yes I did that

12:19 AM [Gabriel24] ok friends, need to walk the dogs. will try to get back in before chat closes :)/>/>/>

12:19 AM [whosonfirst] OK I don't want to be a Ney Sayer, BUT if its trading at say 5 cents in Europe, or $50,000 per million VND, why is that I can place an order on and buy a million for $53.00????

12:20 AM [toni1960] Gabriel24 thank you

12:20 AM [Gabriel24] whosonfirst .47 is 47 cents not 4.7 cents :)/>/>/>

12:20 AM [westf] Gabriel24 ty gn god bless you

12:20 AM [happyjack] whosonfirst good question...prolly cause it ain't changed

12:21 AM [Gabriel24] .047 is closer to 5 cents westf you as well my friend :)/>/>/>

12:22 AM [toni1960] whosonfirst thats a good price

12:23 AM [msjeta1] oh well it is what it is and it will rv when its time not until so think I will head for bed now cya tomorrow

12:29 AM [RicDavis] I don't think anything has changed on the VND. CoinMill is showing 1000 VND for $ 0.047 which is about 21,000 dong to the dollar ***********

12:29 AM [RicDavis] Hi toni/west

12:30 AM [toni1960] RicDavis oh ok thank you

12:30 AM [RicDavis] Oops. It just went up to $ 0.048 Thats going the wrong way

12:32 AM [toni1960] RicDavis it's moving

12:33 AM [RicDavis] toni1960 not much. Could just be a rounding factor

12:33 AM [toni1960] RicDavis it's to go down right

12:34 AM [RicDavis] Yep

12:34 AM [toni1960] RicDavis i hope it does

12:34 AM [Gabriel24] RicDavis RicDavis from coinmill: The exchange rate for the Viet Nam Dong was last updated on November 23, 2012 from Yahoo Finance. The VND

12:34 AM [RicDavis] NP Gabriel24 How much for 1000 dong?

12:35 AM [Gabriel24] Good thing I looked at this before i left the house

12:36 AM [Gabriel24] RicDavis they take thir quotes from Yahoo. forex was closed for the holidays. The USD rates are irrelevant :)/>/>/>

12:36 AM [RicDavis] This United States Dollar and Viet Nam Dong convertor is up to date with exchange rates from November 25, 2012.

12:37 AM [Gabriel24] RicDavis look at the second last line Anyhoo, dogs are looking at me funny . try to get back before chat closes :)/>/>/>

12:46 AM [da58] RicDavis what many are missing, and very very possible - is - foreign currencies tend to show 1,000 when it means 1.000. 1000 generally means 1.000 - and..if so - coinmill, which is showing the 1000 - .047 would coincide with the netdania and investingmsn sites exactly

12:46 AM [da58] which clculate to .47

12:47 AM [da58] calculate...sheesh...this wine doesn't spell too well1

12:48 AM [westf] da58 join the club tonight

12:48 AM [RicDavis] da58 You are probably right

12:48 AM [da58] westf I'ts a darn good club1

12:48 AM [toni1960] da58 amen !!!

12:49 AM [RicDavis] But that don't mean it won't happen

12:49 AM [westf] da58 you got that right and we have a good time too

2:49 AM [toni1960] RicDavis RicDavis hope to see it soon

12:49 AM [da58] RicDavis who knows...but - it's the only way I can explain this's the same with iraq - that zero being replaced by a period. not zero - I mean comma not a comma - a commie!!!

12:50 AM [toni1960] so is this all good or bad

12:51 AM [RicDavis] You want a prediction on the IQD rate?

12:51 AM [da58] not much - but makes em match.

12:52 AM [westf] da58 its round in here we don't have corners

12:52 AM [da58] sure - RicDavis waht ya say??

12:52 AM [toni1960] RicDavis sure

12:52 AM [RicDavis] $ 11+

12:52 AM [da58] RicDavis street?

2:52 AM [RicDavis] Any you want to know why

12:52 AM [toni1960] RicDavis that sounds good sure why

12:53 AM [westf] why

12:53 AM [da58] RicDavis street rate?

12:53 AM [toni1960] da58 street

12:53 AM [RicDavis] Exchange entity rate

12:53 AM [da58] RicDavis at least!!!!! ok - why?

12:54 AM [toni1960] i believe it will be high imo

12:54 AM [da58] me too

12:54 AM [westf] i don't care just get it done but high is better

12:54 AM [Gabriel24] IQD RV has to meet budget

12:55 AM [toni1960] and i believe we will see this by christmas

12:55 AM [RicDavis] I seem to remember from my old high school civics teacher that there is some Federal Law that the US Government can not make make money from the American citizens.

12:55 AM [toni1960] Gabriel24 true

12:55 AM [Gabriel24] A simple way of doing this is to take the debt owed and divide it by currency on hand

12:56 AM [da58] toni1960 I believe before tues

12:56 AM [westf] 4 min warning (till closing of room)

12:56 AM [swampyjackpot] RicDavis They won';t "make" money fromt he americqan Citizens... they will just tax them.

12:56 AM [RicDavis] Also as I remember about 2 years ago before most of the US soldiers left Iraq, Obama made a deal with Iraq to purchase the IQD for over $ 11

12:56 AM [toni1960] da58 i hope so

12:56 AM [toni1960] swampyjackpot so true

12:57 AM [RicDavis] And the US could cash in the dinars they hold for oil at $ 32 per barrel.

12:57 AM [Gabriel24] RicDavis that is correct. this is why the IQD could not RV before. the banks wantd over 10 RV rate

12:57 AM [westf] time to say gn god bless you all and as always go rv

12:57 AM [da58] the higher the group rate , the higher the deposits in wf...(I think it will be a neg thing - laid out on paper, based on what percentage you are willing to leave on deposit.. - the more you agree to leave - the higher your rate...

12:58 AM [RicDavis] So if the US Government (Exchange Entity) buys our dinars they would have to give us the same rate that Iraq will be giving the US

12:58 AM [Gabriel24] RicDavis depends on the spread

12:58 AM [RicDavis] Spread has nothing to do with it

12:59 AM [da58] why? cuz - fractional banking - is based on deposits in the bank ...and - china (wf) wants to desperately use fractional banking before year end..

12:59 AM [Gabriel24] toni1960 good night

12:59 AM [westf] gn toni


***********MOD NOTICE************

Because you obviously have no intention of complying with this forum's rules, your posting ability is disabled.

Edited by TexasGranny
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hhahhaa at 12 a.m. better put the drinks down ,,,, last i heard vietnam was pushing for all gold holders in the nam region { melt down your gold and buy the v,n,d, :blink: } w-t-flub Vietnam: Central bank wants people to “melt gold to get Vietnam dong” VietNamNet Bridge – It is estimated that 60 tons of gold has been sold, which is considered the result of a new policy on taking full advantage of the gold resource that the central bank attempts to pursue.

For a long time, people and analysts have been guessing wildly about the policies the State Bank of Vietnam would set up in order to mobilize the huge capital of 400 tons of gold from the public, after banks stop accepting gold deposits, slated for November 25.

Experts believe that the central bank “wants people to melt gold to get Vietnam dong,” which means it tries to encourage people to convert gold for dong, keep Vietnam dong instead of gold and put Vietnam dong into production or deposit at banks.

However, if the central bank really insists on going that way, if favorable conditions appear.

First, people would only convert gold for Vietnam dong when they feel safe when keeping dong. This can be obtained only when the inflation rate is curbed at reasonable levels, thus making the dong more attractive.

Second, it’s necessary to reduce the attractiveness of gold in the eyes of people, thus encouraging people to convert gold for Vietnam dong.

Regarding the inflation performance, experts say the high inflation rate has been curbed, while the dong/dollar exchange rate has been stabilized and the Vietnam dong interest rates have been attractive (the dong deposit interest rate is 7 percent higher than dollar deposit interest rate). This has led to a movement of selling gold for Vietnam dong.

In 2008-2010, the gold market regularly witnessed the gold price fluctuation, which prompted people to rush to buy gold to hoard up as their valuable assets. However, the long queue for buying gold now cannot be seen in front of gold shops anymore. Especially, people kept calm in the last two months, even when the gold price heavily fluctuated.

A report by the State Bank of Vietnam shows that commercial banks have reported the excess of gold purchase over sale of 60 tons over the last six months.

Since people decided to convert dollars for dong and convert gold for dong, the dong deposits at commercial banks have increased rapidly since the beginning of the year.

By October 19, 2012, the mobilized capital had increased by 14.02 percent in comparison with the end of 2011. Of this, the mobilized capital in foreign currencies had decreased by 1.55 percent, while dong capital increased by 17.52 percent.

As for the capital mobilized from the public, the mobilized foreign currencies had decreased sharply by 5.53 percent, while dong increased by 28.76 percent.

Analysts have affirmed that the high sale of gold (60 tons) and the movement of depositing Vietnam dong at banks both can show the rise of the local currency.

Regarding the measures to help ease the attractiveness of gold, experts think the State may decide to completely stop mobilizing gold from the public. If so, people would have to keep gold in their coffers, or leave it at banks and have to pay fee for gold keeping, instead of depositing gold at banks and enjoying interest rates for the gold deposits.

It’s very likely that the state management agency now thinks of proposing to impose VAT on gold, reasoning that gold is a kind of goods and it must be taxed like all other kinds of tax.

The agency may also think of imposing luxury tax, because gold is a kind of special commodity

news hound dudes

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The bank screens are bad enough, but when posted by a guy who goes by "Fast Eddie"...........

hold onto your wallets

I thought it was Phoenix27! How do you get fast Eddy? My tennis partner is fast Eddie, and I am glad he is fast, and has a great Kick serve!

I thought it was Phoenix27! How do you get fast Eddy? My tennis partner is fast Eddie, and I am glad he is fast, and has a great Kick serve!


I thought it was Phoenix27! How do you get fast Eddy? My tennis partner is fast Eddie, and I am glad he is fast, and has a great Kick serve!


Is this another I can see it, but nobody else can?

Oh, God, I am tired of me seeing those that others do not see. Is the VND the real thing????? I thought the IQD was the real thing! I know I am NOT rich yet. NOBODY wants my IQD (at the bank, at least),

Here is hope to holding out until the light in the tunnel is not an approaching TRAIN!


I only want the screen to tell the teller to give me MILLIONS!

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My worst nightmare...all these RVs are for nation to nation trades & after hour trades by the elite like Soros.

After they make their $Billions, the RV will become a LOP for the small investors. The big players always have access to after hours trading.

The small investor always gets screwed at the expense of a rigged game set in place for the big players like all the Soros' & Bush' of the world.

It wouldn't surpise me if we walk away empty handed after the basket of countries global re-set & all the Soros' & Bush' of the world inherit the world.

Just something to think about. Can anyone proove there are not two set of rules going into this investment?

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I can't get over that some peeps would even entertain the thought of $75 +/- of VN Dong (1 million) turning into $390,000 overnight!

On second thought, why not spend $900 more and gitya some deeenar!!! WooHoo!

Yeah, give me a break..."Fast Eddy" is a credible source???laugh.giflaugh.giflaugh.gif


Isn't that a general "life" rule to stay away from Fast Eddies?

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Better read this one first folks.

Banking must be reformed

December, 06 2012

(VNS) From the sidelines of the recent international conference about financial stability in East Asia, Vu Viet Ngoan, Chairman of the National Financial Supervisory Commission, spoke to the media about Viet Nam's financial restructuring as it works towards regional and international integration.

This was the first time the East Asia financial stability conference has been held in Viet Nam. How important is this to the country?

The conference clearly demonstrated the message Viet Nam wants to send to the region's financial community. As the Prime Minister Nguyen Tan Dung said, the Government is determined to reform the financial system in a safe and firm manner in order to create a foundation for growth and sustainable development.

The meeting also showed that the country is taking a responsible approach to these issues of regional and global concern.

With the conference taking place just ahead of the Consultative Group for Viet Nam's annual meeting, it provided a great opportunity for them to get a better understanding of the country's restructuring process and allowed us to progress together in further co-operation.

How close is Viet Nam to increasing its financial safety standards so that they align with the rest of the regional and international community?

Viet Nam, over the past few dozens of years, has implemented many reforms to align us more closely to international standards.

However, looking at the issue seriously, these standards are still far from Viet Nam's reach, especially following the world financial crisis in 2008-09, which led to a host of new financial reforms being implemented across the globe.

Viet Nam must urgently progress to keep pace with these new reforms, and apply international standards to the country's financial system as soon as possible.

I think that Viet Nam is yet to meet the criteria set by the Basel 3 (the International regulatory framework for banks).

Japan, Korea, Singapore and Thailand are among the countries that have succeeded in this. Viet Nam, Laos and Cambodia are still at the starting point, so the process must be sped up.

How do you evaluate the safety and stability of the financial system as well as of the credit institutions of Viet Nam?

At the end of 2011, the banking system was deep in difficulty. Many banks encountered with chronic bad debts, putting their liquidity at risk.

However, thanks to efforts by the Government and the State Bank of Viet Nam to inject capital to improve liquidity, stabilise weak banks and protect the rights of depositors, the situation seems to have improved greatly recently.

The most important task now is still resolving bad debts.

Many international financial organisations have said that Viet Nam still fails to have a breakthrough in the restructuring of the banking system? Do you agree?

It will take time for Viet Nam to resolve its bad debts, and a detailed strategy is needed.

The country is still implementing steps to identify risks. This is an important step before new measures are introduced to prevent similar risks in the future.

The National Assembly recently planned to reduce the ratio of bad debts to below 3 per cent, so progress is being made. — VNS


World Bank urges widescale reforms

December, 06 2012

HA NOI (VNS)— The World Bank yesterday warned that Viet Nam would continue to face many risks to its macro-economy stability, predicting the nation's real Gross Domestic Product (GDP) would close at 5.2 per cent at the end of 2012 instead of the planned 6.5 per cent.

Speaking at a press conference before the bi-annual Consultative Group meeting, to be held in Ha Noi next Monday, Deepak Mishra, leading economist for the bank in Viet Nam, said the risks included high-core inflation and low levels of foreign-exchange reserves, a vulnerable banking sector – and delays in equitisation of State-owned enterprises.

This year's Consultative Group meeting will focus on the elements laying the foundation for Viet Nam's sustainable growth, which also includes discussion on the nation's land law and education reforms.

World Bank country director Victoria Kwakwa said donors considered land-law reform as the critical element for Viet Nam's inclusive and sustainable growth.

Kwakwa also noted that donors had been talking about making changes to the Consultative Group's platform as Viet Nam entered a new stage of development, noting that in the future it would move away from resources mobilisation to candid conversation on all solutions.

"It's more about policy dialogue, not so much about the money," she said.

Still, donors are expected to release a new funding commitment for Viet Nam in 2013 at the end of this year's meeting. Last year, donors pledged nearly US$7.4 billion in Official Development Assistance for the country. — VNS


Restructured state owned conglomerates still insist on pouring money into banks


VietNamNet Bridge – While a lot of institutional investors have got stuck with their investments in the banking sector, state owned conglomerates, which are undergoing the restructuring process, still want to “kick against the pricks.” After getting downgraded from an economic group to a general corporation put under the control of the Ministry of Construction, HUD, an urban area and housing development, has expressed its ambition to make investment in the finance, banking and insurance sectors. In its operation charter, HUD stated that with the investment capital of 3981 billion dong, it would still focus on developing houses, urban areas, industrial zones and trade properties. Especially, the state owned general corporation plans to jump into the fields of finance and banking. The ambition by HUD remains on paper, while it has yet come true. However, the plan drawn up by HUD shows that the finance and banking sector, in the eyes of investors, remains very attractive and it can bring fat profits. Though a lot of banks have been unprofitable or put under the special control by the State Bank, the banking sector has not become less attractive to investors as people thought. The noteworthy thing is that state owned giants still wish to make investment in the finance and banking sector, though the State Bank of Vietnam has requested its big conglomerates to gather their strength on their core business fields and withdraw from other investment projects.

Some try to get out, others attempt to jump in

A lot of big guys have been quietly withdrawing from the banking sector. The family of the companies relating to the Asia Commercial Bank (ACB) have withdrawn 4.5 trillion dong worth of capital from Kien Long Bank and Eximbank. The investors relating to the big guy Dang Thanh Tam have quitted Western Bank and Navibank. Meanwhile, Dang Van Thanh’s family members have left Sacombank.

The big businessmen decided to leave for many reasons. However, the most important one is the big problems of the banking system.

A lot of commercial banks have reported the sharp fall of 50 percent in profit. The bad debt ratio has been increasing, the lending interest rates have decreased, while the credit demand is weak,

Not only small banks, but the big guys like Vietcombank, Sacombank, ACB or Eximbank all have reported the profit decreases. A report by the HCM City Branch of the State Bank of Vietnam showed that the local banks’ profit in the first 10 months of the year was just equal to 28.5 percent of that of 2011.

Some commercial banks once reported huge profits for the last some quarters. However, Governor of the State Bank of Vietnam Nguyen Van Binh then affirmed that the banking sector’s profit was not higher than other business fields.

A recent report by the World Bank and IMF showed that Vietnamese banks still cannot meet all the requirements shown in Basel I. The State Bank of Vietnam has just set a modest goal that by 2015, Vietnamese banks would meet all the requirements of Basel I and strive to partially satisfy the requirements of Basel II

Despite the warnings, state owned general corporations and economic groups still invested 23,744 billion dong in securities, investment funds, insurance, banking and real estate in 2011, up by 3056 billion dong over 2010.


About 2013, excellent businesses also keep pessimistic


VietNamNet Bridge – The latest analysis by Vietnam Report has pointed out that most of the Vietnamese enterprises keep pessimistic about their business performance in 2013.

Vietnam Report on December 4 released the Policy Debate No. 6, a periodic policy research report. The research work is one of the preparatory activities for the official launching of the 2012 VNR 500 – the list of the 500 biggest Vietnamese enterprises, slated for December 11.

Most enterprises are meeting big difficulties and feel pessimistic about their business performance in 2013.

Up to 50 percent of the managers of V1000 enterprises (the 1000 biggest corporate income tax payers) said their business results in 2012 are worse than in 2011.

Only 19 percent said they had a better 2012 than 2011. Meanwhile, 100 percent of the enterprises in the finance and banking sector said 2012 was worse. Sixty percent of the enterprises in the material & construction sector said the same thing. Meanwhile, the proportions were lower in other business fields.

Especially, the enterprises believe that the situation would not be improved in 2013, which means that they would have to encounter with difficulties longer.

Fifty-five percent of enterprises believe that the conditions would not be much better in 2013. The number of businesses believing that 2013 would be worse is lower than the number of businesses believing in the opposite thing.

Two thirds of the polled enterprises said they do not think the national economy would recover in 2013.

Only 33 percent believe the national economy would begin recovering in the second half of the next year, and only one percent expects the recovery in the next six months.

As such, the optimism about the economic recovery has decreased if compared with August, when 60 percent of businesses said they hoped the economy would regain its strength in 2013 or sooner.

2013 would be another tough year for businesses

The uncertainties in the business environment, the declines in the consumption demand and the material price increases are the three biggest concerns for businesses in 2013.

Besides, the enterprises have also expressed their concerns about the policy changes and the difficulties in bank loan access in 2013.

However, though keeping pessimistic about the prospect of the national economy and the challenges awaiting them ahead, most of the enterprises have confidence on the government’s commitments to fight against inflation.

The enterprises said they have confidence on the Prime Minister’s message about the one-digit inflation in 2013, released when giving the interview to Bloomberg in Hanoi on November 28.

Only 19 percent of businesses think that the 2013’s inflation rate would be at two digit level.

Especially, up to 76 percent of businesses said they plan to borrow money from banks to run their production in 2013. The figure shows a considerable improvement in terms of businesses’ confidence in the banking system, if noting that 60 percent of CEOs said banks have not helped businesses in a survey conducted in August.

However, up to 50 percent of businesses said they would only rely on their own capital in 2013.

More than 90 percent of business managers believe that the restructuring has been undertaken at Vietnamese enterprises. The majority of enterprises plan to keep the same labor force and capital scale in 2013. The number of enterprises which plan to increase the labor force is three times higher than the number of enterprises which plan to cut down the workforce.


Despite big difficulties, multi-billion dollar projects still wait in line


VietNamNet Bridge – The year 2013 is believed to be the suitable time for starting up new urban area projects.

Huge project kicked off to welcome a new year

After getting license in March 2012, the joint venture between Japanese Tokyu Group and Vietnamese Becamex IDC in November 2012 kicked off the Sora Gardens I project, one of the three apartment blocks – the components of the Sora Gardens on the 110 hectare area in the new city of Binh Duong.

This would be a mammoth project with the total investment capital of 1.2 billion dollars.

The block is expected to provide a shopping mall and 413 apartments to the market, each of which covers an area of 70-100 square meters, not including the penthouses.

The start of the project is considered the only “light color” in the current dark picture of the domestic real estate market.

Hoshino Toshiyuki, General Director of Becamex Tokyu, said everything has got ready for the project. Besides the capital of its own, the investors would be financed by the banks from Japan.

Regarding the financial sources for the project, Nguyen Van Hung, President of Becamex IDC, the Vietnamese partner in the joint venture, said it would be impossible to implement big projects if just seeking domestic capital sources.

Why does Becamex Tokyu decide to start the project at this sensitive moment, when the real estate market is “hibernating”? Hoshino Toshiyuki also said that investors would certainly encounter risks in this period. The real estate prices have plummeted in Hanoi and HCM City, while real estate developers keep complaining about the unsalability.

However, the investors have every reason to keep their hopes. Binh Duong province, which has 28 industrial parks with the occupancy rate of 65 percent, is believed to still have high demand for real estate products. It is also expected that the administrative agencies of the province would relocate to the new city, which would lead to the strong development of the whole area.

Regarding the project implementation, the investors said the whole project would be completed within 10 years. Meanwhile, the Sora Gardens I would be inaugurated in the fourth quarter of 2014, while the sale would be opened in the fourth quarter of 2013.

Urban area developers get impatient

It is expected that some big urban area projects in HCM City and neighboring areas would resume in some days. These include the 900 million dollar international university urban area in Hoc Mon district in HCM City developed by Malaysian Bejaya Vietnam.

In the industrial province of Dong Nai, the Long Hung urban area developed by DonaCo.op is now under the construction. The investor said to date, 40 million dollars has been disbursed for the project implementation, which has been spent on site clearance and some infrastructure items.

The investor plans to deliver 500 apartments for resettlement by the end of the year. It would market some 2000 apartments by 2013, priced at 150 million dong at minimum, mostly targeting local buyers.

Besides the products in the resettlement area, the company would also offer the land plots next to the Long Thanh golf course to “explore the situation.”

These, according to DonaCo.op, would be highly profitable products when the Long Thanh – Dau Giay highway gets completed, slated for 2013. They would also help warm up the Dong Nai real estate market which has been quiet over the last year.

Meanwhile, the 600 hectare Can Gio urban area proves to be not lucky enough. Saigon Sunbay, the investor, is now still seeking other investors to join the project.


Enterprises say 2013 recovery impossible

Wednesday, December 5,2012

By Tu Hoang - The Saigon Times Daily

HANOI – Most large enterprises contacted in a latest survey of Vietnam Report Company said that the local economy would not recover next year and the situation would only get better from 2014.

According to the survey on the 2013 economic outlook through the eyes of leading enterprises, only 33% of respondents thought that the economy would recover in the second half of next year, while only 1% believed that the economy would be better in the next six months.

The belief in an economic recovery of leading enterprises has fallen compared to August, when up to 60% of enterprises said that the economic situation would improve in 2013 or sooner.

To conduct this survey, Vietnam Report Company reached 192 corporate representatives in the top 1,000 corporate taxpayers (V1000), top 500 largest companies in Vietnam (VNR500) and top 500 businesses achieving the fastest growth (FAST500).

Besides, up to 50% corporate leaders said that their business status this year is worse than in 2011. Only 19% said that their business and production situation is better than last year.

All representatives of the financial and banking sector pointed out that this year’s results were lower than last year while 60% in the steel and construction industry shared the same view. The ratios were lower in other sectors.

Up to 55% of enterprises said that the economy would not see much improvement in 2013. The number of firms forecasting a gloomy view next year was higher than those believing in a positive picture.

These figures show that the 2013 outlook report is not any better than this year in the eye of many enterprises.

Almost all the enterprises said that expenditure reduction contributed to their profits this year while just 45.8% gained profits from business and production. While enterprises in most sectors had profits from cutting expenses, many enterprises in the garment and textile sector said that they obtained profits due to business expansion.

This report is part of activities preparing for announcing the 2012 VNR500 ranking list on December 11.


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