Browsing All posts tagged under »Nguyen Duc Kien«

Fitch: Vietnamese banks’ ratings reflect heightened risks

October 24, 2012

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KUALA LUMPUR (Oct 24): Major Vietnamese banks’ ratings largely reflect difficult domestic operating conditions and other structural issues typically found in low-income emerging markets, according to Fitch Ratings. In a statement Wednesday, Fitch said that the outlook was stable, reflecting that the banks’ ratings in the single ‘B’ category were already among the lowest in […]

Vietnamese PM admits mismanaging economy, pledges to reform state-owned enterprises

October 22, 2012

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HANOI, Vietnam –  Vietnam’s embattled prime minister acknowledged Monday that he had mismanaged the country’s slumping economy, and he pledged to push forward with difficult reforms of bloated state-owned enterprises. Prime Minister Nguyen Tan Dung made the remarks at the opening of the national assembly, three-quarters of the way through what is turning out to […]

Vietnam’s leadership: “We forgive us”

October 18, 2012

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AT THE weekend a court in Ho Chi Minh City fined a mischievous drunk for causing public disorder while under the influence of alcohol. Pham Van Binh, a 43-year-old cycle-rickshaw puller, had climbed the bronze statue of General Tran Nguyen Han, a 15th-century warrior who fought Chinese occupation (pictured to the right). He had waved […]

Vietnam PM Keeps Post as Economic Struggles Continue

October 18, 2012

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HANOI, VIETNAM — Vietnam’s prime minister appears to have survived a leadership challenge this week over his handling of the poorly-performing economy. Communist Party officials ended any speculation that Prime Minister Nguyen Tan Dung might lose his job when they concluded a top-level party meeting on Monday. The 175-member party central committee met for two weeks […]

VIETNAM: Price to pay

October 16, 2012

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Following a stint as one of Asia’s hottest emerging markets, Vietnam was forced to take a reality check when its bubble burst. Four years on, the convulsions are no less severe Although she already has a decent job as an accountant at a logistics company in Hanoi, Trinh Thi Huyen is looking for extra work. […]

Bad reviews for Vietnam’s one-man show

October 15, 2012

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Today marks the end of a much anticipated meeting in Vietnam, once the roaring tiger of the Asean group, and a growth rival of Thailand less than two years ago. The sixth meeting of the 11th Communist Party of Vietnam Central Committee (CPVCC) opened on Oct 1 and has been widely watched by the world […]

Bad debts from gold loans warned

October 8, 2012

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The ratio of bad debt on the total outstanding loans in gold has been increasing rapidly, experts have warned. The State Bank of Vietnam (SBV) initially intended to submit to the government the plan on mobilizing gold from the public in the second quarter of 2012. However, to date, the draft plan has not yet […]

From Tiger to Pussycat: How Vietnam’s Economy Got Off Track

October 1, 2012

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Almost exactly two years ago this week, Christine Gregoire, the governor of the U.S. state of Washington, was in Vietnam handing out french fries made from potatoes grown in her state at a Kentucky Fried Chicken outlet in Ho Chi Minh City. Gregoire, accompanied by representatives of more than 50 companies from home, was in […]

Moody’s Downgrades Vietnam on Bank-Related Weaknesses

September 28, 2012

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SINGAPORE—Moody’s Investors Service cut Vietnam’s credit rating further into junk territory on Friday, citing risks that the government will have to pump money into the country’s banks and the sector’s limited ability to support the economy. Moody’s downgraded Vietnam by one notch to B2 with a stable outlook and said risks to the rating were […]

Vietnam Starts Criminal Proceedings Against Gia, Lao Dong Says

September 28, 2012

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Vietnam has started criminal proceedings against Tran Xuan Gia, former chairman of Asia Commercial Bank, and three other officials for alleged economic mismanagement, Lao Dong newspaper reported on its website today. Gia and the three former vice-chairmen of the bank, Le Vu Ky, Trinh Kim Quang and Pham Trung Cang, allegedly violated state regulations on […]

In Vietnam, a free press can help curb corruption

September 24, 2012

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The arrest of banking tycoon Nguyen Duc Kien, one of Vietnam’s richest men, stunned many in the country. Kien was charged with serious illegal economic activities and is now also being investigated on charges of fraud and “deliberately violating state regulations”. There is widespread speculation on unofficial Vietnamese websites that Kien’s arrest is linked to […]

Tycoons trade offices for jail cells in power struggle

September 24, 2012

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Some of Vietnam’s newly minted tycoons are falling victim to a power struggle with ideological tinges within the ruling Communist party. In recent weeks, some of the country’s most prominent and successful businessmen have been rounded up by police, and now face various charges of corruption or illegal business activities. Among the targets so far […]

Top executives at Vietnam bank resign

September 20, 2012

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HANOI, VIETNAM — Three executives at a large Vietnamese bank have resigned amid a deepening probe into a scandal that has shaken investor confidence in the country. Asia Commercial Bank said late Wednesday it had approved the resignation of chairman Tran Xuan Gia and two deputies. Tuoi Tre newspaper reported a fourth executive currently at […]

Media Crackdown Intensifies

September 19, 2012

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Vietnam promotes an image of an open economy but is intensifying a crackdown on journalists and bloggers, says a report. AFP A Vietnamese internet user watches a blog video showing villagers clashing with police in a land dispute, May 7, 2012.  The Vietnamese government has stepped up a media crackdown by tightly monitoring journalists’ movements, […]

Disgraced Vietnam bank tycoon hit with new charges

September 18, 2012

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Vietnamese police said Tuesday they were pursuing more serious charges against one of the country’s top banking tycoons, whose arrest last month sent a shockwave through the nation’s financial markets. Multi-millionaire Nguyen Duc Kien is now under investigation for “deliberate wrongdoing causing serious consequences” and “fraudulence”, according to a statement from the Ministry of Public […]

Under fire, Vietnamese bloggers keep up dissent

September 13, 2012

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HANOI, Vietnam (AP) — Vietnam’s government has vowed to crack down on three dissident blogs, a move that appeared to backfire Thursday as record numbers of people visited the sites and the bloggers pledged to keep up their struggle for freedom of expression. Prime Minister Nguyen Tan Dung’s order for police to arrest those responsible […]

Viet Prime Minister Under Threat

September 6, 2012

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Intra-party rivals may pull him down Prime Minster Nguyen Tan Dung’s grip on Vietnam’s government is weakening. The Vietnamese premier is under attack by intra-party rivals who don’t like his rich friends and fault his management of the economy. If Dung goes down, important changes in Vietnam’s management of economic and social issues are likely […]

Vietnam Risks Biggest East Asia IMF Rescue Since 1990s

September 6, 2012

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Vietnam risks becoming the biggest East Asian economy to seek an International Monetary Fund rescue loan since the region’s financial crisis more than a decade ago as it moves to support a faltering banking system. The nation may need IMF aid to recapitalize banks and must act quickly to clean up bad debt or risk […]

In Vietnam, Message of Equality Is Challenged by Widening Wealth Gap

September 1, 2012

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HANOI, Vietnam — She wore a pink outfit and matching high heels as she toured the dusty construction site. Soon after To Linh Huong’s visit in April, photos that captured the moment went viral on the Internet, but not because of Ms. Huong’s sense of style. The daughter of a member of the Vietnamese Communist […]

Vietnam: the calm after the storm?

August 31, 2012

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After the arrest last week of the founder and chief executive of one of Vietnam’s biggest private banks sent shockwaves through the nation, rumours swirled earlier this week about which tycoons might be next. In a sign of the feverish atmosphere and the lack of trust in official information in Communist-ruled Vietnam, a number of leading businessmen […]

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