Business

Vietnam’s richest people have an average income of almost eight times that of the poorest, a government survey has found. The richest group, defined as the 20% of the population with the highest income, had an average income of VND10.23 million ($436) a month last year, according to the Citizen …

The Dung Quat oil refinery is set to get a US$1.2-billion upgrade and expansion, which will increase its capacity from 148,000 barrels a day to 171,000. The expansion will use 10.6 hectares of existing land inside the plant and another 41 ha to be acquired. The government will infuse equity …

National Citizen Commercial Bank plans to seek shareholders’ permission this month to sell 203 million shares, equivalent to a 11% stake, of Bamboo Airways. Some of the shares were pledged by property developer FLC as collateral for loans. FLC and its disgraced former chairman, Trinh Van Quyet, who is in …

The State Bank of Vietnam is urging banks to further reduce loan interest rates in the coming months, said its deputy governors Dao Minh Tu. At its urging, banks had recently cut both deposit and lending interest rates, he said at a regular government press conference on Friday, pointing out …

Taylor’s Education Group is considering selling a minority stake in a unit that owns private universities in Malaysia and Vietnam. The Loy family, which is behind the group, is working with a financial adviser on the potential stake sale in the unit, which comprises Taylor’s University in Malaysia and British …

Vietnam rice price was US$526 a ton on average in Q1 2023, 7.6% up year-on-year, which overtook Thailand to top the world. This is also the highest price in 2 years. Vietnamese 5-percent broken rice sells at $500 a ton, $50 more than last month, and the highest since April …

Over the past eight months Tan has had to mortgage his house and car and borrow money from relatives to repay bank loans. He had borrowed to buy lands and a villa in five provinces in the south. He owns residential and agricultural lands in Lam Dong, Binh Duong, Long …

The State Bank of Vietnam (SBV) has bought US$4.9 billion from commercial banks in the first four months to increase the national foreign exchange reserves. It bought nearly $1 billion last month alone, Ministry of Planning and Investment Nguyen Chi Dung said at a meeting Friday. VNDirect analysts forecast that …

The government has again proposed a policy to tax owners on second properties in a draft law submitted to the National Assembly. The proposal also states that a tax should be imposed based on how long the owner sells a property after acquiring it. It also says that property transactions …

Vietnam’s benchmark VN-Index dropped 0.03% to 1040.31 points Friday. The index closed 0.3 points lower after losing 8.51 points on Thursday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 11.37% to VND9.30 trillion ($396.60 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 20 tickers …