Singapore bank opens branch in VN

HCM CITY — Singapore-headquartered DBS Bank opened in HCM City on Wednesday its first branch in Viet Nam.

In a release, it said it would support companies with business interests in the country by connecting them to the bank's extensive regional network and providing them trade financing, receivables financing, remittance, and cash management services and capital-market access.

While initially it will only cater to companies, it will later expand into personal banking.

Deals worth $240,000 signed in Vinh Phuc

VINH PHUC — Businesses signed contracts worth VND5 billion (over US$240,000) during the northern – economic-zone trade fair which ended early this week in Vinh Phuc Province.

The six-day event, part of the national Trade Promotion Programme 2010, attracted 80,000 visitors.

Displays included exhibits of agricultural and seafood products, construction materials, handicrafts and fine arts, furniture, electronics and IT equipment.

VN needs highly skilled accountants

HCM CITY— The Vietnamese economy needs highly skilled professionals in accounting, finance, and business management for a sustainable future, an Australian accounting expert says.

Rob Thomason, general manager of Certified Public Accountant (CPA) Australia, said a Vietnamese accounting industry with a strong adherence to ethics, transparency and reporting rigour would play a key role in attracting foreign investment.

CPA Australia recently held a seminar on accounting – and auditing-related problems in the post-crisis period for officials from various ministries, State accounting and audit agencies, universities, and companies in these sectors.

Imported food prices keep on soaring

HA NOI — Strong price increases of imported food have been registered in the domestic market since the beginning of October, particularly for chicken and beef imported from Australia, Argentina and the US, according to HCM City importers.

Chicken prices have increased by US$1,200 per tonne, a $400 increase against the same period last year.

Drug firms barred from raising prices

HA NOI — The Drug Administration of Viet Nam (DAV) has prohibited foreign firms from increasing drug prices till the end of 2010 in an aim to stabilise the domestic drug market.

Firms have also been encouraged to discount high-sales products.

Source: vnagency.com.vn