The VN-Index has started the week on a positive note despite revelations over the weekend that more than US$12 billion dollars had been misapproprtiated from Saigon Commercial Bank over a ten year period. All-in-all the local index gained .22 percent to finished the day at 1,103.66, according to HoSE data.

Petrol trading regulations updated to allow retailers to buy from multiple sources

the-shiv November 20, 2023

Petrol retailers in Vietnam are now allowed to source petrol from up to three distributors as opposed to one previously, Doanh Nhan Vietnam is reporting. The changes are outlined in Decree 80/2023/ND-CP. Why it matters: Petrol shortages were common last year as oil prices spiked and prices set by the

Chinese tech manufacturer to set up shop in northern Vietnam

the-shiv November 20, 2023

HG Tech, a Chinese manufacturer that specializes in optical devices, lasers, sensors and car parts, is planning a US$50 million factory in northern Vietnam’s Bac Ninh province, The Investor is reporting. The factory is slated to cover five hectares and will supply an increasing number of HG Tech customers in

Real estate sector still struggling with more closures and layoffs

the-shiv November 20, 2023

Layoffs and closures in the real state sector are ongoing, The Investor is reporting. Specifically, Housing Development and Trading Joint Stock Company (HDTC) earlier this month announced it would furlough its workforce without pay until business picks up again. The Investors goes on to list several large real estate firms

Misappropriation of US$44 billion by bank exec. rattles Vietnam

the-shiv November 20, 2023

The chairperson of Van Thinh Phat, Lan My Truong, whose arrest last year resulted in a brief run-on Saigon Commercial Bank (SCB) with which she was heavily involved, embezzled between US$12 billion and US$44 billion, VN Express is reporting. Over roughly ten years, Truong embezzled the funds by writing fake