Ayumi Konishi News
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Vietnam’s monthly inflation rate will “cool” this month compared with April as the government’s monetary tightening measures take effect, said Finance Minister Vu Van Ninh .
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Vietnam needs to reduce U.S. dollar transactions in its economy and restore confidence in the dong as faster inflation deters use of the local currency, said Ayumi Konishi , the Asian Development Bank’s Vietnam director.
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The Asian Development Bank agreed to lend Vietnam $540 million for the construction of a subway line to reduce traffic congestion in Ho Chi Minh City, according to a statement from the lender released in Hanoi today.
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Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company.
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Major state-owned Vietnamese companies are unlikely to face the same problems afflicting near-bankrupt Vietnam Shipbuilding Industry Group, according to the Asian Development Bank .
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Vietnam’s trade deficit widened in November from October, threatening to put pressure on the country’s currency, which has already been devalued three times in the past year.
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A Vietnamese minister said state- owned Vietnam Shipbuilding Industry Group, known as Vinashin, should make a $60 million debt payment on its own as the government offers to help the company become profitable.
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Vietnamese inflation slowed for a third month in June as food prices eased, giving the government room to keep prodding banks to reduce borrowing costs.
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