PRESS DIGEST - Vietnam newspapers - July 24

HANOI, July 24 (Reuters) - These are some of the leading stories in the official Vietnamese press on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

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FINANCIAL NEWS:

VIETNAM NEWS

-- The Hanoi Securities Trading Center .HASTCI has recognised Nam An Securities Co as its 82th member. The Hanoi-based brokerage has a registered capital of 140 billion dong ($8.5 million).

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TUOI TRE

-- Several collective funds collapsed on the unofficial credit markets in the central city of Danang in May and June as the real estate market came to a standstill, the State Bank of Vietnam's city branch director Vo Minh said.

-- Members of the Association of Garments, Textiles, Embroidery and Knitting in Ho Chi Minh City said their cost has sharply increased, including a 20-percent jump in raw material prices and a 20-percent rise in employees' salary.

-- The government would temporarily suspend licensing for new retail petrol stations along the border with Cambodia to prevent petrol smuggling.

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THOI BAO KINH TE VIETNAM

-- BIDV Insurance Company (BIC) has signed an agreement with Singapore's Ginga Vietnam Holdings Pte Ltd to establish BIDV Energy with a registered capital of $1 million, of which BIC owns 51 percent and its co-founder holds 49 percent.

-- Asia Commercial Bank ACB.HN has opened two offices in Ho Chi Minh City and the central highland province of Gia Lai, bringing its nationwide network of transaction points to 146.

-- Tuong An Vegetable Oil Joint Stock Company TAC.HM said its net profit in the second quarter of 2008 was 5.15 billion dong ($312.177), a sharp drop of 90 percent from 55.58 billion dong ($3.4 million) in the first-quarter.

-- Rang Dong Light Source and Vacuum Flask Joint Stock Company RAL.HM said its net profit for the second quarter of 2008 was only 11.6 billion dong ($703,158), 64 percent down from 32.5 billion dong ($1.9 million) in the first quarter.

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THANH NIEN

-- Song Da Financial Co, capitalised at 500 billion dong ($30 million), has been established by Song Da Corporation, Bao Minh Insurance Corp BMI.HM and partly private Military Bank.

-- Housing Investment and Development Company No.6 was fined 40 million dong ($2,424) for violations in issuing and selling shares, the State Securities Commission said.

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ECONOMIC AND GENERAL NEWS:

VIETNAM NEWS

-- Dao Huong group, established by an overseas Vietnamese, has decided to invest 29 million euros to build an instant coffee processing plant in Laos.

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NHAN DAN

-- Police have detained two Finance Ministry officials on accusation they were involved in a scam related to wrong tax reduction for foreign firms in the southern province of Dong Nai.

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HANOI MOI

-- Vietnam needs to retain 3.8 million to 3.9 million hectares (9.4-9.6 million acres) of rice to ensure national food security, Deputy Minister of Agriculture Bui Ba Bong said.

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SAIGON GIAI PHONG

-- Petrol smuggling across Vietnam's border into Cambodia has slowed after the Finance Ministry raised fuel prices on Monday but the problem would still persist due to price difference.

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TUOI TRE

-- Foreign direct investment to Ho Chi Minh City in the first seven months jumped 12 times from the same period last year to a record $7.7 billion, 93.2 percent of which is for real estate development projects.

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THOI BAO KINH TE VIETNAM

-- Partly private banks will find it difficult to cut dong lending rates if inflation continues to stay high, bankers said.

-- The number of drug addicts in the first half of this year fell 5.6 percent from a year ago to 169,000 people, the Health Ministry said.

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