PRESS DIGEST - Vietnam newspapers - Aug 8

HANOI, Aug 8 (Reuters) - These are some of the leading stories in the official Vietnamese press on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

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FINANCIAL NEWS:

TUOI TRE

-- The Vietnam Bank Association reached agreement with member banks in Ho Chi Minh City over cutting interest rates.

-- Sacombank Securities will resume repo services, or lending based on the value of collateralised stocks, from late August, CEO Nguyen Ho Nam said.

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THOI BAO KINH TE VIETNAM

-- The State Bank of Vietnam has allowed commercial banks which have registered as public companies to buy back shares.

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DAU TU CHUNG KHOAN

-- The Finance Ministry said revenues of non-life insurance in the first six months of this year grew 41 percent to 5.5 trillion dong ($334 million) from the same period last year.

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ECONOMIC AND GENERAL NEWS:

VIETNAM NEWS

-- Petrovietnam's oil trading arm Petechim has merged with PDC, the product distribution outlet of the oil monopoly. The new company, PV Oil, has a registered capital of nearly $100 million.

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HANOI MOI

-- Landslides and flash floods are expected to hit several northern mountainous provinces following heavy rains from storm Kammuri on Thursday, weather forecasters warned.

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TUOI TRE

-- Daklak will not be able to host Vietnam's Year of Tourism in 2009 as it lacks suitable accommodation, said Phan Tam Thanh, deputy head of the provincial culture, sports and tourism department. Daklak has asked the government to withdraw its name as the host of the event.

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THANH NIEN

-- State-run Vietinbank will not cut its rates on Vietnamese dong deposits partly because its rates now are already lower than those offered on the market, a bank executive said.

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THOI BAO KINH TE VIETNAM

-- The central highland province of Daklak has produced 4,500 tonnes of honey this year and exports of the product have so far brought in more than $7 million. Daklak's honey output accounts for 30 percent of Vietnam's total.

-- Vietnam's economy would face more difficulties in the remaining months of 2008 and also in early 2009 while it could recover from the second half of next year and regain its growth in 2010, said Le Xuan Nghia, director of the State Bank of Vietnam's Banking Development Strategy Department.

- - - - (Reporting by Hanoi Newsroom)