Vietnam Business News

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• UK’s Economist ups Vietnam’s growth forecast
• Sugar industry: local production protection will not help
• Baby formula prices soar, consumer protection amendment on horizon
• The big worry coming from foreign sourced farm produce
• Who will buy BP’s property in Vietnam?
• $16 billion steel super-project investor clamors for preferences
• CMC chosen as Lenovo distributor
• Work begins on sponge iron factory
• Eximbank prepares 176m share issue
• Shares tread water in Viet Nam

UK’s Economist ups Vietnam’s growth forecast Posted: 24 Jul 2010 02:01 AM PDT The Economist Intelligence Unit, an offshoot of the UK's Economist magazine, has lifted its forecast of Vietnam's GDP growth rate in 2010 to 6.4 percent, up from 6.2 percent in its previous forecast. The recovery in the global economy promises brighter prospects for Vietnam's export sector and the recent rise in imports suggests that consumer and [...]

Sugar industry: local production protection will not help Posted: 24 Jul 2010 01:56 AM PDT As the domestic sugar price has increased, the Ministries of Industry and Trade (MOIT) and Agriculture and Rural Development (MARD) have proposed the Government to grant quotas to import 150,000 tons of sugar. However, the Vietnam Sugar and Sugar Cane association (VSSC) does not think that it is necessary to import sugar at this moment. If [...]

Baby formula prices soar, consumer protection amendment on horizon Posted: 24 Jul 2010 01:55 AM PDT Despite many efforts by the Ministry of Finance to stabilize the market, baby formula prices remain sky high and, now, a new wave of price hikes is cresting. Dumex has announced new prices for its products, shocking many mothers. As of July 19, prices will increase by 10 percent on average. Forced to raise prices? "I cannot understand [...]

The big worry coming from foreign sourced farm produce Posted: 24 Jul 2010 01:55 AM PDT Foreign fruits, vegetables and other kinds of farm produce are flooding Vietnam, an agricultural country, where 70 percent of population live on agricultural products. Experts have urged to barriers to restrict imports. Statistics show that every year, Vietnam spends billions dollar to import farm produce from other countries, while 2/3 of import farm produce come from [...]

Who will buy BP’s property in Vietnam? Posted: 24 Jul 2010 01:54 AM PDT The UK's BP group plans to sell its assets in Vietnam, worth $1.3 billion. The sale has captured special attention from the public. Financial analysts have warned that the Government needs to follow closely every move of the merger and acquisition (M&A) deal. BP plans to sell is its interest in Lan Tay-Lan Do gas field, [...]

$16 billion steel super-project investor clamors for preferences Posted: 24 Jul 2010 01:53 AM PDT Taiwanese Formosa Group, investor of a mammoth Ha Tinh city steel project, has asked the Government for preferences. If the Government agrees, experts argue that it must also amend current laws. With total estimated investment capital of $16 billion, the Son Duong Steel Complex and Deep Water Seaport project in Vung Ang Economic Zone in Ha [...]

CMC chosen as Lenovo distributor Posted: 24 Jul 2010 01:51 AM PDT Lenovo yesterday chose CMC Distribution as its new local distributor. The partnership aims to expand Lenovo’s distribution network as well as its market share in Viet Nam. CMC Distribution is one of three largest distributors in the computer industry. It works with HP, Acer, Sony, Sony Ericsson Toshiba, Emerson Network Power and 3Com.

Work begins on sponge iron factory Posted: 24 Jul 2010 01:51 AM PDT Work will officially begin today on Kobelco Viet Nam Co Ltd’s sponge iron factory in the central province of Nghe An. The US$1 billion factory will occupy an area of 40ha and be able to produce 2 million tonnes of products per year. The mill is expected to be fully operational in the first part of 2013. The [...]

Eximbank prepares 176m share issue Posted: 24 Jul 2010 01:49 AM PDT Viet Nam Export Import Commercial Bank(Eximbank) plans to issue 176 million new shares in September to raise its charter capital to VND10.56 trillion (US$555.8 million) from its current VND8.8 trillion ($463.2 million). Eximbank received the central bank’s approval for the share offer on Monday. The bank said it would issue new shares to existing stockholders at the [...]

Shares tread water in Viet Nam Posted: 24 Jul 2010 01:49 AM PDT The Dow Jones passing over 10,300 points overnight helped cheer up trading yesterday on the HCM City Stock Exchange and kept the VN-Index from dipping below the psychologically-important 500-mark. The Index closed essentially unchanged at 500.31 points, but trading value fell by 19.9 per cent from Thursday’s level to an anaemic VND1.17 trillion (US$61.6 million) on [...]

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