Vietnam Business News

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• Vietnam’s retail market growing rapidly
• Shrimp tops seafood export list
• Vietnam to import 100,000 tonnes of sugar
• Market may witness a race in US dollar deposit rates
• SBV attempts to lower market interest rates in H2
• Two banks get approval for raising chartered capital to 3tr dong
• BaoVietBank introduces new banking products
• Gold sinks to three-month low
• Vietcombank posts $146m in profit
• Ha Noi exchange agrees co-operation

Vietnam’s retail market growing rapidly Posted: 29 Jul 2010 12:08 AM PDT Being evaluated as a major potential market, Vietnamese retail market has been growing rapidly with sales force growth averaging approximately 23 percent per annum. Holding the fourth position among 30 countries that are attractive to foreign retailers, Vietnam’s domestic market expects to attract various giants in retail sector. According to the market research of CB Richard Ellis [...]

Shrimp tops seafood export list Posted: 29 Jul 2010 12:07 AM PDT Shrimp replaced catfish as Vietnam's largest seafood export item in the first half of the year. Despite a shortage of raw materials, shrimp and catfish processors earned export revenues of $717 million and $650.3 million respectively, up 22 percent and 8.2 percent. Tuna exports virtually doubled to $147 million. Total exports were worth slightly more than $2 billion, [...]

Vietnam to import 100,000 tonnes of sugar Posted: 29 Jul 2010 12:07 AM PDT The Ministry of Industry and Trade (MoIT) has issued a circular on the additional quota for sugar import under which Vietnam will import another 100,000 tonnes of refined and raw sugar this year. Of the 100,000 tonnes to be imported, 25,000 tonnes of raw sugar will be transferred to the Bien Hoa Sugar Joint Stock Company [...]

Market may witness a race in US dollar deposit rates Posted: 29 Jul 2010 12:06 AM PDT Banks have been gradually adjusting dong interest rates to around 11.2 percent per annum threshold. The highest average level is currently at 11.3 percent per annum for terms of six months and 12 months. Deposit rates for longer terms, from 13 months to 36 months, are quoted at a much lower average level (approximately 10.97 percent [...]

SBV attempts to lower market interest rates in H2 Posted: 29 Jul 2010 12:05 AM PDT In efforts to ensure the macroeconomic stability, curb the inflation and achieve the targeted economic growth of 6.5 percent in 2010, the State Bank of Vietnam said that from now to the end of this year it will make more attempts to lower the market interest rates. This will be done through measures such as stabilising [...]

Two banks get approval for raising chartered capital to 3tr dong Posted: 29 Jul 2010 12:04 AM PDT The State Bank of Vietnam (SBV) has issued documents No 5539 and No 5540/NHNN-TTGSNH dated July 26, 2010 announcing the governor’s opinion about increasing the chartered capital in 2010 of the two banks including Tien Phong Commercial Joint Stock Bank (TienPhongBank) and De Nhat Commercial Joint Stock Bank. In details, the governor has approved for TienPhongBank [...]

BaoVietBank introduces new banking products Posted: 28 Jul 2010 11:51 PM PDT Bao Viet Commercial Joint Stock Bank (BaoVietBank) has recently introduced to public the new programme named “Tin an Nghiep”, a Bancassurance product to be launched with the cooperation of Bao Viet Life Insurance Corp. “Tin an nghiep” was the co-product of BaoVietBank’s salary payment service with An Nghiep insurance product offered by [...]

Gold sinks to three-month low Posted: 28 Jul 2010 09:38 PM PDT The price of gold in Vietnam dropped by VND250,000 a tael (1.2 ounces) over the previous day on July 28 after the global price lost 1.7 percent. Saigon Jewelry Co. bought the metal at VND27.7 million and sold at VND27.77 million. At Sacombank Jewelry Co., gold was bought at VND27.76 million and sold at VND27.8 million. However, the [...]

Vietcombank posts $146m in profit Posted: 28 Jul 2010 09:37 PM PDT Partly-equitised Vietcombank posted a creditable pre-tax profit of VND2.8 trillion (US$145.83 million) to June 30, up 7.3 per cent against the same six months of last year. After-tax profit of VND2.15 trillion ($111.77 million) was up 8.7 per cent. “I’m pleased with the result and believe Vietcombank will be able to beat its target of VND4.5 trillion [...]

Ha Noi exchange agrees co-operation Posted: 28 Jul 2010 09:36 PM PDT The Ha Noi Stock Exchange signed a co-operation contract with Taiwan’s Gretai Stock Exchange to develop new products for equity markets. The deal is also designed to promote joint administrative training courses. The exchanges also plan to update one another on ways to better meet customer demand.

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