Vietnam Business News

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• Some banks break the consensus level on deposit rates
• Licence granted for $12m garment factory
• Garment group to invest in technology
• Gold dealers urged to innovate
• Brand buzz secured by breakthrough ideas
• Pump demand expected to grow by 10%
• Bikes crippled by anti-dumping legacy
• Bikes crippled by anti-dumping legacy
• CPI up 0.23% in August led by education, food
• Furniture makers ‘neglecting’ local market

Some banks break the consensus level on deposit rates Posted: 23 Aug 2010 09:08 PM PDT Not only massively launching high-value promotion programmes to attract capital into banks, some banks also quietly increased deposit rates and crossed the previously agreed level. Those adjustments, even the smallest ones could not pass the supervision of the State Bank of Vietnam (SBV). Warnings on this have been recently issued, in which names of Habubank, Mekong [...]

Licence granted for $12m garment factory Posted: 23 Aug 2010 09:01 PM PDT A licence has been granted to South Korean company Sae-A to build a US$12 million Winners Vina garment factory in the central province of Thanh Hoa. Construction of the 80,000sq m factory will begin in October. It will have a design capacity of 7 million tonnes a year in the first phase. The second phase, will be [...]

Garment group to invest in technology Posted: 23 Aug 2010 09:01 PM PDT The Viet Nam National Textile and Garment Group plans to invest US$58.5 million in improving technology to increase production. The investment will help the textile and garment industry reach its export target of $10.5 billion and to increase production this year by 12 per cent.

Gold dealers urged to innovate Posted: 23 Aug 2010 09:00 PM PDT Viet Nam Gold Traders Association chairman Nguyen Thanh Long said last Friday that members should innovate in technology and improve designs to boost the country’s jewellery industry. The association should start by establishing a jewellery and gemstone verification centre to test and certify members’ jewellery before gradually expanding to the whole market, Long said at the [...]

Brand buzz secured by breakthrough ideas Posted: 23 Aug 2010 08:57 PM PDT Breakthrough creative ideas are more important in securing brand buzz than official sponsorship during an event like the football World Cup, according to a recent report by Cimigo, an independent team of marketing and brand research specialists. Being an official sponsor of the World Cup was not necessarily sufficient to secure brand recognition, the 2010 Football [...]

Pump demand expected to grow by 10% Posted: 23 Aug 2010 08:54 PM PDT The market for pumps in all industrial segments in Viet Nam is expected to increase at least 10 per cent a year over the next 10 years, a pump company director has said. Gert Borrits, general director of the Danish-based Grundfos in Viet Nam, said the country was an attractive market for foreign companies to invest, [...]

Bikes crippled by anti-dumping legacy Posted: 23 Aug 2010 08:53 PM PDT The EU has lifted the anti-dumping tax that broke the back of Vietnamese bicycle manufacturers after it was imposed five years ago, but this is unlikely to revive the fortunes of the once-successful industry. In its heyday between 2000 and 2005, the Vietnamese bike manufacturing industry held 11.7 per cent of the European market, exporting up [...]

Bikes crippled by anti-dumping legacy Posted: 23 Aug 2010 08:42 PM PDT The EU has lifted the anti-dumping tax that broke the back of Vietnamese bicycle manufacturers after it was imposed five years ago, but this is unlikely to revive the fortunes of the once-successful industry. In its heyday between 2000 and 2005, the Vietnamese bike manufacturing industry held 11.7 per cent of the European market, exporting up [...]

CPI up 0.23% in August led by education, food Posted: 23 Aug 2010 08:41 PM PDT The Consumer Price Index in August increased slightly by 0.23 per cent over last month, the General Statistics Offic announced yesterday. On aggregate, the CPI was up 8.18 per cent over the same period last year and 8.61 per cent in comparison with the first eight months of last year. Most commodities groups rose slightly, ranging from [...]

Furniture makers ‘neglecting’ local market Posted: 23 Aug 2010 08:41 PM PDT Vietnamese wood furniture firms are focused mostly on export markets, leaving the local market to imports, especially from China. Huynh Van Hanh, deputy chairman of the Handicraft and Wood Industry Association of HCM City (HAWA), said with its population of 86 million and increasing incomes, Viet Nam was a promising market for furniture and other wooden [...]

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