Vietnam Business News

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• Developing the retail sector – an uphill task
• Domestic gold passes VND29 million per tael
• Vinaconex 1 disburses 320b dong in complex of high-class apartments
• FDI capital in August reaches $2.4b
• Funding contract worth $60m signed for ethanol plant project
• Car import reduces for three consecutive months
• US dollar demand may rise by end of this year
• EAB introduces promotion programme for depositors
• SCB launches new online wire transfer services
• ASEAN economy to grow faster than in 2009

Developing the retail sector – an uphill task Posted: 26 Aug 2010 12:07 AM PDT Vietnamese businesses face numerous challenges in many areas including a lack of capital and human resources, poor-quality goods, inadequate infrastructure facilities and dilapidated business premises. There have been no big changes in Vietnam's retail market although it has been completely opened up to foreign businesses for nearly two years. This is attributed to the recent global [...]

Domestic gold passes VND29 million per tael Posted: 26 Aug 2010 12:05 AM PDT Domestic gold continues to rise on the morning of August 26, up by between VND130.000 – 150,000 per tael from the previous day. At 10:00 am, SJC gold transactions at the Sai Gon Jewelry Company in Hanoi hovered somewhere between VND28.96 and 29.03 million per tael. Meanwhile, the gold price stood at VND28.96-29.01 million per tael in [...]

Vinaconex 1 disburses 320b dong in complex of high-class apartments Posted: 26 Aug 2010 12:03 AM PDT The Construction Joint Stock Co No 1 (Vinaconex 1 – coded VC1) announced to finish constructing the underground parts of the Vinaconex 1 high-class office and apartment complex with total construction value of 320 billion dong. At present, the company has already completed the basement 2 and 50 percent of construction works for basement 1. With [...]

FDI capital in August reaches $2.4b Posted: 26 Aug 2010 12:02 AM PDT Foreign Investment Department, under Ministry of Planning and Investment has said that the registered FDI capital (including for newly registered projects and for supplementary purposes) in August was estimated at $2.4 billion, raising the accumulative FDI capital in the first eight months of 2010 to $11.577 billion. In details, the FDI capital for registered projects in [...]

Funding contract worth $60m signed for ethanol plant project Posted: 25 Aug 2010 10:10 PM PDT The Orient Bio-Fuel Co Ltd (OBF), the member company of PetroVietnam Oil Corp (PVOil) officially signed the funding contract yesterday August 25 in HCM City in order to provide capital for the Binh Phuoc ethanol plant. In details, OBF signed the contracts with Agribank, Bao Viet, Vinasiam, Malayan, Indovina, Tien Phong and PetroVietnam Joint Stock Financial [...]

Car import reduces for three consecutive months Posted: 25 Aug 2010 10:09 PM PDT The latest figures released by general Statistic Office showed that the import turnover of completely built up (CBU) cars continued falling for the three consecutive months. It’s estimated that in August there will be about 4,000 CBU cars to be imported, equalling to total value of $78 million, marking the third declining month. However, it is [...]

US dollar demand may rise by end of this year Posted: 25 Aug 2010 10:04 PM PDT Contrary to the trend of declining dong interest rates, US dollar deposit rates are still being brought up to highs by commercial banks and are now touching the highest threshold of 5.5 percent per year. Vietnam Export and Import JS Bank (Eximbank) is the one that has most recently applied US dollar interest rate increase to [...]

EAB introduces promotion programme for depositors Posted: 25 Aug 2010 10:03 PM PDT East Asia Commercial Joint Stock Bank (DongABank – EAB) has launched a new promotion programme of “Gui tien trung lien Vespa” or deposit now to win Vespa from now to November 17, 2010 for the dong depositors and purchasers of the bank’s bills of exchange in the bank’s transaction network nationwide. In details, in order to [...]

SCB launches new online wire transfer services Posted: 25 Aug 2010 10:03 PM PDT Saigon Commercial Joint Stock Bank (SCB) has launched new services of “Online transfer” for all the customers who make wire transfers within the country in dong via the bank’s Internet Banking channel, starting from August 23, 2010. Depending on the customers’ transaction demands, SCB will provide suitable transaction services with flexible, safe methods via SMS or [...]

ASEAN economy to grow faster than in 2009 Posted: 25 Aug 2010 09:55 PM PDT ASEAN economic ministers have reaffirmed ASEAN's commitment to the overall plan for building an ASEAN Economic Community by 2015. The commitment was displayed by the ministers at the 42nd ASEAN Economic Ministers' Meeting and the fourth ASEAN Economic Community held in the central city of Danang. The economic ministers noted that the region's economy is showing signs [...]

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