Vietnam Business News

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• Nam Cong 3 hydropower plant officially operates in Q4
• Hanoi issues regulations on social housing ownership
• 7,000-sqr metre trade centre to be opened in December 2010
• Plastic products counted for 1.7pct of total import value in Jan-July
• Vicem and Posco A&C signs consulting agreement worth $7.6m
• Steel sales declines
• Vietnam fails to achieve interest rate cut targets
• Exchange rate remains a big concern
• Banks agree on mobilisation interest rates
• Trading interest rate of dong rises 1.64pct

Nam Cong 3 hydropower plant officially operates in Q4 Posted: 17 Sep 2010 01:13 AM PDT Lilama Joint Stock Co No 10 (coded L10) announced that the company planned to put into operation the first turbine of Nam Cong 3 hydropower plant in Q4 and the second one by the end of this year. Nam Cong 3 hydropower plant has two turbines with total designed capacity of 8MW. Lilama 10 was the [...]

Hanoi issues regulations on social housing ownership Posted: 17 Sep 2010 01:12 AM PDT The Hanoi People’s Committee has issued regulations concerning the management and use of social housing. The regulation was drafted in response to public concern that the housing units would be exploited by the rich, leaving the poor unable to benefit. The new regulation, which was adopted on Monday, sets conditions for those who are allowed to purchase [...]

7,000-sqr metre trade centre to be opened in December 2010 Posted: 17 Sep 2010 01:12 AM PDT Hang Da Market Trade Centre, located in the centre of Hanoi, was supposed to be opened in December 2010. The trade centre has five storey with two basements, providing about 7,000 square metres of high-class trading space for the market. Hang Da Trading Joint Stock Co was the main investor for this project, and CB Richard Ellis [...]

Plastic products counted for 1.7pct of total import value in Jan-July Posted: 17 Sep 2010 12:37 AM PDT The import value of plastic products in July was estimated at $125.98 million, a slight decrease of 1.7 percent against the previous month, but up 15.17 percent year-on-year. Therefore, the country’s accumulative import of plastic products in Jan-July was $777.28 million, accounting for 1.7 percent of the total import value and up 38.29 percent year-on-year. China [...]

Vicem and Posco A&C signs consulting agreement worth $7.6m Posted: 17 Sep 2010 12:35 AM PDT Vietnam Cement Industries Corp (Vicem) and South Korea-based Posco A&C Co have signed a contract for providing consulting services for designing and constructing Vinh Tuy general Complex in Hanoi. The contract value is posted at $7.645 million. Under the signed contract, the two parties would do the works of consulting and designing for 17 months, [...]

Steel sales declines Posted: 17 Sep 2010 12:34 AM PDT From the beginning of September up to now, the price of construction steel tended to stand still, resulting in reduction in steel sales. Nguyen Tien Nghi, vice chair of Vietnam Steel Association (VSA) said that in the early two weeks of September, the steel billet price in world market stayed at $600 per tonne and waste [...]

Vietnam fails to achieve interest rate cut targets Posted: 17 Sep 2010 12:26 AM PDT Up to date, bank deposit and lending rates in dong are still high compared to the government targets set earlier May, 2010 at 10 percent per year (input) and 12 percent (output). Currently, the highest deposit and lending interest rate are at 11.2 percent and 15 percent per year. It seems that the solution to [...]

Exchange rate remains a big concern Posted: 17 Sep 2010 12:26 AM PDT The State Bank of Vietnam (SBV) has issued Document No.6852/NHNN-TT requesting SBV’s branches in Hanoi and Hochiminh city to intensively inspect the illegal listing in foreign currencies of a number of businesses in construction and real estate sectors in the area; in order to prevent trading of luxury apartments listed in foreign currencies. The inspection results [...]

Banks agree on mobilisation interest rates Posted: 17 Sep 2010 12:25 AM PDT After 14 days of reducing the mobilisation interest rates, most of the Vietnam Banking Association’s (VNBA) members have set a new ceiling interest rate of 11 percent per year, posted on Vietnam government’s website on September 17. Lending interest rates tend to go down The general Secretary of the VNBA just introduced a legal document for the [...]

Trading interest rate of dong rises 1.64pct Posted: 17 Sep 2010 12:24 AM PDT The State Bank of Vietnam (SBV), on September 15 said that the average daily trading value of dong on the interbank market reached round 16.417 trillion dong, declining by three billion dong while that of dollar to $462 million, rising 69 million in comparison with last week’s value. The dong trading value was short term ones. [...]

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