Vietnam Business News

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• Vietnam inks US$76 million credit deal with RoK
• Amended ASEAN-China trade agreement signed
• Gas prices increase four times since early October
• Dak Lak to export over 10,000 tonnes of honey
• Gold prices set new record of VND33.45 million/tael
• Inflation likely in remaining months of 2010
• FPT to be partners with EVN Telecom
• SBV halts lending against gold collateral
• Apartment market in Hai Phong stagnates
• Tra fish prices climb, factories lack fish

Vietnam inks US$76 million credit deal with RoK Posted: 29 Oct 2010 10:54 PM PDT An agreement on Economic Development Cooperation Fund of the Republic of Korea (EDCF) loans, worth US$76 million, for three projects in Vietnam was signed in Hanoi on October 29. The deal will provide for the construction of a southern coastal highway section with US$70 million, the supply of medical equipment for a provincial hospital in the [...]

Amended ASEAN-China trade agreement signed Posted: 29 Oct 2010 10:54 PM PDT Economic Ministers of the ASEAN-China Free Trade Agreement (ACFTA) member countries on October 29 signed a Protocol to amend the Rule of Operational Certification and Origin Check Procedures under the Goods Trade Agreement, on the occasion of the 17th ASEAN-China Summit in Hanoi. The amendment was finalised at the session of the Working group of Rules [...]

Gas prices increase four times since early October Posted: 29 Oct 2010 10:53 PM PDT From early October until the present, the price of gas has been controlled to increase four times, each time rising VND5,000-15,000 per 12kg cannister. At the beginning of this month, the price averaged VND275,000-285,000 per canister, but in mid-October, it rose to VND280,000-290,000 and on October 29, it was VND300,000-340,000 per cannister. The fluctuation of prices was [...]

Dak Lak to export over 10,000 tonnes of honey Posted: 29 Oct 2010 10:50 PM PDT The Dak Lak Honey Bee Joint Stock Company in the highland province of Dak Lak is striving to bring its total export turnover for 2010 to 10,000 tonnes of honey, valued at more than US$20 million, doubling last year's figure. By late October, the company had collected 11,000 tonnes of honey and exported over 8,000 tonnes [...]

Gold prices set new record of VND33.45 million/tael Posted: 29 Oct 2010 10:49 PM PDT Domestic businesses on October 30 surprisingly listed gold prices at VND33.45 million/tael, an increase of VND400,000/tael compared to the previous transaction day. At 8.25am, SJC gold stood at VND33.30-33.37 million/tael, VND350,000-370,000/tael more than October 29, it rose to VND33.35-33.40 million/tael at 11am. Thang Long Dragon gold at Bao Tin Minh Chau Company was transacted at VND33.35-33.45 million/tael [...]

Inflation likely in remaining months of 2010 Posted: 29 Oct 2010 10:49 PM PDT Economists and managers forecasted the risks of re-inflation in the remaining months of this year and now it has become a reality. Many notable events took place in the last week of October including the hot issue of escalating prices at the National Assembly's 9th session, problems with production and business operations of domestic enterprises and [...]

FPT to be partners with EVN Telecom Posted: 29 Oct 2010 10:46 PM PDT The Corporation for Financing and Promoting Technology (FPT) and its subsidiary FPT Telecom will become strategic partners of EVN Telecom. A source from EVN Telecom confirmed the agreement with Viet Nam News yesterday, saying these two companies would hold more than 50 per cent stake in EVN Telecom after it equitised. This acquisition followed the Government’s approval [...]

SBV halts lending against gold collateral Posted: 29 Oct 2010 10:45 PM PDT The State Bank of Viet Nam has issued a new regulation forbidding commercial banks from lending cash against gold collateral, in a move aimed at easing pressure on the foreign exchange market, as well as lowering risks to the banking system. Under Circular No 22/2010, which took effect immediately yesterday, gold which has been given in [...]

Apartment market in Hai Phong stagnates Posted: 29 Oct 2010 10:45 PM PDT The second biggest city in northern Viet Nam has seen a sluggish real estate market for apartments, with sales accounting for only 1 per cent of the city’s total real estate transactions. Chairman of Hai Phong’s Real Estate Association Nguyen Ngoc Thanh conceded that customers were not interested in purchasing apartments in the city, saying that [...]

Tra fish prices climb, factories lack fish Posted: 29 Oct 2010 10:44 PM PDT Although basa fish prices peaked at VND19,000 (US$0,97) per kilogramme, factories under the Viet Nam Association of Seafood Exporters and Producers have lost 50 per cent of their fish supply. While fish prices were low and the feed price was high, farmers lost interest in raising their basa fish cultivation. Furthermore, local banks refuse to loan to [...]

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