Vietnam Business News

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• Vietnam faces concerted price hike
• Forex risks drag listed firms’ profits down
• Lien Viet Bank issues CDs in Dong and Dollars
• Vietnam economy in former governor eyes
• Minister addresses power supply, steel planning and trade deficit
• Vietnam car sales rise ten-fold in a decade
• Vietnam’s Dollar price rockets on inflation, Dong devaluation concerns
• Seminar seeks ways to boost seafood exports
• Instead of depositing gold at banks, people will keep gold under their pillows
• Power utility guarantees supply

Vietnam faces concerted price hike Posted: 03 Nov 2010 01:08 AM PDT Prices of goods and services in Vietnam are hiking fast these days and year-to-date CPI beats all forecast A concerted price hike Many supermarkets in the Ho Chi Minh City announced to raise prices of goods, some item prices rose up to 25%. Sai Gon supermarket listed food prices up from 3.5% to 10%, rice price up 10%, [...]

Forex risks drag listed firms’ profits down Posted: 02 Nov 2010 10:12 PM PDT Many listed firms, although having not extracted provisions for forex risks, have pointed to the depreciation of Vietnam dong against other currencies as a key reason behind their poor third-quarter earnings. In the third quarter this year, Ha Tien No.1 Cement Co. (HT1) suffered losses of VND22.3 billion compared to a profit of VND115 billion in [...]

Lien Viet Bank issues CDs in Dong and Dollars Posted: 02 Nov 2010 10:11 PM PDT Lien Viet JS Commercial Bank will issue registered certificate of deposit (CDs) in dong and dollars to raise funds from November 1 to December 31 this year, announced the lender on its website. Lien Viet JS Commercial Bank will issue registered certificate of deposit (CDs) in dong and dollars to raise funds from November 1 to [...]

Vietnam economy in former governor eyes Posted: 02 Nov 2010 10:11 PM PDT "Ineffective uses of funds will pose risks. Although the economy is now within the safety line, it may break this line when the debts come due in the future", "Ineffective uses of funds will pose risks. Although the economy is now within the safety line, it may break this line when the debts come due in [...]

Minister addresses power supply, steel planning and trade deficit Posted: 02 Nov 2010 10:08 PM PDT Minister of Industry and Trade, Vu Huy Hoang, delivered a report on three of Vietnam's most pressing issues. The issues include power supply, steel planning and trade deficit, all presented before the National Assembly November 1. Power supply problems attributed to capital shortage The minister acknowledged that the Ministry of Industry and Trade (MoIT) is partially responsible for [...]

Vietnam car sales rise ten-fold in a decade Posted: 02 Nov 2010 10:07 PM PDT Vietnam's auto sales have risen ten-fold over the past decade as the local market continues to expand, the Vietnam Automobile Manufacturers' Association said. The association now has 18 members, compared to 11 when it was established ten years ago, said Chairman Akito Tachibana. He said more auto manufacturers will join the industry group in the future. VAMA, [...]

Vietnam’s Dollar price rockets on inflation, Dong devaluation concerns Posted: 02 Nov 2010 10:07 PM PDT Local dollar prices have recently continued to set fresh all-time highs, which are caused by the market concerns over accelerating inflation and another dong devaluation, the state run online newspaper VnEconomy reported November 3. Local dollar prices have recently continued to set fresh all-time highs, which are caused by the market concerns over accelerating inflation and [...]

Seminar seeks ways to boost seafood exports Posted: 02 Nov 2010 10:05 PM PDT The Ministry of Agriculture and Rural Development (MARD) on November 2 held a seminar in Ho Chi Minh City on a programme to boost seafood exports to 2015 and achieve even greater export sales by 2020. MARD Deputy Minister Luong Le Phuong said although the fisheries sector recorded impressive growth, it should identify priority for major [...]

Instead of depositing gold at banks, people will keep gold under their pillows Posted: 02 Nov 2010 10:04 PM PDT While some experts believe that the Circular No 22, forbidding commercial banks from lending cash against gold collateral, will bring positive effects to the market, others argue that the legal document will take a big volume of gold out or circulation, which will be a big waste. New circular will put pressure on the market When issuing [...]

Power utility guarantees supply Posted: 02 Nov 2010 09:31 PM PDT The State-owned Electricity of Viet Nam has promised adequate supply for HCM City’s industries this year and through 2011. At a meeting yesterday with the People’s Committee to discuss the power supply and demand situation in the next few years, its executives warned, however, there will be a likely shortfall in subsequent years since demand is [...]

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