Vietnam Business News

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• Forum to call more investment into northwestern region
• Dong deposit interest rates ease to 12%
• Nov 15: Vietnam gold hovers at VND35Mln, Dollar flat
• $1.4b invested in Saigon Sunbay eco-tourism urban area
• Vietnam attracting investors from China
• Numerous investment funds record huge losses on Vietnam’s bearish stock market
• VN Index sees deeper fall, HNX Index loses 100 point threshold
• Orient Bank to expand network and issue 2tr dong of bonds
• Banks race to increase interest rate
• ACB gets nod to hike chartered capital

Forum to call more investment into northwestern region Posted: 15 Nov 2010 12:04 AM PST A forum is needed to discuss ways to attract more investment and promote socio-economic development in the northwest region of Vietnam, where there is great potential, which has not been fully exploited. The information was given at a press briefing in Hanoi on November 15 by the Ministry of Planning and Investment and the North-West Region [...]

Dong deposit interest rates ease to 12% Posted: 15 Nov 2010 12:03 AM PST Dong deposit interest rates at many local lenders were cut to mostly 12% p.a. from previous 13% p.a.-14% p.a. on November 12 while inter-bank interest rates eased to 11.5% p.a. and 12.5% p.a. for overnight and one-week terms. Dong deposit interest rates at many local lenders were cut to mostly 12% p.a. from previous 13% p.a.-14% [...]

Nov 15: Vietnam gold hovers at VND35Mln, Dollar flat Posted: 15 Nov 2010 12:02 AM PST Vietnam gold prices on November 15 morning hovered at VND35million/tael, after the State Bank of Vietnam (SBV) gave gold import quota to local banks. Meanwhile, dollar prices stayed flat at VND21,100. At 11 a.m., SBJ was listed at VND34.91million/tael and VND35.09million/tael for bid and ask, respectively. Phu Quy SJC in Hanoi was listed at VND34.95million/tael and VND35.08million/tael [...]

$1.4b invested in Saigon Sunbay eco-tourism urban area Posted: 14 Nov 2010 11:58 PM PST HCM City People’s Committee has lately assigned the city’s Department of Planning and Architecture to work with Can Gio Dist People’s Committee to complete the detailed plan with 1/500 ratio for Saigon Sunbay eco-tourism urban area in November 2010. This is the country’s large-scale sea tourism urban area development project so far. The Saigon Sunbay eco-tourism [...]

Vietnam attracting investors from China Posted: 14 Nov 2010 11:57 PM PST VinaCapital CEO Don Lam and Katherine Yip-Geicke, VinaCapital’s partner espressed optimisms about the current Vietnam’s market, with Price to Earning ratio (P/E) of 9.5 times, while that is 14 times in Thailand and 15 to 17 times in Indonesia. Especially, the average corporate earnings growth in 2010 is estimate to be at 15 to 20 percent. In [...]

Numerous investment funds record huge losses on Vietnam’s bearish stock market Posted: 14 Nov 2010 11:55 PM PST Vietnam’s stock market has made many portfolios of investment funds suffer huge book losses since 2009 to date as its benchmark VN Index has continued to fall, the local online newspaper Thoi Bao Kinh Te Vietnam reported on November 15. From November 12, Funderburk Lighthouse Fund Limited, a strategic shareholder of PetroVietnam Insurance JS Corporation (PVI) [...]

VN Index sees deeper fall, HNX Index loses 100 point threshold Posted: 14 Nov 2010 11:54 PM PST Ending the first trading session this week, the Vietnam’s stock market today November 15 continued another gloomy session on both bourses Hochiminh Stock Exchange (STC) and Hanoi Stock Exchange (HNX) when almost listed shares decreased in prices with many falling to the floor price. Notably, the HNX index officially lost the threshold of 100 points. After the [...]

Orient Bank to expand network and issue 2tr dong of bonds Posted: 14 Nov 2010 11:52 PM PST State Bank of Vietnam (SBV)’s governor recently approved Orient Commercial Joint Stock Bank (OCB) to issue bonds in 2010 and open its branch in southern Mekong Delta provinces of Vinh Long and Dong Thap. In details, under the Decision No 2692/QD-NHNN dated on November 11, 2010, OCB has been allowed to issue two trillion dong of [...]

Banks race to increase interest rate Posted: 14 Nov 2010 11:51 PM PST The deposit rate has been raised exceeding the threshold of 12 percent per year as agreed by Vietnam Bank Association (VNBA)’s members. However, banks said that this announcement is actually formalisation the interest rate benchmark that banks are applying for individual customers. Southeast Asia Commercial Joint Stock Bank (SeABank) has started the race when publicly listing [...]

ACB gets nod to hike chartered capital Posted: 14 Nov 2010 11:51 PM PST State Bank of Vietnam (SBV)’s governor on November 11 issued a Decision No 8760/NHNN-TTGSNH allowing Asia Commercial Joint Stock Bank (ACB) to scale up its chartered capital from over 7.814 trillion dong to nearly 9.377 trillion dong in 2010. On November 12, SBV’s governor also issued a Decision No 2706/NHNN-TTGSNH allowing PPF Vietnam Finance one-member Co. [...]

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