Vietnam Business News

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• Copycat scooter manufacturer asked to recall bikes
• Eximbank cut gold deposit interest rates by 0.3%
• Vietnam jewelry consumption slumps 17%, gold investment up 25% in Q3
• Inter-bank interest rates sled by 0.5%
• Vietnam law makers pass consumer protection law
• TNK-BP may buy stake in Dung Quat Refinery, Dau Tu reports
• Honeywell to retrofit Vietnam Airlines, $100m contract
• Vietnam bonds gain the most in 3 months as interbank rates fall
• Vietnam to spend $1.384B to raise minimum salary by average 25% next May
• PetroVietnam to start building Vietnam biggest cold LPG store tomorrow

Copycat scooter manufacturer asked to recall bikes Posted: 17 Nov 2010 11:34 PM PST The Vietnam Register, the Vietnam’s government body responsible for technical supervision of vehicles, has asked Lisohaka, a unit of VinashinMotor, to recall all Diamond Blue 125 scooters that are equipped with an engine claimed to be made by Honda and have a design similar to Vespa LX model. A Vespa LX scooter (L) and a Diamond [...]

Eximbank cut gold deposit interest rates by 0.3% Posted: 17 Nov 2010 11:25 PM PST Export-Import Joint Stock Commercial Bank (Eximbank) cut gold deposit interest rates by up to 0.3% p.a. for most terms from November 17, the state-run online newspaper VnEconomy reported November 18. Export-Import Joint Stock Commercial Bank (Eximbank) cut gold deposit interest rates by up to 0.3% p.a. for most terms from November 17, the state-run online newspaper [...]

Vietnam jewelry consumption slumps 17%, gold investment up 25% in Q3 Posted: 17 Nov 2010 11:24 PM PST Jewelry consumption in Vietnam in the third quarter slumped by 17% on year while investment demand soared by 25%, according to the World Gold Council (WGC)'s Gold demand trend report for Q3 2010 published on November 17. Vietnam's total jewelry consumption was 22.9 tons in the third quarter, of which identifiable investment accounted for 87.3%. Global jewelry [...]

Inter-bank interest rates sled by 0.5% Posted: 17 Nov 2010 11:24 PM PST Inter-bank interest rates on November 17 eased 0.5% from November 16, extending its downtrend after the State Bank of Vietnam added another term of 14 days in the inter-bank market, the local newswire Tuoi Tre reported November 18. Inter-bank interest rates on November 17 eased 0.5% from November 16, extending its downtrend after the State Bank [...]

Vietnam law makers pass consumer protection law Posted: 17 Nov 2010 11:19 PM PST Vietnamese law makers on November 17 passed the law on consumer protection with an overwhelming vote of 82.35%, the new law will become effective from 1st July 2011. The law stipulated that Vietnamese consumers are protected by law to be ensured about safety of life, health, possessions, other legal rights when they use products and services [...]

TNK-BP may buy stake in Dung Quat Refinery, Dau Tu reports Posted: 17 Nov 2010 07:31 PM PST Russia-based TNK-BP has expressed interest in buying shares in Vietnam's Dung Quat refinery, Dau Tu newspaper said, citing an unidentified person in the industry. Russia-based TNK-BP has expressed interest in buying shares in Vietnam's Dung Quat refinery, Dau Tu newspaper said, citing an unidentified person in the industry. Under an agreement signed between TNK-BP and Vietnam Oil [...]

Honeywell to retrofit Vietnam Airlines, $100m contract Posted: 17 Nov 2010 07:30 PM PST Vietnam Airlines awarded a $100 million contract to Honeywell. Honeywell will overhaul the airline’s Flight Management System, Multifunction Control Display, Enhanced Ground Proximity Warning System, Air Data Inertial Reference Unit and Air Data Module in 36 new and 22 existing Airbus A321 aircraft. The new planes will be fuel efficient, and will save the airline about $10,000 [...]

Vietnam bonds gain the most in 3 months as interbank rates fall Posted: 17 Nov 2010 07:28 PM PST Vietnam's bonds rose the most in more than three months on speculation lower bank interest rates helped damp yields. The dong was unchanged. Vietnam's bonds rose the most in more than three months on speculation lower bank interest rates helped damp yields. The dong was unchanged. The overnight deposit rate declined for a third day, falling 11 [...]

Vietnam to spend $1.384B to raise minimum salary by average 25% next May Posted: 17 Nov 2010 07:27 PM PST Vietnamese National Assembly (NA), the country's highest legislative body, has approved spending of VND27 trillion ($1.384 billion) to raise monthly minimum salary for state employees by average 25% from May 2011. Under the resolution recently ratified by the NA, new minimum salaries for domestic enterprises will vary from VND830,000 ($42.56) to VND1.27 million, and the thresholds [...]

PetroVietnam to start building Vietnam biggest cold LPG store tomorrow Posted: 17 Nov 2010 07:26 PM PST The state-run Vietnam Oil and Gas Group (PetroVietnam) in coordination with VinaBenny Energy JSC started construction of Vietnam's biggest cold liquefied petroleum (LPG) store in the southern province of Long An on Nov. 17. The facility with a storage capacity of 84,000 tons of LPG will be located on a 22-hectare area in Tan Lap commune [...]

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