Vietnam Business News

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• Construction on wind power plant begins
• Vietnam grows from low income group to middle income
• Inflation rate climbs to a 22-month high of 11.75pct
• Vietnam’s economic troubles deepen on debt default concerns
• Vinashin misses deadline for loan payment
• Overseas remittance via Dong A estimated at $1.2Bln in 2010
• Vietnam’s Tra and Basa fish facing too many barriers
• The impressive figures of the gold market in 2010
• National gold exchange to be set up
• HAG shareholders approve overseas bond issue

Construction on wind power plant begins Posted: 23 Dec 2010 09:53 PM PST Trung Nam Wind Power Joint Stock Co officially started the construction on Ninh Thuan wind power plant yesterday December 22, 2010. The new power plant was sited in two communes of Bac Phong and Loi Hai, Thuan Nam Dist, Ninh Thuan province. This is the first wind power plant project with the total investment capital of [...]

Vietnam grows from low income group to middle income Posted: 23 Dec 2010 09:51 PM PST Vietnam, within just five years, from a low-income country has become a middle-income country with average GDP per capita of $1,160. This is the assessment of Taketoshi Kobayashi, economic expert, Chair of London Diamond Gallery (Japan), who has various studies about Vietnam and is seeking investment opportunities in Vietnam. He added that the high annual GDP growth [...]

Inflation rate climbs to a 22-month high of 11.75pct Posted: 23 Dec 2010 09:44 PM PST Vietnam’s inflation rate accelerated to the highest level in 22 months after currency devaluations stoked import costs and credit expansion spurred domestic demand. Prices increased 11.75 percent in December from a year earlier, compared with 11.09 percent in November, according to figures released today by the General Statistics Office in Hanoi. The reading is the highest [...]

Vietnam’s economic troubles deepen on debt default concerns Posted: 23 Dec 2010 09:44 PM PST Vietnam’s economic troubles have deepened as its sovereign credit rating has been lowered by a global rating agency for the second time this month. Standard and Poor’s Ratings Services announced Thursday that it was lowering Vietnam’s long-term rating by one notch to BB minus, putting it on the same level with Bangladesh and Mongolia. Moody’s Investors Service [...]

Vinashin misses deadline for loan payment Posted: 23 Dec 2010 09:43 PM PST Vietnamese state shipbuilder Vinashin failed to meet an extended deadline to make a $60m loan payment to foreign creditors on Thursday, pushing the company into default. Failure to make the payment has added to worries that Vinashin's troubles will make it more costly for other Vietnamese companies to borrow overseas. – FT

Overseas remittance via Dong A estimated at $1.2Bln in 2010 Posted: 23 Dec 2010 09:42 PM PST As of December 23, overseas remittance to Vietnam via Dong A Remittance Company is estimated to hit $1.2billion in 2010, up 20% from 2009, said Tran Van Trung, the company's director. Most of overseas remittance through Dong A Company came from the U.S., Canada, and Australia, he said, adding that Vietnamese workers in Malaysia, Singapore and [...]

Vietnam’s Tra and Basa fish facing too many barriers Posted: 23 Dec 2010 09:39 PM PST Tra and basa farmers and exporters have been warned about various requirements they will need to satisfy in order to export to different markets. VietNamNet Bridge – Tra and basa farmers and exporters have been warned about various requirements they will need to satisfy in order to export to different markets. Vietnam's tra and basa fish have [...]

The impressive figures of the gold market in 2010 Posted: 23 Dec 2010 09:33 PM PST 2010 was a year with many "storms" in the gold market. Local newspapers have summarized the most outstanding figures. 1. The record price – 38.2 million dong per tael The domestic gold price climbed to a record high of 38.2 million dong per tael on November 9. The same scenario of last year was repeated in November: [...]

National gold exchange to be set up Posted: 23 Dec 2010 09:32 PM PST The National Financial Monitoring Committee (NFMC) has submitted to the Government a project to set up the National Gold Exchange based on the proposal of the Bank for Investment and Development of Vietnam (BIDV). The exchange is expected to be located in Hanoi and HCM City. "The establishment of the Gold Exchange will help investors trade in [...]

HAG shareholders approve overseas bond issue Posted: 23 Dec 2010 09:25 PM PST Shareholders of the Hoang Anh Gia Lai Group, listed on the HCM City Stock Exchange as HAG, approved yesterday a plan to issue international callable bonds worth US$200 million early next year. They authorised the HAG executive board to select a suitable time for the issue. The issue will be carried out in the Singapore Stock Exchange [...]

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