Vietnam Business News

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• Vietnam’s booming telecom sector earns trillions
• Local retailers overtake foreign chains, experts say
• Vinashin may `Jeopardize’ Vietnam access to global markets, Moody’s says
• Vietnam’s bonds advance before inflation data; Dong unchanged
• Dec 24: Vietnam gold edges down toVND35.8Mln, Dollar down to VND21,060
• ADB funds Vietnam $100Mln to support SMEs and financial sector
• Average overnight interest rates edges up to 10.99%
• Dec 24: VN Index extends correction, liquidity continues to fall
• Milk prices to rise by up to 10%
• ASM Group to build fish oil refining factory

Vietnam’s booming telecom sector earns trillions Posted: 24 Dec 2010 08:04 AM PST Vietnam’s telecom sector is expected to earn revenue of VND200 trillion ($10 billion) in 2010. The figure was released at a conference to review the implementation of the telecom and internet development plan to 2010, in Hanoi on December 23. Addressing the conference, Permanent Deputy Minister of Information and Communications Le Nam Thang affirmed that in the [...]

Local retailers overtake foreign chains, experts say Posted: 24 Dec 2010 08:02 AM PST The number of wholly-foreign owned retailers in Vietnam remains limited after the Southeast country opened the distribution and retail market under its World Trade Organization commitments in January 2008. Despite weaker financial potential, technology and management skills, local retailers are now still outnumbering foreign chains in supermarket segment, analysts said. Vietnam's biggest supermarket chain Saigon Co.op opened [...]

Vinashin may `Jeopardize’ Vietnam access to global markets, Moody’s says Posted: 24 Dec 2010 06:29 AM PST Vietnam and its state-backed companies will face greater difficulties borrowing money after reports Vietnam Shipbuilding Industry Group defaulted on a loan, according to Moody's Investors Service. Vietnam and its state-backed companies will face greater difficulties borrowing money after reports Vietnam Shipbuilding Industry Group defaulted on a loan, according to Moody's Investors Service. Vinashin, as the shipbuilder is [...]

Vietnam’s bonds advance before inflation data; Dong unchanged Posted: 24 Dec 2010 06:24 AM PST Vietnam's five-year bonds gained before the release of December inflation data this week. The dong held steady. The yield on the benchmark five-year notes fell five basis points to 11.53 percent, according to a daily fixing price from banks compiled by Bloomberg. A basis point is 0.01 percentage point. The government will release consumer price index figures [...]

Dec 24: Vietnam gold edges down toVND35.8Mln, Dollar down to VND21,060 Posted: 24 Dec 2010 06:23 AM PST Local gold prices on December 24 morning eased further to VND35.8million/tael, down VND40,000-VND60,000 from yesterday though world gold prices bounced from one-week low. Meanwhile, dollar prices edged down VND10 to VND21,060 in the free market . SJC in Hanoi was listed at VND35.73million/tael and VND35.82million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed [...]

ADB funds Vietnam $100Mln to support SMEs and financial sector Posted: 24 Dec 2010 06:23 AM PST Ayumi Konishi, ADB’sCountry Director and Nguyen Van Giau, Governor of the SBV on December 24 inked a loan contract of $100million under the 2th SMEs development program and the 3rd Financial Sector Support Program. Ayumi Konishi, Asian Development Bank's Country Director and Nguyen Van Giau, Governor of the State Bank of Vietnam (SBV) on December [...]

Average overnight interest rates edges up to 10.99% Posted: 24 Dec 2010 06:22 AM PST Average overnight interest rates on December 21 edged up to 10.99% p.a. after falling to 10.62% p.a. on December 16, according to the State Bank of Vietnam (SBV)'s data on December 24. The SBV's data also showed that average inter-bank interest rates slightly advanced to 13.55% p.a. and 12.83% p.a. for 3-month and 6-month terms, respectively. However, [...]

Dec 24: VN Index extends correction, liquidity continues to fall Posted: 24 Dec 2010 06:21 AM PST Vietnamese stocks continued to moved down as local investors cashed out to take profit and minimize risks after the benchmark fell under 480 support which now served as a resistance. The benchmark VN Index lost 2.65 points or 0.55% to 472.76. Volume continued to shrink to 55.82 million shares traded for VND1.358 trillion. It should be noted [...]

Milk prices to rise by up to 10% Posted: 24 Dec 2010 06:19 AM PST Milk distributors have received notice from some dairy manufacturers that prices will rise 3-10 percent on January 1. Hancofood will hike the price of its Dollac Pro baby formula from VND179,000 (US$9) for a 900 gram carton to VND184,370, and its Dollac full cream milk from VND121,800 to VND184,370. Friesland Campina Vietnam's 12-liter sterilized milk carton will [...]

ASM Group to build fish oil refining factory Posted: 24 Dec 2010 06:18 AM PST Sao Mai An Giang Group (ASM) on December 22 announced that it would invest US$15 million to build a fish oil-refining factory in the Mekong Delta province of Dong Thap. The group also signed a contract with Belgium's Desmet Balesstra Group to provide equipment for the fish oil-refining factory, which will have the capacity of producing [...]

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