Vietnam Business News

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• Thermal power becomes reality
• HCM City industrial output rises
• Central bank targets 23% credit growth in 2011
• Explosive trading leads to sharp rise on VN-Index
• Sugar price to continue to increase
• HCM City to host Tet shopping fair
• Province focuses on export markets
• State Bank takes steps to halt inflation
• Move to lift limits on foreign ownership
• Viet Nam, Thailand to promote trade

Thermal power becomes reality Posted: 27 Dec 2010 09:33 PM PST The first turbine of Nhon Trach 2 thermal power plant, located in the southern province of Dong Nai, on Sunday officially generated electricity to the national grid, three months ahead of schedule. This is a joint effort of the Viet Nam National Oil and Gas Group (PVN) and the project’s contractors – Viet Nam Machinery Erection [...]

HCM City industrial output rises Posted: 27 Dec 2010 09:32 PM PST HCM City’s industrial output was worth VND609 trillion (US$32 billion) this year, up 14.2 per cent, according to the city Statistics Bureau. Output was up in 23 of 27 major industrial sectors. The machinery sector saw the highest growth, with metal products output rising by 21.9 per cent, machinery and equipment by 28.9 per cent, and electrical [...]

Central bank targets 23% credit growth in 2011 Posted: 27 Dec 2010 09:32 PM PST Domestic banking credit growth would hover at around 23 per cent next year, the State Bank of Viet Nam announced today on its website. In a closed-door meeting held in HCM City yesterday, the State Bank of Viet Nam’s Governor Nguyen Van Giau told commercial banks that credit should be focused on manufacturing sectors and gradually [...]

Explosive trading leads to sharp rise on VN-Index Posted: 27 Dec 2010 09:31 PM PST Explosive trading helped the HCM City Stock Exchange rally this morning, with the VN-Index closing up 1.33 per cent at 479.33 points. Trading volume soared to 89.1 million shares worth over VND2 trillion (US$98.9 million) changing hands. Just under 200 stocks gained points, with over 40 hitting their ceiling prices. Imexpharm Pharmaceutical (IMP) saw the highest increase [...]

Sugar price to continue to increase Posted: 27 Dec 2010 09:31 PM PST The price of sugar would continue to increase in the run up to Tet and through the first quarter of 2011 due to an expected sugar shortage, said the Ministry of Agriculture and Rural Development. High demand for raw materials and the Viet Nam Sugar Association’s predicted shortage of 300,000 tonnes of sugar in 2011, as [...]

HCM City to host Tet shopping fair Posted: 27 Dec 2010 09:23 PM PST Nearly 300 local companies will showcase their products at the Tet Shopping Fair to be held at the Phu Tho Indoor Sports Stadium in HCM City’s District 11 on January 21. Organised by the Business Studies and Assistance Center and Sai Gon Tiep Thi newspaper, the fair will feature 700 booths displaying Vietnamese high-quality goods, including [...]

Province focuses on export markets Posted: 27 Dec 2010 09:22 PM PST The central province of Quang Nam will focus on expanding export markets for its key products including seafood, textile and garment and leather shoe in 2011, the provincial Department of Industry and Trade said at a meeting last Friday. Director Nguyen Hong Van said the department would collaborate with other agencies to intensify trade promotion programmes [...]

State Bank takes steps to halt inflation Posted: 27 Dec 2010 09:22 PM PST Credit institutions would be asked to retain a ceiling interest rate of 14 per cent per year on dong deposits to stabilise the country’s monetary market and reduce the risk of inflation, said State Bank of Viet Nam Governor Nguyen Van Giau on Saturday. He made the comments in a statement read at a meeting held [...]

Move to lift limits on foreign ownership Posted: 27 Dec 2010 09:21 PM PST The Viet Nam Association of Financial Investors (VAFI) sent a document late last week to the Government, the State Securities Commission and concerned ministries to urge them to raise the maximum limit on foreign ownership in listed companies and commercial banks. Under Government Decree No 69/2007/ND-CP issued in 2007, foreign investors are not allowed to own [...]

Viet Nam, Thailand to promote trade Posted: 27 Dec 2010 08:06 PM PST Trade and investment activities between Viet Nam and Thailand would be further promoted in the new year, said Viet Nam’s trade counsellor in Thailand. Nguyen Thanh Hung said Thai investment and trade activities would continue to grow in Viet Nam, due to the country’s political stability and economic development potential. Thailand approved 14 new projects in the [...]

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