Vietnam Business News

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• Average overnight interest rates ease near 10%
• Vietnam posts VND68.6Tln state budget deficit in 2010
• Vietnam-Japan two-way trade exceeds US$16 billion
• Ha Noi builders ordered to stop quoting in dollars
• Interest rates on dollars still high, but dong falls
• Processed food tops list of products hit by inflation
• Timber products earn $3.3b in exports
• Production, trade results up in 2010
• Exporters predict tra fish shortage
• Vietnam losing advantages to attract foreign investment

Average overnight interest rates ease near 10% Posted: 29 Dec 2010 08:01 PM PST Average overnight interest rates on December 28 eased further to 10.07% p.a. from 10.34% one day ago, according to the State Bank of Vietnam (SBV)'s data on December 30. Average inter-bank interest rates also fell for other terms, in which those for 12-month term represented the sharpest slide of 0.89% to12.78% p.a., making them the lowest [...]

Vietnam posts VND68.6Tln state budget deficit in 2010 Posted: 29 Dec 2010 08:01 PM PST Vietnam's state budget deficit is estimated to amount to VND68.6 trillion for the whole year of 2010, equal to 13.63% of the country's total budget revenues in 2010 Vietnam's state budget deficit is estimated to amount to VND68.6 trillion for the whole year of 2010, equal to 13.63% of the country's total budget revenues in 2010, [...]

Vietnam-Japan two-way trade exceeds US$16 billion Posted: 29 Dec 2010 07:53 PM PST Vietnam-Japan bilateral trade value exceeded US$16 billion in 2010, up almost 24 percent over the previous year, heard a seminar in HCM on December 29. Japan remained Vietnam's second largest importer, buying US$4.85 billion worth of products, a year-on-year rise of 24.4 percent. Vietnam's exports to Japan included agricultural products, foods, seafood, garments and wooden furniture. Speaking [...]

Ha Noi builders ordered to stop quoting in dollars Posted: 29 Dec 2010 07:52 PM PST The State Bank of Viet Nam here has ordered Ba Dinh Joint Stock company, a company of construction consultants, to stop insisting that payments for its apartments be made in US dollars. The company has been offering apartments in the Hattoco project located in Mo Lao, Ha Noi’s Ha Dong district. However, all sales prices are [...]

Interest rates on dollars still high, but dong falls Posted: 29 Dec 2010 07:51 PM PST The maximum interest rate offered on dong deposits has fallen to 14 per cent from a record high of 17.5 per cent recently, but interest on dollar deposits remains high at above 5 per cent. Some banks pay even higher — Phuong Dong (Oriental) Commercial Bank offers retail depositors 5.1 per cent for seven to 13 [...]

Processed food tops list of products hit by inflation Posted: 29 Dec 2010 07:51 PM PST The prices of most consumer goods, especially dried and processed foods, have risen sharply in HCM City. Analysts said though there had been no rise in purchasing power among consumers, the prices of many goods in demand during Tet (the Lunar New Year) had gone up by 7 to 10 per cent. At some wholesales markets like [...]

Timber products earn $3.3b in exports Posted: 29 Dec 2010 07:49 PM PST The wood products industry earned US$3.3 billion from exports this year, $300 million more than the target set for the year, according to the Viet Nam Timber and Forestry Products’ Associations. The association’s vice chairman, Nguyen Ton Quyen, attributed the result to the rebound of traditional import markets, such the EU, US and Japan, following slumps [...]

Production, trade results up in 2010 Posted: 29 Dec 2010 07:48 PM PST The Government yesterday reviewed this year’s socio-economic development and overall management, and began putting together next year’s work schedule. Speaking at a regular monthly meeting chaired by Prime Minister Nguyen Tan Dung, cabinet members agreed that industries had achieved encouraging production and trade results given the global economic slowdown and the effects of natural disasters. Participants were [...]

Exporters predict tra fish shortage Posted: 29 Dec 2010 07:48 PM PST Export of tra fish is expected to hit a roadblock next year due to a combination of internal and external factors, industry insiders told a meeting held in HCM City on Tuesday. They forecast exports to fall from around 645,000 tonnes this year to 360,000 tonnes. Duong Ngoc Minh, head of the Viet Nam Association of Seafood [...]

Vietnam losing advantages to attract foreign investment Posted: 29 Dec 2010 08:05 AM PST The big economies, including in Taiwan, Japan and South Korea, are believed to see strong recovery next year, which will prompt the investors from these countries to make outward investments. Vietnam remains the attractive destination in the eyes of investors. However, experts have pointed out that Vietnam is losing its advantages . At the conference on [...]

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