Vietnam Business News

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• Dec 31: Vietnam gold edges down to VND36.1Mln, Dollar undercuts VND21,000
• Three stories about FDI in Vietnam
• High speed Phu Quoc boat service opens
• Farmers to expand cocoa growing areas
• ADB to help Mekong nations
• Lack of electronic payment options hamper growth of online commerce
• Vietnam expects to lure FDI amount of $20b in 2011
• Vietnam forecasts catfish exports down 45pct in 2011
• Declining interbank rates suggest stronger liquidity
• Cabinet sets agenda for new year

Dec 31: Vietnam gold edges down to VND36.1Mln, Dollar undercuts VND21,000 Posted: 30 Dec 2010 08:23 PM PST Local gold prices on December 31 edged down to VND36.1million/tael as the world gold prices slipped off near three-week high. Meanwhile, dollar prices broke the VND21,000 threshold, tumbling to VND20,970 in the free market. Sacombank-SBJ in Ho Chi Minh was listed at VND35.99million/tael and VND36.09million/tael for bid and ask, respectively. SJC in Hanoi [...]

Three stories about FDI in Vietnam Posted: 30 Dec 2010 08:18 PM PST The most puzzling characteristic of picture the foreign direct investment (FDI) in 2010 is the decrease in the registered capital volume and the increase in the implemented capital. The most puzzling characteristic of picture the foreign direct investment (FDI) in 2010 is the decrease in the registered capital volume and the increase in the implemented capital. [...]

High speed Phu Quoc boat service opens Posted: 30 Dec 2010 08:06 PM PST A high-speed boat service has officially opened between Rach Gia and Phu Quoc at a price of VND260,000 (US$12) per passenger. The Song Hong (Red River) Co Ltd invested VND14 billion ($667,000) in the boat using modern technology from New Zealand and can travel at a speed of 28 nautical miles per hour. It can carry [...]

Farmers to expand cocoa growing areas Posted: 30 Dec 2010 08:05 PM PST Viet Nam will expand its cocoa cultivation areas to take advantage of high global demand and rising prices, as well as unstable production from the world’s major cocoa growers, according to industry officials. Speaking at a meeting on the industry’s development, Dr Tong Khiem, director of the National Agriculture and Fisheries Extension Centre, said that although [...]

ADB to help Mekong nations Posted: 30 Dec 2010 08:05 PM PST The Asian Development Bank (ADB) will provide a technical assistance grant to help countries in the Greater Mekong Subregion (GMS) achieve greater connectivity through co-ordinated railway development. The ADB grant will assist GMS countries in preparing a detailed plan for setting up the GMS Railway Co-ordination Office (RCO), including a business and financing plan for its [...]

Lack of electronic payment options hamper growth of online commerce Posted: 30 Dec 2010 07:32 PM PST Credit cards and other electronic payment systems essential to online shopping remained underutilised in Viet Nam, said Viet Nam Vat Gia Joint Stock Co director Nguyen Ngoc Diep. About 30 million people nationwide were using the internet as of October of this year, with the figure expected to surge to 40 million over the [...]

Vietnam expects to lure FDI amount of $20b in 2011 Posted: 30 Dec 2010 06:57 PM PST Vietnam's registered inbound foreign direct investment (FDI) amount next year is expected to total around $20 billion thanks to international and domestic favorable conditions, including an actualized amount of $11-11.5 billion ($8-8.5 million of which from foreign partners). The estimates were cited from Ministry of Planning and Investment's statement in Dec 30 meeting, by the Thoi [...]

Vietnam forecasts catfish exports down 45pct in 2011 Posted: 30 Dec 2010 06:55 PM PST Vietnam expects to reduce catfish exports next year to US$1 billion, down from $1.5 billion in 2010, according to the Vietnam Association Exporters and Producers (Vasep). Vasep estimates that basa catfish shipments may decline by 45 percent to 360,000 tons next year from this year's 640,000 tons. The industry association told a conference [...]

Declining interbank rates suggest stronger liquidity Posted: 30 Dec 2010 06:50 PM PST Interbank interest rates declined by 0.45 – 2.47 percentage points last week, depending on loan terms, indicating more stable system liquidity after some weeks of tension, the State Bank of Viet Nam announced earlier today. Overnight rates for loans denominated in Viet Nam dong saw the strongest decrease, dropping 2.47 percentage points to a rate of [...]

Cabinet sets agenda for new year Posted: 30 Dec 2010 06:49 PM PST The cabinet would do its best to stabilise the macro-economy and contain inflation, the last cabinet meeting of the year heard yesterday. Chaired by Prime Minister Nguyen Tan Dung and his deputies, the two-day meeting was attended by ministers as well as leaders of 63 provinces and central-level cities to discuss the agenda to achieve socio-economic [...]

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