Vietnam Business News

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• Viettel invests 270b dong in Hoa Lac High Tech Park
• About 2b KWh to join national grid
• Two bourses sharply lose points, trading remains quiet
• 84,000 enterprises established in 2010
• Vietnam banks, funds want higher cap on foreign ownership
• Vietnam central bank needs to cut rates in Q1 to support import-export
• Vietnam needs to tighten its monetary policy
• Sacombank plans to attract more foreign currency
• Vietnam eyes 6% increase in foreign arrivals in 2011
• Vietnam’s retail sales hit $78 bln in 2010

Viettel invests 270b dong in Hoa Lac High Tech Park Posted: 04 Jan 2011 11:15 PM PST The military-run telecommunication firm, Viettel, has recently worked with PMU of Hoa Lac High Tech Park to invest 270 billion dong in building a smart card production plant. The three hectare plant will produce all types of SIM in the telecommunication sector, the smart card for authentication, software products for telecommunication SIM, smart technology integration solutions, [...]

About 2b KWh to join national grid Posted: 04 Jan 2011 11:15 PM PST Electricity of Vietnam (EVN) Group announced that there will be additional 2 billion KWh to be supplied to national grid by Son La hydropower plant and Song Tranh 2 hydropower plant. On January 7, 2011, EVN will officially put into operation the first turbine of Son La hydropower plant after over five years of construction. At [...]

Two bourses sharply lose points, trading remains quiet Posted: 04 Jan 2011 11:13 PM PST After the previous point gaining session yesterday, the two bourses entered today session in gloomy environment. The investors showed less interest in transaction activities, resulting in a sharp point losing session in the end. At closing time, the VN index lost 4.06 points or 0.84 percent to end at 481.91 points. On the northern bourse, the [...]

84,000 enterprises established in 2010 Posted: 04 Jan 2011 11:12 PM PST The total number of enterprises registering to establish in December 2010 reached 6,000 firms with a total pledged capital of approximately 100 billion dong, the General Statistical Office (GSO) said. For full year 2010, the country had about 84,000 companies being set up with a total registered capitalof 1.3 trillion dong, equalling to 99.4 percent in [...]

Vietnam banks, funds want higher cap on foreign ownership Posted: 04 Jan 2011 11:11 PM PST A group of Vietnamese banks and funds asked the government to raise a cap on foreign ownership in lenders to 35-40 percent, according to a statement on the website of the Vietnam Association of Financial Investors. The grouping of 63 companies, including the three biggest Vietnamese banks and international funds, are also seeking regulatory changes that [...]

Vietnam central bank needs to cut rates in Q1 to support import-export Posted: 04 Jan 2011 11:10 PM PST The State Bank of Vietnam (SBV) needs to take actions to cut interest rates in the first quarter of 2011 to support import and export, the local newswire Vnexpress quoted the Ministry of Industry and Trade (MoIT) on December 31. In 2010, Vietnam’s total export turnover reached $71.63billion, up 25 percent on year, in which export [...]

Vietnam needs to tighten its monetary policy Posted: 04 Jan 2011 11:09 PM PST During the past decade, the government of Vietnam has continued to use a loose monetary policy to stimulate growth but it ignored some fundamental reforms. In December, 2010, Vietnam’s inflation was up to 11.75 percent over the same period last year – the highest level in 22 months. dong continued be to weakened against the US [...]

Sacombank plans to attract more foreign currency Posted: 04 Jan 2011 11:08 PM PST In 2011, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) plans to launch more solution to attract the foreign currency to ensure the 15 percent growth against 2010. Ending 2010, the total inward remittance transferred to Vietnam via Sacombank reached $1.3 billion, up 45 percent year-on-year and accounting for over 16 percent of the country’s total [...]

Vietnam eyes 6% increase in foreign arrivals in 2011 Posted: 04 Jan 2011 10:58 PM PST Vietnam's tourism industry has set a target of 5.3 million international visitors to the country this year and US$5.64 billion in total revenues after a well-performing 2010. It also expects to serve 30-31 million domestic travelers and earn 110 trillion dong, (US$5.64 billion) in revenues, which would account for 4.5 percent of the nation's GDP. As one [...]

Vietnam’s retail sales hit $78 bln in 2010 Posted: 04 Jan 2011 10:57 PM PST Total retail sales of commodities and services surged by 24.5 percent year on year to 1,561 trillion dong (roughly US$78 billion) in 2010, or 1,100 trillion dong higher than the set target. The tourism and trade sectors recorded the highest annual growth rates, at 28 percent and 25 percent, respectively. The retail industry has annually contributed over [...]

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