Vietnam Business News

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• Loan interest rate at 18-20pct/yr from Dec 25 to 31, 2010
• JX, PetroVietnam discover natural gas condensate in Vietnam test-drilling
• Vietnam to face 1 Billion Cu M gas shortfall in 2011: Report
• Jan 6: Vietnam gold edges up to VND35.87Mln/tael on firmer global gold
• Local banks boost up lending for consumption
• Dong A Bank gets approval to raise charter capital to VND4.5Tln
• What is behind the retail joint ventures?
• Dairy firm to pay farmers more
• PepsiCo launches $250m plant
• PVN halts $1b in bond sales overseas

Loan interest rate at 18-20pct/yr from Dec 25 to 31, 2010 Posted: 05 Jan 2011 08:39 PM PST During the last week of 2010 (from December 25 to 31), the deposit rate was commonly at 13.5-14% per year and the highest short term lending rate at 18-20% per year, the State Bank of Vietnam (SBV) reported on January 5, 2011. Particularly, the central bank said that the saving rate remained unchanged from the previous [...]

JX, PetroVietnam discover natural gas condensate in Vietnam test-drilling Posted: 05 Jan 2011 08:38 PM PST JX Holdings Inc.'s exploration unit and Vietnam Oil & Gas Group discovered natural gas and condensate while test drilling a block offshore from Vietnam. The companies will continue to evaluate the commercial viability of the block, known as 16-2, JX Nippon Oil and Gas Exploration Corp. said today in a statement. The block is located about [...]

Vietnam to face 1 Billion Cu M gas shortfall in 2011: Report Posted: 05 Jan 2011 08:36 PM PST Vietnam is expected to face a gas shortfall of nearly 1 billion cubic meters (35.315 Bcf) in 2011, which will rise to 3 billion cu m in 2020 and 7 billion cu m in 2025, a senior PetroVietnam Gas official said last week. Given the development schedule for discovered gas fields, the country’s gas output will [...]

Jan 6: Vietnam gold edges up to VND35.87Mln/tael on firmer global gold Posted: 05 Jan 2011 08:35 PM PST Local gold prices on January 6 edged up VND50,000-VND70,000 to VND35.87million/tael after plunging VND400,000 yesterday as world gold prices firmed. SJC in Hanoi was listed at VND35.75million/tael and VND35.85million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.75million/tael and VND35.83milllion/tael for bid and ask, respectively. Sacombank-SBJ in Ho Chi Minh was listed at [...]

Local banks boost up lending for consumption Posted: 05 Jan 2011 08:34 PM PST From late December, many local lenders have boosted up lending for consumption while kept on refusing to disburse only half a month ago to ensure capital safety ratios and balance cashflows, the local newswire Sai Gon Tiep Thi (SGTT) reported January Local lenders launched many promotion programs to bolster consumption loans from December 2010 to January [...]

Dong A Bank gets approval to raise charter capital to VND4.5Tln Posted: 05 Jan 2011 08:33 PM PST East Asian joint stock commercial bank (Dong A Bank) has got approval from the State Bank of Vietnam to scale up its charter capital to VND4.5trillion from VND3.4trillion, the local newswire Dien Dan Doanh Nghiep (DDDN) reported January 6. Dong A Bank plans to enhance the financial capacity, invest in technology, equipment and technical facilities, build [...]

What is behind the retail joint ventures? Posted: 05 Jan 2011 08:32 PM PST The fact that a series of joint ventures in the retail sector have been recently established has raised a question about market development strategies used by retailers over the last two years, since Vietnam began opening the retail market under WTO commitments. A noteworthy occurrence that can be observed is the establishment of a series of [...]

Dairy firm to pay farmers more Posted: 05 Jan 2011 08:31 PM PST Dutch-owned FrieslandCampina Viet Nam, which makes Dutch Lady and other brands of dairy products, has increased the price it pays farmers for milk by VND700 (US$0.03)per kilogramme to VND10,000 ($0.48). The increase on Tuesday was its third time this year, and the company said it was meant to help farmers cope with high raw material costs [...]

PepsiCo launches $250m plant Posted: 05 Jan 2011 08:30 PM PST Food and beverage giant PepsiCo yesterday officially launched its largest food and beverage plant in Viet Nam with a groundbreaking of its production facility in northern Bac Ninh Province. Located in Bac Ninh’s Viet Nam-Singapore Industrial Park, the facility forms the first part of a US$250 million investment programme – announced in August, 2010 – that [...]

PVN halts $1b in bond sales overseas Posted: 05 Jan 2011 08:30 PM PST The PetroVietnam Group has indefinitely post-poned its planned sale of corporate bonds overseas, the State-owned petroleum giant announced at a press conference on Tuesday. The sale, worth US$1 billion, had been set to transpire in the fourth quarter of last year. “PetroVietnam will choose an appropriate time in the future to sell the bonds because this point [...]

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