Vietnam Business News

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• Trading value on interbank market reaches over $3b from January 15 to 21
• Vietnam beer market to increase 15pct this year
• Vietnam to crack down on undocumented foreign workers
• Vietnam bounces 16 places in prosperity index
• Mekong Capital triples ownership in Traphaco
• Masan Group raises $100 million from Mount Kellett
• Hanoi receives 1.7 million foreign visitors in 2010
• Energy efficiency law in effect
• Seafood exports to earn $5 billion in 2011
• Foreign capital inflows surge rapidly

Trading value on interbank market reaches over $3b from January 15 to 21 Posted: 26 Jan 2011 09:23 PM PST The State Bank of Vietnam (SBV) reported January 26 that the banking operation during the week from January 15 to 21 whereby the interbank average interest rate in US dollar increased 1.05 percent per annum for the three month term and the lending rate in US dollar was up to 8 percent per annum. Regarding the [...]

Vietnam beer market to increase 15pct this year Posted: 26 Jan 2011 09:22 PM PST Domestic beer producers will churn out roughly 2.7 billion litres of the drink this year to meet the rising demands of local consumers, according to an estimate by the Saigon Alcohol, Beer and Beverage Corporation (Sabeco). Sabeco, which currently accounts for roughly 35 percent of domestic market share, also anticipated that the consumption of beer in [...]

Vietnam to crack down on undocumented foreign workers Posted: 26 Jan 2011 09:22 PM PST Vietnam plans to expel foreigners working in Vietnam without permits, a move that could impact tens of thousands of people, government officials said Tuesday. Foreigners must leave the country after a maximum of three months unless they have work permits, said Nguyen Thi Hai Van, deputy head of Vietnam’s Labour and Employment Agency. The Ministry of Labour, [...]

Vietnam bounces 16 places in prosperity index Posted: 26 Jan 2011 09:22 PM PST Vietnam has climbed 16 positions from the 77th position in 2009 to the 61st in 2010 in the World Prosperity Index announced by the UK-headquartered Legatum Policy Institute. The Mayfair-based Legatum Institute rank Norway as the best country in the prosperity ranking board. The prosperity index is based on 89 variables over 110 countries, grouped into eight [...]

Mekong Capital triples ownership in Traphaco Posted: 26 Jan 2011 09:15 PM PST Mekong Capital announced today that its Vietnam Azalea Fund Limited had tripled its ownership in traditional medicines producer Traphaco Joint Stock Company, increasing its shareholding percentage to 20 per cent from 6.5 per cent. The step was made three years after the fund started investing in the company with initial investment capital of over $3 million [...]

Masan Group raises $100 million from Mount Kellett Posted: 26 Jan 2011 09:15 PM PST Masan Group Corporation (MSN), one of Vietnam's largest private sector business groups, announced on January 24 the successful investment from funds advised by Mount Kellett Capital Management LP, a multi-billion dollar US-based private equity group, into Masan Resources. As part of the transaction Mount Kellett will invest $100 million for a 20 per cent stake in [...]

Hanoi receives 1.7 million foreign visitors in 2010 Posted: 26 Jan 2011 09:14 PM PST An estimate of 1.7 million foreign visitors flocked to Hanoi during the National Tourism Year 2010, representing a year-on-year increase of 62 per cent. The figures were announced by Ngo Thi Thanh Hang, vice chairperson of the Hanoi People's Committee, at a ceremony in Hanoi on January 25 to review the implementation of the National Tourism [...]

Energy efficiency law in effect Posted: 26 Jan 2011 09:13 PM PST Deputy chairman of the National Assembly's Science, Technology and Environment Committee Nghiem Vu Khai explains in a recent talk with Vietnam Investment Review how the Law on Energy Efficiency and Conservation, effective from January 2011, will help reduce the tension surrounding power shortages, if imposed properly. Vietnam has the potential to save around 20-30 per cent [...]

Seafood exports to earn $5 billion in 2011 Posted: 26 Jan 2011 09:13 PM PST Vietnam 's seafood sector has set a target of earning $5 billion from exports in 2011. To reach this target, the Seafood Development Planning and Consultancy Centre (SDPCC) has recently released a scenario for the country's seafood development over the next ten years, under which, the annual seafood output will reach 1.62 million tonnes and the [...]

Foreign capital inflows surge rapidly Posted: 26 Jan 2011 09:11 PM PST Foreign capital inflows have expanded rapidly and made significant contribution to balancing the demand and supply of foreign currencies, according to the latest periodical report of the State Bank of Vietnam (SBV). The inflows of overseas remittance and foreign investment have surged robustly, said the SBV Foreign Currency Management Department. The foreign currency market got better and [...]

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