Vietnam Business News

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• Thirsty drinkers make beer market sparkle
• Danang tourists’ first port of call
• Tourism Festival launched in Thua Thien Hue Province
• Yen Tu Buddhist Spring Festival kicks off
• Mega tourism project feeling small to look
• Dong devalued to calm forex instability
• SBV adjusts up daily reference rate to VND20,713
• SBV programs a massive investigation on bank loans in Feb-Jun
• Vietnam-US trade turnover hits new record
• North-central region’s largest oil storage opens

Thirsty drinkers make beer market sparkle Posted: 13 Feb 2011 10:34 PM PST Rising beer consumption and production in Vietnam is putting fizz into the market. Roughly 2.38 billion litres of beer was consumed in 2010, an increase of 19.8 per cent compared with 2009. Domestic beer consumption in 2011 is expected to reach 2.8 billion litres, according to Ministry of Industry and Trade (MoIT). "Vietnam is one of the largest [...]

Danang tourists’ first port of call Posted: 13 Feb 2011 10:33 PM PST Danang will become more attractive to tourists and individual investors seeking second homes in the central region. The municipal people's committee is to woo tourists by permitting a marina and tourism property complex to be built by a joint venture between VinaCapital's Danang Marina Investment Limited and local firm Quoc Cuong Gia Lai. The joint venture has [...]

Tourism Festival launched in Thua Thien Hue Province Posted: 13 Feb 2011 10:33 PM PST The central province of Thua Thien Hue will focus on developing four tourism products in preparation for the National Tourism Year 2012. The first one named "Discovering Hue's treasure" will give chances for tourists to uncover "10 unique features of the Nguyen Dynasty heritage" and "Hue's culture – most interesting destinations". The second one, "Experiencing in Hue", [...]

Yen Tu Buddhist Spring Festival kicks off Posted: 13 Feb 2011 10:32 PM PST The annual Yen Tu Pagoda Spring Festival in the northern coastal province of Quang Ninh opened with a ceremony on Feb. 12 (tenth day of the first lunar month). Deputy Prime Minister Nguyen Thien Nhan beat the drum to launch the start of the festival. Prominent guests at the ceremony were Vice State President Nguyen Thi [...]

Mega tourism project feeling small to look Posted: 13 Feb 2011 10:32 PM PST New City Properties Development Company, the investor behind Vietnam's largest tourism project, is feeling the heat from site clearance difficulties. Frank Cheung, general manager of New City, said site clearance challenges were blocking construction of the $4.3 billion Phu Yen High Grade Tourism Complex project in central Phu Yen province. The company had already cleared more than [...]

Dong devalued to calm forex instability Posted: 13 Feb 2011 10:31 PM PST While the jury is still out on whether last week's currency depreciation will immediately benefit Vietnam's economy, analysts say it will bring greater transparency to the market. The State Bank last week executed a 9.3 per cent devaluation of the dong after keeping to an earlier pledge not to devalue the local currency before the Lunar [...]

SBV adjusts up daily reference rate to VND20,713 Posted: 13 Feb 2011 10:30 PM PST The State Bank of Vietnam on February 12 adjusted up the daily reference rate's midpoint to VND20,713, representing a 20 increase from the previous day, the day it devaluated the dong by 9.3%, the SBV's data on its website showed. Given the latest midpoint rate, the dollar could move between 20,506 and 20,920 in interbank transactions, [...]

SBV programs a massive investigation on bank loans in Feb-Jun Posted: 13 Feb 2011 10:29 PM PST The State Bank of Vietnam (SBV) will carry out a massive investigation from February to June this year on consumption, stock and real estate loans provided by local banks in a move to ensure safe and effective bank operations. The State Bank of Vietnam (SBV) will carry out a massive investigation from February to June this [...]

Vietnam-US trade turnover hits new record Posted: 13 Feb 2011 10:22 PM PST Vietnam-US trade turnover reached US$18.324 billion in 2010, 19 percent higher than in the previous year. This is the highest figure ever recorded since the two countries established diplomatic ties in 1995 with a total turnover of US$451 million. According to the US Department of Commerce, Vietnam exported US$14.784 billion of goods to the US in 2010, [...]

North-central region’s largest oil storage opens Posted: 13 Feb 2011 10:22 PM PST Permanent Deputy Prime Minister Nguyen Sinh Hung on February 13 cut ribbon for inauguration of the Vung Ang oil general storage in the central coastal province of Ha Tinh. The project has been designed to store 60,000 c. m of oil and gas in the first phase and 110,000 c. m by 2015, making it the [...]

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