Vietnam Business News

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• JICA to drive forward $1.5bn power project
• Solid month sets the economic platform foundation for the year.
• Transport sector must prioritise key projects
• Banyan Tree expand into China and Vietnam
• Vietnam power outages risk investment price increases loom
• Vietnam credit growth +0.43%, deposit -2.46%, M2 -0.33% in Jan
• Dollar prices at local banks above cap again
• SBV funds VND132Tln to support local banks
• Reference rate mid-point edges down to VND20,703
• Domestic steel prices continue rising VND400,000/ton on Feb 18

JICA to drive forward $1.5bn power project Posted: 14 Feb 2011 09:39 PM PST State-run PetroVietnam will start construction of the $1.5 billion Song Hau 1 coal-fired power plant in southern Vietnam this year. Japanese official development assistance (ODA), delivered via the Japan International Cooperation Agency (JICA), will bankroll the project. JICA will also be responsible to help the Vietnamese partners to develop the project. JICA and the Ministry of Industry [...]

Solid month sets the economic platform foundation for the year. Posted: 14 Feb 2011 09:38 PM PST The economy has strong momentum to reach its growth targets this year with all economic indicators strongly expanding in 2011's first month. Industrial production in January rose 16.1 per cent and export turnover reached $6 billion, up 18.1 per cent against the same period last year, according to a Ministry of Planning and Investment report. Vu Dinh [...]

Transport sector must prioritise key projects Posted: 14 Feb 2011 09:38 PM PST The Ministry of Transport (MoT) should give priority in capital to key works and projects that may be completed in 2011, said Deputy Prime Minister Hoang Trung Hai. At the ministry's meeting to review the 2010 work and discuss the implementation of this year's tasks and plans in Hanoi on February 14, Deputy PM Hai stressed [...]

Banyan Tree expand into China and Vietnam Posted: 14 Feb 2011 09:28 PM PST Well-known hospitality group Banyan Tree Holdings Limited, have announced that they have raised US$214 million through their private equity fund, the Banyan Tree China Hospitality Fund. Well-known hospitality group Banyan Tree Holdings Limited, have announced that they have raised US$214 million through their private equity fund, the Banyan Tree China Hospitality Fund. Banyan Tree Holdings have previously [...]

Vietnam power outages risk investment price increases loom Posted: 14 Feb 2011 09:27 PM PST Rolling electricity outages in Vietnam may deter foreign manufacturers from using the country as an export base, prompting the government to increase prices to boost investment in power plants. Vietnam may raise the cost of average household electricity by a record 15% next month, Vietnam News reported yesterday. Prime Minister Nguyen Tan Dung said last week [...]

Vietnam credit growth +0.43%, deposit -2.46%, M2 -0.33% in Jan Posted: 14 Feb 2011 09:26 PM PST As of January 21, total outstanding loans of the whole banking system are estimated to have risen 0.43%, in which dollar loans rose 2.37% while dong loans edged down 0.09%, the state-run online newspaper VnEconomy cited official data from the SBV. However, total deposits of the whole banking system decreased 2.46% as of January 21, in [...]

Dollar prices at local banks above cap again Posted: 14 Feb 2011 09:25 PM PST Actual dollar prices at local lenders exceeded the cap of VND20,920 per dollar again due to various add-on fees, the local newswire Tuoi Tre reported February 15. A local firm's general director in HCM city was applied the dollar exchange rate of VND21,300 by a state-owned bank when repaying the $70,000 loan in dong, in which [...]

SBV funds VND132Tln to support local banks Posted: 14 Feb 2011 09:24 PM PST As of January 30, the State Bank of Vietnam has funded local lenders VND132trillion mainly to support liquidity for them in the Lunar New Year, the country's central bank announced on its website. After the Lunar New Year, local banks' liquidity will be better as cash circulation will come back to the banking system, raising their [...]

Reference rate mid-point edges down to VND20,703 Posted: 14 Feb 2011 09:24 PM PST The State Bank of Vietnam on February 15 adjusted down the reference rate's midpoint to VND20,703, representing a 10 decline from the previous day, the State Bank of Vietnam 's data on its website showed. Given the latest midpoint rate, the dollar prices could move between 20,496 and 20,910 in interbank transactions, within the central bank-imposed [...]

Domestic steel prices continue rising VND400,000/ton on Feb 18 Posted: 14 Feb 2011 09:23 PM PST Vietnam Steel Corporation (VNSteel) will raise the wholesale prices of steel by VND400,000/ton to VND17.7 million/ton Vietnam Steel Corporation (VNSteel) will raise the wholesale prices of steel by VND400,000/ton to VND17.7 million/ton, the online newspaper Saigontimes reported on February 15, citing Do Duy Thai, General Director of VNSteel. In the market, retail prices of steel topped VND18 [...]

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