Thursday, February 17, 2011

Vietnam Business News

Vietnam Business News

Companies under the hammer

Posted: 17 Feb 2011 01:56 AM PST

Production firms are struggling to stay afloat amid rising exchange rate and raw material input costs. Since imported materials account for a large part in many production sectors in Vietnam, recent State Bank's decision to devalue the Vietnamese dong by 9.3 per cent against the US dollar are impacting on businesses' performances. The Thai Nguyen Iron and [...]


Devaluation is bitter sweet for firms

Posted: 17 Feb 2011 01:55 AM PST

The recent exchange rate hike is offering mixed fortunes for steel companies. Steel firms are among the most negatively affected ones. For example, Pomina Steel Corp. (POM) said it had increased selling prices from VND300,000 ($14.5) to VND400,000 ($19.3) per tonne since February 18 despite modest demand. POM chairman Vu Duy Thai said the rise was inadequate [...]


Exchange-rate policy more transparent, VinaCapital says

Posted: 17 Feb 2011 01:54 AM PST

Vietnam's variation of the dong's reference rate each day since it devalued the currency is evidence of a more transparent exchange-rate policy, according to VinaCapital Investment Management Ltd. The reference rate was set today at 20,683 per dollar and has been fixed at a different level each day since the dong was devalued by 7% on [...]


State treasury sells VND4.650 government bonds

Posted: 17 Feb 2011 01:53 AM PST

Vietnam's State Treasury on February 11 raised VND4.650trillion worth of Government bonds out of the plan to sell VND5,000 bonds in an auction of 2-year, 3-year and 5-year bonds with the winning yield of 11%. Vietnam's State Treasury on February 11 raised VND4.650trillion worth of Government bonds out of the plan to sell VND5,000 bonds in [...]


Vietnam exported pangasius prices reach $3.5/kg

Posted: 17 Feb 2011 01:51 AM PST

The prices of Vietnam exported Pangasius are sold at $3.5/kg in the US, $0.5/kg higher than the floor prices The prices of Vietnam exported Pangasius are sold at $3.5/kg in the US, $0.5/kg higher than the floor prices the Vietnam Association of Seafood Exporters and Producers (VASEP) set, the online newspaper Saigontimes reported on February 17, [...]


Domestic powder milk prices rise 10%

Posted: 17 Feb 2011 01:51 AM PST

The domestic prices of powder milk have posted an average increase of 10% since February 15 due to the recent devaluation of domestic currency and higher input prices The domestic prices of powder milk have posted an average increase of 10% since February 15 due to the recent devaluation of domestic currency and higher input prices, [...]


Feb 17: VN Index extends loss on massive selling

Posted: 17 Feb 2011 01:50 AM PST

Vietnam stocks continued to post loss as local investors sold more aggressively amid the rising dollar prices and on fears of high inflation. The benchmark VN Index lost 3.28 points or 0.64% to close at 509.83. Volume rose to 35.96 million shares traded for VND858.billion compared with 30 million shares traded for VND748.54 billion on Wednesday. After [...]


Two more charged in Vinashin case

Posted: 17 Feb 2011 01:49 AM PST

The investigation agency has taken legal proceeding against two former executives of a Vinashin affiliate on charge of "intentionally breaking State regulations on economic management, causing serious consequences". The executives included Ho Ngoc Tung, former General Director, and Trinh Thi Hau, former vice General Director of the Shipbuilding Industry Financial Company (VFC), an affiliate of the [...]


Vietnam to join International Energy Forum

Posted: 17 Feb 2011 01:48 AM PST

Vietnam will officially join the International Energy Forum (IEF) at the IEF Ministerial Meeting in Saudi Arabia on February 22. The decision made by Prime Minister Nguyen Tan Dung was announced by the Government Office on February 16. At the meeting, leaders of the Ministry of Industry and Trade, on behalf of the Vietnamese Government, will sign [...]


Danang well prepares for int’l firework festival

Posted: 16 Feb 2011 11:08 PM PST

Authorities of the central city of Danang have made final preparations for the annual International Fireworks Competition 2011 (DIEC), scheduled for April 29-30. The competition, themed "Sparkling Han River", will see the participation of teams from Britain, the Republic of Korea, Italy and China, and the host city. The event will be coupled with a lantern release [...]


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