Vietnam Business News

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• Petrolimex fears interrupted petroleum supply
• Dollar high, but exporters don’t sell foreign currencies
• How to keep a rein on inflation?
• Vietnam to import LNG from 2012
• New inclusive export service debuts in Vietnam
• Steel prices go up
• New record for domestic gold prices – Feb 19
• Vietnam’s economy highlighted in Japan
• Vietnamese tra fish faces difficulty in Brazil
• Belgian-Luxemburg businesses honoured in Vietnam

Petrolimex fears interrupted petroleum supply Posted: 18 Feb 2011 10:28 PM PST The difficulties in accessing foreign currency have raised the worry that the petroleum supply may be interrupted as distributors cannot buy enough dollars for imports. When talking with Dau tu's reporters, Vuong Thai Dung, Deputy General Director of Petrolimex, which holds 60 percent of the petroleum market, did not focus on the heavy losses the corporation [...]

Dollar high, but exporters don’t sell foreign currencies Posted: 18 Feb 2011 10:27 PM PST By devaluating the local currency by 9.3 percent, the State Bank hopes to encourage exporters, who have earnings in dollars, to sell them to banks, to improve the dollar supply and stabilize the exchange rate. But it seems that exporters still hesitate to sell their dollars. Over the last week, since the adjustment of the dong/dollar [...]

How to keep a rein on inflation? Posted: 18 Feb 2011 10:27 PM PST Policy makers realize that high inflation is the biggest threat to the national economy, especially after the adjusted exchange rate. Therefore, keeping a rein on inflation rate becomes the priority. Reducing interest rates to fight inflation? According to Deputy Chair of the National Assembly's Economics Committee Vu Viet Ngoan, in the second half of 2010, even though [...]

Vietnam to import LNG from 2012 Posted: 18 Feb 2011 10:24 PM PST Vietnam will import 1 million tonnes of liquefied natural gas (LNG) every year from 2012 to meet the country's demands, says the PetroVietnam (PVN). According to PVN's estimate of the supply-demand balance of gas until 2015, the country will face a shortage of about 1.4 billion cubic metres of gas (equivalent to 1 million tonnes of [...]

New inclusive export service debuts in Vietnam Posted: 18 Feb 2011 10:24 PM PST The Vietnam National Foreign Trade Shipping and Warehousing Corporation (Vietrans) will work with the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) to provide inclusive export services for the Vietnamese market. According to an agreement signed in Hanoi on February 18, the two businesses will meet all customers' demands for exports with a preferential [...]

Steel prices go up Posted: 18 Feb 2011 10:24 PM PST Many steel companies in the south increased their steel prices on February 18 by VND300,000-500,000 per tonne. As a result, the price of steel is now between VND17.7 million and VND18 million per tonne (including value added tax – VAT). The surge is attributed to the sharp increase in the price of steel ingot on the world [...]

New record for domestic gold prices – Feb 19 Posted: 18 Feb 2011 10:23 PM PST Domestic gold prices have continued their upward trend every day to reach a record high over VND38 million per tael. At 9.30am on February gold prices in Hanoi reached VND38.20-38.40 million per tael. SJC gold was listed at VND38.10-38.25 million per tael while SBJ gold was transacted at VND38.05-38.20 million/tael. In Ho Chi Minh City, Da Nang, [...]

Vietnam’s economy highlighted in Japan Posted: 18 Feb 2011 10:23 PM PST The Vietnamese embassy in Japan and the Tokyo Chamber of Commerce and Industry held a seminar on February 18 to introduce Japanese businesses to the latest information on the economic situation and investment opportunities in Vietnam. Addressing the ceremony, Sumitaka Fujita, Chairman of the Business Study Committee on the Greater Mekong sub-region, affirmed the increasingly developing [...]

Vietnamese tra fish faces difficulty in Brazil Posted: 18 Feb 2011 10:22 PM PST The export of Vietnamese tra fish to Brazil is being delayed as Brazilian agencies have extended the time to grant tra import certificates from three to 120 days. This has had a negative impact on Vietnam's tra fish exports to the Brazilian market. Duong Viet Thang, deputy general director of the Southern Seafood Industry Joint Stock [...]

Belgian-Luxemburg businesses honoured in Vietnam Posted: 18 Feb 2011 10:22 PM PST The Ho Chi Minh City and the Beligian-Luxemburg Business Association in Vietnam held an award ceremony on February 18 to honour Belgian-Luxemburg businesses operating in Vietnam. The "Beluxcham/Vietnam Awards" are divided into three categories including best business, best leader, and best public service organization. The awards are aimed at recognizing contributions of Belgian-Luxemburg businesses and encouraging them [...]

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