Vietnam Business News

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• Feb 22: Vietnam gold plunges to VND37.79Mln/tael, Dollar down
• Feb 22: VN-Index drops to two-month low on inflation concerns
• Difficult to curb Vietnam 2011 inflation at 7%: Nguyen Tien Thoa
• Insurance firms promise to list shares this year
• Hue Palace gets royal restoration treatment
• After Dong devaluation: Dollar tension looms
• VNPost gets approval to contribute capital to Lien Viet Bank
• Vietnam stocks drop most since 2009 on rising inflation concern
• Saigon Co.op plans new outlets
• Local coffee firms cry foul at foreign rivals

Feb 22: Vietnam gold plunges to VND37.79Mln/tael, Dollar down Posted: 22 Feb 2011 12:58 AM PST Local gold prices on February 22 fell VND500,000 to VND37.79 million/tael as dollar prices retreated to the VND22,00 threshold in the black market. Sacombank-SBJ gold as listed at VND37.67million/tael and VND37.79million/tael for bid and ask, respectively, down VND450,000 from early trade. Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were [...]

Feb 22: VN-Index drops to two-month low on inflation concerns Posted: 22 Feb 2011 12:57 AM PST Stocks on the Hochiminh Stock Exchange plummeted for a fifth straight day, dragging the market benchmark to a more than two-month low Stocks on the Hochiminh Stock Exchange plummeted for a fifth straight day, dragging the market benchmark to a more than two-month low, as investors continued selling off shares to cut equity assets amid fears [...]

Difficult to curb Vietnam 2011 inflation at 7%: Nguyen Tien Thoa Posted: 22 Feb 2011 12:57 AM PST Vietnam is facing with many difficulties to curb its inflation this year at the target of 7% Vietnam is facing with many difficulties to curb its inflation this year at the target of 7%, the online newspaper VnEconomy quoted Nguyen Tien Thoa, the Ministry of Finance's Head of Price Control Department. Difficulties The price level continues uptrend after [...]

Insurance firms promise to list shares this year Posted: 21 Feb 2011 11:12 PM PST Many insurance companies have announced they will resume plans to debut shares on the stock exchange this year, including two that are scheduled to list next month. Post and Telecommunication Joint Stock Insurance Corporation (PTI) will debut 45 million shares on the Hanoi Stock Exchange on March 2 after more than three consecutive months of market [...]

Hue Palace gets royal restoration treatment Posted: 21 Feb 2011 11:12 PM PST German restorers are using traditional Vietnamese methods to restore the facade of the Imperial Palace in Hue. Restoration work is currently being carried out on Buu Thanh Gate and screens around King Tu Duc’s tomb. The German foreign ministry has commissioned experts from the German Conservation, Restoration and Education Project (GCREP) to renovate six murals dating from [...]

After Dong devaluation: Dollar tension looms Posted: 21 Feb 2011 11:07 PM PST Dollar tension still lingers the local money market after the central bank's dong devaluation , due to shortage of dollars , the local newswire Phap Luat TP Ho Chi Minh reported. Vuong Thai Dung, Petrolimex's Vice general director said, it's now a bit easier to buy dollars since the dong devaluation, yet the company still finds [...]

VNPost gets approval to contribute capital to Lien Viet Bank Posted: 21 Feb 2011 11:05 PM PST Vietnam Post Corporation on February 21 got approval from the Prime Minister to contribute capital to Lien Viet Bank through selling Vietnam Postal Savings Service Co (VPSC) and giving cash to the bank. Vietnam Post Corporation on February 21 got approval from the Prime Minister to contribute capital to Lien Viet Bank through selling Vietnam Postal [...]

Vietnam stocks drop most since 2009 on rising inflation concern Posted: 21 Feb 2011 07:57 PM PST Vietnam's stocks tumbled the most since November 2009 after the government said it will raise electricity prices by a record 15.3 percent, spurring concern the government will step up measures to curb inflation. The Ho Chi Minh City Stock Exchange's VN Index slumped 4 percent, the most among Asian benchmark gauges today, to 483.68 at the [...]

Saigon Co.op plans new outlets Posted: 21 Feb 2011 07:46 PM PST Saigon Co.op, Vietnam's largest supermarket chain, would open 10 more supermarkets and 30 food stores this year, Nguyen Thi Hanh, general director Nguyen Thi Hanh said last Thursday. The HCM City-based retail chain now operates 50 Co.opMart supermarkets, 16 Co.op Food stores and Co.op convenience stores across the country. The new outlets would come up in several [...]

Local coffee firms cry foul at foreign rivals Posted: 21 Feb 2011 07:45 PM PST Foreign rivals are leaving many local coffee processors and exporters crying for help from local authorities. Vietnam's Coffee and Cocoa Association (Vicofa) recently asked municipal and provincial departments of industry and trade, and investment and planning not to allow foreign firms to establish coffee-purchasing networks in their localities. The move came after Vietnam's 20 leading local coffee [...]

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