Vietnam Business News

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• Vietnam likely to raise Dollar reserve to stabilize forex market
• VPBank launches VPSuper at 9% non-term interest rates
• VAF confidently looks to 2011
• Hoteliers enjoy high occupancy
• Total electricity demand for production at nearly 118b kWh in 2011
• Vietnam should raise compulsory reserve ratio, ex-governor says
• Vietnam central bank reviews foreign currency deposits of “big giants”
• A difference of opinion
• Vietnam bonds have worst week in 3 months as inflation quickens
• HDBank to issue 40,000 taels gold-denominated CDs

Vietnam likely to raise Dollar reserve to stabilize forex market Posted: 28 Feb 2011 12:02 AM PST Vietnam might raise dollar reserve requirement to 10% from current 3% in an effort to support the dong and stabilize exchange rate, Le Xuan Nghia, Vice Chairman of The National Financial Supervisory Commission told VnExpress February 26. In order to stabilize exchange rate, the first thing to do is to pull down dollar deposit interest [...]

VPBank launches VPSuper at 9% non-term interest rates Posted: 28 Feb 2011 12:02 AM PST Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on February 28 launched VP Super – a new package of services which offers a non-term interest rate of 9% p.a. for payment account compared to normal non-term interest rates of 1-4% p.a. VP Super users could also withdraw up to of VND100million/day and VND20million per withdrawal, transfer [...]

VAF confidently looks to 2011 Posted: 28 Feb 2011 12:01 AM PST The investment environment is likely to favour equity investment funds in blue chip companies. Chris Freund, managing partner of Mekong Capital, talk about the investment opportunities of its Vietnam Azalea Fund (VAF) in 2011. What is your assessment of the investment opportunities for VAF, which will focus on blue chip companies in 2011? Except for [...]

Hoteliers enjoy high occupancy Posted: 27 Feb 2011 09:25 PM PST Hotel occupancy rates in Ho Chi Minh City stood at 80 percent this month as international visitors came to the city for conferences. High-end hotels like the Grand, Sheraton Saigon, New World, Duxton and Majestic fared much better than the same period last year, posting occupancy rates of more than 77 percent. According to the [...]

Total electricity demand for production at nearly 118b kWh in 2011 Posted: 27 Feb 2011 09:24 PM PST The total shortage of water according to the requirement of the reservoir would be about 13 billion cubic metres, equalling to about 3 billion kWh in 2011. Electricity of Vietnam (EVN) on late February 26 said that the country’s total electricity demand for production would be about 117.63 billion kWh in 2011, increasing 17.63 percent [...]

Vietnam should raise compulsory reserve ratio, ex-governor says Posted: 27 Feb 2011 09:22 PM PST Le Duc Thuy, ex-governor of the State Bank of Vietnam and current Chairman of National Finance Supervisory Committee said Vietnam should raise the compulsory reserve ratio in replacement of the regulation that banks are allowed to lend up to 80% of their deposits. Talking to VnExpress.net, he said, the committee sent a document proposing a [...]

Vietnam central bank reviews foreign currency deposits of “big giants” Posted: 27 Feb 2011 09:22 PM PST The State Bank of Vietnam, the country's Central Bank on Feb 25 issued a document ruling credit institutions licensed to operate in forex to report the balance of foreign currency deposits of state groups and corporations. The deadline to close statistics is Feb 28. Banks will have to send reports to the SBV before March [...]

A difference of opinion Posted: 27 Feb 2011 08:47 PM PST Vietnam is about to select a new slogan and logo to spearhead its international tourism promotion campaign from now until 2015, but not everyone is convinced by the winning bid. The winner of the Vietnam National Administration of Tourism's (VNAT) recently organised competition to select a new slogan and logo for the tourism industry is [...]

Vietnam bonds have worst week in 3 months as inflation quickens Posted: 27 Feb 2011 08:45 PM PST Vietnamese bonds had the biggest weekly drop since November after inflation accelerated to a two- year high in February, raising speculation the central bank will further increase interest rates. The dong gained. Consumer prices rose 12.31% from a year earlier, the fastest pace since February 2009, data from the General Statistics Office showed on Feb. [...]

HDBank to issue 40,000 taels gold-denominated CDs Posted: 27 Feb 2011 08:44 PM PST HCMC Housing Development Joint Stock Commercial Bank (HDBank) will issue Gold-denominated Certificates of Deposits (CDs) worth of 40,000 taels from March 1 to April 29,2011 for the second tranche, said the unlisted lender on its website. Gold-denominated CDs will be issued for individuals in many terms including one-month, two-month, 3-month, 6-month, 9-month and 364-day terms, [...]

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