Vietnam Business News

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• Central bank’s net injection at over 18tr dong on OMO
• Vietnam central bank takes tighter control over foreign currency credit
• Loans for nonmanufacturing sector in 2011 may rise by only 11tr dong
• Vietnam’s 2011 GDP to grow 6.5‐7.0 pct y/y ‐ report
• Blackout to hit firms hard
• Vietnam looks for new markets to export rice
• Forex shops shut down as Govt ban takes effect
• Exports to EU to face several tough barriers
• Heinz, Coca-Cola to share packaging system
• Quang Tri attracts Thai textile firms

Central bank’s net injection at over 18tr dong on OMO Posted: 07 Mar 2011 11:21 PM PST Since February 28 to March 4, on the open market operations (OMO), the State Bank of Vietnam (SBV) has injected 113.728 trillion dong and withdrawn 95.662 trillion dong, equaling to a net pumping of over 18 trillion dong, according to the data from Reuters. Meanwhile, since the OMO interest rate was raised to 12% per [...]

Vietnam central bank takes tighter control over foreign currency credit Posted: 07 Mar 2011 11:20 PM PST In order to stabilize the foreign exchange market and pull down the dong/US dollar exchange rate, the State Bank of Vietnam (SBV) will make tighter controls on foreign currency credit. The move will reduce the pressure for dollar supplies when the demand for the greenback rises to meet dollar credit contracts due. US dollar deposit [...]

Loans for nonmanufacturing sector in 2011 may rise by only 11tr dong Posted: 07 Mar 2011 11:20 PM PST If credit into the non‐manufacturing sector reduces, the rotation speed of the goods will slow; distribution would be congested and will inevitably cause prices of many commodities to increase. The State Bank of Vietnam (SBV) has given a message that it will undergo a tight and cautious monetary policy in its Instruction No. 01. Its [...]

Vietnam’s 2011 GDP to grow 6.5‐7.0 pct y/y ‐ report Posted: 07 Mar 2011 11:19 PM PST Vietnam's economy could expand at between 6.5 percent and 7.0 percent this year, below the government's annual target, as it concentrates on fighting inflation, a state‐run newspaper reported on Tuesday. "The government is determined not to push too much on the growth target but to focus intensively in containing high inflation," deputy Planning and Investment [...]

Blackout to hit firms hard Posted: 07 Mar 2011 11:16 PM PST Foreign-invested manufacturing firms are fearful of rolling power cuts planned for the southern strategic economic zone in line with the looming dry season. According to Dong Nai Power Company Limited, the province's more than 60 per cent of its electricity output are earmarked for industrial production and will endure a shortage of up to 1.7 [...]

Vietnam looks for new markets to export rice Posted: 07 Mar 2011 11:10 PM PST Vietnam exported nearly 1,2 million tonnes of rice, earning US$600 million in the first two months of this year, up 63 percent in volume and 50 percent in value compared to the same period last year. The Vietnam Food Association said this year's rice exports are facing challenges from changes in the purchasing methods of [...]

Forex shops shut down as Govt ban takes effect Posted: 07 Mar 2011 08:29 PM PST Customers were unable to perform transactions at foreign exchange shops in Ha Noi yesterday. The stoppage followed a Govern-ment’s decision to temporarily stop currency transactions on the black market to curb inflation and stabilise the country’s economy. Customers were only able to sell or buy jelewry at the Bao Tin Minh Chau Jewelry shop on [...]

Exports to EU to face several tough barriers Posted: 07 Mar 2011 08:29 PM PST Vietnamese enterprises will face greater difficulty exporting products to the European market this year, due to stricter technical barriers as well as the Government’s tightening monetary policies, said Dang Hoang Hai, head of the European Market Department of the Ministry of Industry and Trade. While it was unlikely that exports to the EU this year [...]

Heinz, Coca-Cola to share packaging system Posted: 07 Mar 2011 08:28 PM PST Heinz and Coca-Cola yesterday announced a strategic partnership that enables Heinz to produce its ketchup bottles by using Coke’s packaging system. The bottles are fully recyclable, which is eco-friendly. Switching to Coke’s packaging system is another important step in Heinz’s global sustainability initiative to reduce greenhouse gas emissions, solid waste and water consumption, according to [...]

Quang Tri attracts Thai textile firms Posted: 07 Mar 2011 08:28 PM PST Thai textile businesses are looking to invest in Quan Ngang Industrial Zone, Gio Linh District. The province gives investors incentives on land, power sources and tax. The province is home to two major industrial zones – Nam Dong Ha and Quan Ngang industrial zones, which have a total registered capital of VND2 trillion (US$93 million).

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