Vietnam Business News

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• Realty companies concern banks’ capital tightening
• Hanoi dollar transactions halt unexpectedly
• Habubank says 2010 gross profit at 597b dong
• Sacombank attributes over 500b dong loss in Q4 2010 to gold price fluctuation
• No further devaluation of dong in 2011, Vietcombank Securities says
• Famous cars sold well to deluxe hotels
• Czech businesses keen on Vietnamese energy projects
• Hotel business booming on surging demand
• Mar 9: Vietnam Dong continues to fall at banks on weaker reference rate
• Bearish market makes bond more attractive than stock, experts say

Realty companies concern banks’ capital tightening Posted: 08 Mar 2011 09:33 PM PST A realty company's manager shared he was stressed because of climbing prices plus the state's tight credit policy. Since the start of February, steel has surged to more than 2 million dong per ton along with rising cement price. "Most of our real estate projects are under construction, whereas banks are tightening credit. If we [...]

Hanoi dollar transactions halt unexpectedly Posted: 08 Mar 2011 09:33 PM PST Foreign exchange points in the northern capital city of Hanoi unexpectedly stopped transactions of U.S. dollar Monday afternoon even though commercial banks asserted they had yet to formulate a policy on controlling their foreign exchange networks. Early in the morning, foreign exchange points remained in normal operation, announcing the trading rate at 21,500-21,680 dong/US$1. They, [...]

Habubank says 2010 gross profit at 597b dong Posted: 08 Mar 2011 09:32 PM PST Hanoi Housing Development Commercial Joint Stock Bank (Habubank-HBB) has recently announced the combined fiscal report in 2010 with a net profit of 746.7 billion dong or 13% against the previous year. The bank’s service segment posted a profit of over 114 billion dong while foreign currency exchange operations posted a loss of over 15 billion [...]

Sacombank attributes over 500b dong loss in Q4 2010 to gold price fluctuation Posted: 08 Mar 2011 09:32 PM PST Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently explained about its combined after tax profit in Q4 2010 fell 118 billion dong (-24.5%) against the same period of previous year. In Q4 2010, the bank’s net income increased 672 billion dong from Q4 2009, indicating through the higher total outstanding loans than that [...]

No further devaluation of dong in 2011, Vietcombank Securities says Posted: 08 Mar 2011 09:31 PM PST There will be no more dumping of dong this year when the improvements in the international balance of payments will help minimise the exchange rate risk, according to Vietcombank Securities Company (VCBS). The State Bank of Vietnam on February 11 adjusted up the dong/US dollar exchange rate by added 9.3 percent and narrowed the trading [...]

Famous cars sold well to deluxe hotels Posted: 08 Mar 2011 09:29 PM PST More and more well-known car brands are racing to become major suppliers to big conglomerates, including hotels and deluxe resorts in Vietnam. On March 2 and 3, two German car manufacturers, Mercedes Benz and BMW handed over eight BMW 730Li and five E250 cars to the five-star Sofitel Legend Metropole hotel in Hanoi and the [...]

Czech businesses keen on Vietnamese energy projects Posted: 08 Mar 2011 09:29 PM PST Businesses from the Czech Republic are willing to help Vietnam build power stations, confirmed Senator Vitezslav Jonas. At the Vietnamese-Czech Business Forum held in Hanoi on March 8, Senator Jonas said that the Czech Republic will invite representatives of the Vietnam Energy Institute to visit the country to observe their experiences in energy development at [...]

Hotel business booming on surging demand Posted: 08 Mar 2011 09:28 PM PST The hotel business are set to be booming this year as many new hotels will make debut, while existing ones build more rooms to meet up the surging demand. Statistics from the real estate consultancy Savillis show there are 13 five-star hotels with 4,100 rooms, nine four-star hotels with 1,400 rooms and 38 three-star hotels [...]

Mar 9: Vietnam Dong continues to fall at banks on weaker reference rate Posted: 08 Mar 2011 09:27 PM PST Vietnam's dong on March 9 slid VND5 for the second straight day at local lenders as the State Bank of Vietnam (SBV) weakened reference rate, according to data on its website. The dong was traded at 20,870 and 20,875 per dollar for bid and ask, respectively at Vietcombank and BIDV. The State Bank of Vietnam [...]

Bearish market makes bond more attractive than stock, experts say Posted: 08 Mar 2011 09:26 PM PST Bond becomes an attractive investment class as the stock market shows no signs of recovery and bank interest rate remain on a rise. Most bond issuances last year were successful, with around business bonds worth around VND47 trillion (US$2.4 billion) sold out. Of the amount, state utility Electricity of Vietnam, known as EVN, sold out [...]

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