Vietnam Business News

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• Gold shops in provinces join Dollar trading suspension move
• VietABank targets VND602Bln pretax profit in 2011
• Vietnam textiles and garments material import doubles in Jan-Feb
• Capital mobilization via bonds will compete with stocks
• Vietnam-India trade posts high growth
• Optimistic signals from FDI capital inflow
• Local insurers’ heads yet to be turned by agriculture
• Vietnam Dong extends decline for third straight day
• “One-size-fits-all” credit growth hinders small banks
• Dollar inflows to local banks still flat

Gold shops in provinces join Dollar trading suspension move Posted: 10 Mar 2011 01:32 AM PST Gold shops in local provinces closed dollar trading, following suit those in Hanoi and Ho Chi Minh fearing a crack-down, the local newswire Vnexpress reported March 10. Many illegal dollar-trading shops in the Central regions and Tay Nguyen have stopped buying and selling dollars, the VnExpress cited, noting than even local banks stayed skeptical. Kim [...]

VietABank targets VND602Bln pretax profit in 2011 Posted: 10 Mar 2011 01:31 AM PST Viet A Commercial Joint Stock Bank (VietABank) targets a pretax profit of VND602billion in 2011, up 73.5% from 2010, announced the lender on its website. The unlisted bank also targets to achieve total deposits of VND30trillion, up 49% on year; total outstanding loans of VND21.5trillion, up 61.78% on year, of which bad debts are capped [...]

Vietnam textiles and garments material import doubles in Jan-Feb Posted: 10 Mar 2011 01:14 AM PST Vietnam imported $670 million worth of nearly 508,445 tons of textiles and garments material in the first two months, sharply rising by 103% for value and 14.4% for quantity from 2009, Vietnam imported $670 million worth of nearly 508,445 tons of textiles and garments material in the first two months, sharply rising by 103% for [...]

Capital mobilization via bonds will compete with stocks Posted: 09 Mar 2011 09:24 PM PST The assessment was quoted from Do Ngoc Quynh, General Director of Vietnam Bond Market Association (VBMA) at the press meeting on March 9. Total outstanding bond value at the end of last December reached $15.3 billion equaling to 321 trillion dong, of which 90 percent was G-bonds (including most 5-year debts). Now there are over [...]

Vietnam-India trade posts high growth Posted: 09 Mar 2011 09:23 PM PST Vietnam-India bilateral trade has seen a continuous growth during past years, especially since the two countries established the strategic partnership tie in July 2007. Of which, Vietnam’s export turnover to India has always gained high growth. In 2009, the growth was 10.8 percent against 2008′s and it was 136.2 percent in 2010 in comparison with [...]

Optimistic signals from FDI capital inflow Posted: 09 Mar 2011 09:23 PM PST The processing and manufacturing industries are now becoming the most attractive fields in foreign direct investment (FDI) attraction in Vietnam with 39 projects capitalized at $1.2 billion, accounting for 77 percent of the total registered FDI capital in first two months this year. According to the Overseas Investment Department under the Ministry of Planning and [...]

Local insurers’ heads yet to be turned by agriculture Posted: 09 Mar 2011 09:22 PM PST Local insurers have yet to be attracted by a pilot agriculture insurance programme. Under Decision No.315/QD-TTg on agriculture insurance, farmers living in 21 chosen provinces will be insured against natural disasters and epidemics. The programme will take place from July 1 to the end of 2013. The state will provide poor and close-to-poor farmer households [...]

Vietnam Dong extends decline for third straight day Posted: 09 Mar 2011 09:18 PM PST Vietnam's dong on March 10 slid VND5 for the third 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 20,875 and 20,880 per dollar for bid and ask, respectively at Vietcombank and BIDV. The State Bank of Vietnam [...]

“One-size-fits-all” credit growth hinders small banks Posted: 09 Mar 2011 09:17 PM PST Small lenders are at a disadvantage over the bigger ones to achieve 20% credit growth each and keep 16% non-production loans in their loan structure which were applied for all the banks, the online newspaper Dau Tu reported. For a small bank with charter capital of VND2trillion, a credit growth of 100% still results in [...]

Dollar inflows to local banks still flat Posted: 09 Mar 2011 09:16 PM PST Dollar inflows to local lenders were flat, Vietcombank and others hardly buy dollar at listed bids, Vietcombank's general director Nguyen Phuoc Thanh was quoted by the online newspaper Sai Gon Tiep Thi as saying."In recent days, bids for dollar have been declined, however, the trading volume was almost unchanged. Basically, dollar inflows have not yet [...]

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