Vietnam Business News

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• Kienlong Bank cuts down US dollar deposit rate to 5.5 pct
• Cashew sector aims to earn $1.4 bln in exports
• Vietnam’s GDP likely to grow 5.6 pct in Q1 2011
• Conference discusses measures to fight petrol smuggling
• Bank funds animal breeding project
• Garment industry eyes $20b exports
• China attempts to raise electricity price, Vietnam under hard pressure
• Long An to investigate project delays
• Foreign exchange shops shut down, banks close doors to buyers
• Gold slightly drops

Kienlong Bank cuts down US dollar deposit rate to 5.5 pct Posted: 15 Mar 2011 08:31 PM PDT Kien Long Commercial JS Bank or Kienlong Bank has applied new US dollar interest rate table with the highest rate of 5.5% per annum instead of previous 6% pa in January. In details, the bank only offered 5.3% and 5.5% pa on 2 and 3 month terms; 5.1% pa on 4-8 month terms; 1 month, [...]

Cashew sector aims to earn $1.4 bln in exports Posted: 15 Mar 2011 08:25 PM PDT The cashew industry has set itself an export target of over US$1.4 billion this year, 32% up from 2010, according to the Vietnam Cashew Association (Vinacas). Vinacas chairman Nguyen Thai Hoc, speaking at a recent conference in HCM City, said it was an ambitious target but achievable with sufficient support and clear policies, especially in [...]

Vietnam’s GDP likely to grow 5.6 pct in Q1 2011 Posted: 15 Mar 2011 08:25 PM PDT The forecast that Vietnam’s gross domestic product (GDP) is likely to grow 5.4-5.6 percent in the first quarter of 2011 was discussed in the Government Meeting on March 15, the state-owned Thoi Bao Kinh Te Viet Nam newspaper reported. With this, Q1 GDP growth is expected to be lower than one year earlier (5.83% in [...]

Conference discusses measures to fight petrol smuggling Posted: 15 Mar 2011 08:23 PM PDT A host of measures to prevent petrol smuggling were discussed during a conference chaired by Minister of Industry and Trade Vu Huy Hoang in Ho Chi Minh City on March 14. The measures included the issuance of border petrol trading management regulations and suggesting the people's committees of border provinces to adjust networks of retail [...]

Bank funds animal breeding project Posted: 15 Mar 2011 08:21 PM PDT A US$79 million project, funded by the World Bank, has been of great benefit to the country’s animal husbandry sector, according to the Ministry of Agriculture and Rural Development. The Livestock Competitiveness and Food Safety Project (LIFSAP), which began last year, aims to improve husbandry products in all three stages — production, processing and consumption. [...]

Garment industry eyes $20b exports Posted: 15 Mar 2011 08:21 PM PDT The garment sector hopes to almost double exports to US$20 billion by 2020, a conference heard in HCM City yesterday. Pham Gia Hung of the Viet Nam Textile and Apparel Association (Vitas) said the Viet Nam Garment and Textile Development Strategy also targeted increasing domestic consumption to $6 billion by then. Exports were worth $11.2 [...]

China attempts to raise electricity price, Vietnam under hard pressure Posted: 15 Mar 2011 08:19 PM PDT Seriously lacking electricity, Vietnam has to purchase electricity from China. However, the partner, who will provide 4.6 billion KWH of electricity to Vietnam this year is attempting to raise the sale prices. Chinese electricity price will soar by 15 percent? A source from the Northern Power Company told VietNamNet that the negotiations on purchasing electricity [...]

Long An to investigate project delays Posted: 15 Mar 2011 08:19 PM PDT The southern province of Long An is reviewing delayed and tardy property projects as part of a process to improve its investment environment. There are 10 of them, mostly in the districts of Duc Hoa, Ben Luc and Can Giuoc and related to infrastructure, housing and commercial developments, the Department of Planning and Investment said. [...]

Foreign exchange shops shut down, banks close doors to buyers Posted: 15 Mar 2011 08:17 PM PDT People are complaining that they have not been able to purchase foreign currencies over the last week because the free market unexpectedly shut down and banks refuse to sell dollars. Since early last week, foreign exchange shops have unexpectedly closed the doors and stopped foreign exchange transactions. Though the exchange shops have refused to explain [...]

Gold slightly drops Posted: 15 Mar 2011 09:10 AM PDT The price of gold in Vietnam seesawed on March 15 due to movements of the precious metal on the international market. Sacombank Jewelry Company bought the metal at VND37.06 million and sold at VND37.14 million as of 11:10 am local time. Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.05 million [...]

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