Vietnam Business News

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• Chung River hydropower plant to join national grid on April 30
• Hua Na hydropower plant to start operations in Aug
• Illegal mining at Vietnamʹs largest gold mine
• Premier Oil provides Vietnam block 07/03 drilling update
• Interbank forex rate up 10 dong to 20,683 dong/dollar March 22
• Sacombank reports use of raised capital in 2010
• Vietnam dong demand rates rise abnormally
• No penalty for Hanoi ship scandal officials: Govt
• Vietnam’s payment card market most dynamic
• Property developers hampered by uncertainty

Chung River hydropower plant to join national grid on April 30 Posted: 22 Mar 2011 12:37 AM PDT Son Lam Co Ltd’s director, Pham Cong Nhan, said that Song Chung (Chung River) hydropower plant in the northern mountainous province of Ha Giang will officially join the national grid on April 30. The plant located in Quang Binh district, Ha Giang province includes three generators with a total designed capacity of 19.5MW and total [...]

Hua Na hydropower plant to start operations in Aug Posted: 22 Mar 2011 12:36 AM PDT Hua Na Hydropower Joint Stock Co is speeding up the construction process of Hua Na hydropower plant in communes of Thong Thu and Dong Van, Que Phong district, in the central province of Nghe An to put the first generator into operation in August 2011. The plant with an estimated capacity of 180 MW and [...]

Illegal mining at Vietnamʹs largest gold mine Posted: 22 Mar 2011 12:35 AM PDT It takes more than two hours to go to the Bong Mieu gold mine in Tam Lanh commune, Phu Ninh district. This area was originally jungle in the past. Since gold was mined here, the jungle has been chopped down. Hundreds of deep holes and thousands of tonnes of ore have appeared at the site. [...]

Premier Oil provides Vietnam block 07/03 drilling update Posted: 22 Mar 2011 12:34 AM PDT Premier Oil Vietnam South B.V. (Premier), the operator of the Block 07/03 Production Sharing Contract, has advised that the CRD‐2X appraisal well has been drilled to a TD of 3785m MDRT, and has completed logging operations. The rig is now preparing to undertake a drill stem test of the hydrocarbon bearing sands in the Oligocene [...]

Interbank forex rate up 10 dong to 20,683 dong/dollar March 22 Posted: 22 Mar 2011 12:33 AM PDT The State Bank of Vietnam (SBV) announced that the interbank average forex rate today March 22 is 20,683 dong/US dollar, rising 10 dong/US dollar from yesterday. Accordingly, the ceiling FX rate applied at commercial banks on March 22 will be 20,890 dong/US dollar, marking the highest level since February 25. This is the second time, [...]

Sacombank reports use of raised capital in 2010 Posted: 22 Mar 2011 12:33 AM PDT In 2010, Saigon Thuong Tin Commercial JS Bank (Sacombank‐STB) issued shares to raise its chartered capital from 6.7 trillion dong to 9.197 trillion dong. The raised capital of 2.479 trillion dong from the share issuance will be set aside of 1.302 trillion dong to support and establish subsidiaries and for stake purchase purpose. However, STB [...]

Vietnam dong demand rates rise abnormally Posted: 22 Mar 2011 12:30 AM PDT In recent weeks, some commercial banks have started to change the interest rate frames with the demand rate increasing sharply, from 2 ‐ 4 percent up to 6‐12 percent per year, the Saigon Tiep Thi (Saigon Marketing) magazine reported on March 22. The moves of interest rate increases took place in some midsize banks including [...]

No penalty for Hanoi ship scandal officials: Govt Posted: 22 Mar 2011 12:26 AM PDT Members of the Vietnamese government will not be punished for problems at a state-owned shipbuilder whose debts threatened the country’s global financial reputation, a top official said Monday. Deputy Prime Minister Nguyen Sinh Hung made the comments to the National Assembly, where some lawmakers last year said the government should be held accountable for the [...]

Vietnam’s payment card market most dynamic Posted: 22 Mar 2011 12:25 AM PDT The Research and Markets website forecasts that the payment card market in Vietnam will grow at about 18.5 per cent during the 2011- 2014 period. In its “Vietnam Plastic Card Market Forecast to 2013″ March report available on http://www.researchandmarkets.com , it said Vietnam's payment card market is relatively small, but it is one of the [...]

Property developers hampered by uncertainty Posted: 22 Mar 2011 12:17 AM PDT Secondary investors are being frightened off purchasing property due to high interest rates, tightening of real estate credit and a lack of liquidity. Bui Tien Thang, deputy general director of Saigon Thuong tin Real Estate JSC (Sacomreal), told the Daily on the phone that the residential market had recorded a significant decrease recently. The market [...]

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