Vietnam Business News

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• VietBank raises non-term Dong deposit interest rates by 2.4%
• SBV denies rumor of 2% charge on foreign currency sale
• Electrical equipment firms gain market share
• Furniture sector needs more flare
• Steel prices cut to boost demand
• Two-way trade with US soars by 21%
• Ministry proposes five steps to reduce demand for dollars
• Vietnamobile provides ‘supper-cheap’ charge pack
• Most banks to tighten property-backed lending
• Vietnam March trade gap drops to $700 mln-report

VietBank raises non-term Dong deposit interest rates by 2.4% Posted: 23 Mar 2011 09:35 PM PDT Vietnam joint stock commercial bank (VietBank) on March 23 raised non-term deposit interest rates for the dong by 2.4% p.a. to 6% p.a., the state-run online newspaper VnEconomy reported. The hike made Vietnam one of the banks with the most attractive non-term deposit interest rates for the dong in the market. The highest deposit interest [...]

SBV denies rumor of 2% charge on foreign currency sale Posted: 23 Mar 2011 09:35 PM PDT The State Bank of Vietnam (SBV)'s Governor Nguyen Van Giau on March 23 refuted the rumor that it would allow commercial banks to charge retail dollar buyers 2% fee, the local online newspaper Nguoi Lao Dong reported. Giau made it clear that the add-on fee is just a suggestion of the National Advisory Council for [...]

Electrical equipment firms gain market share Posted: 23 Mar 2011 09:33 PM PDT Sales of many Vietnamese made industrial products have increased in the domestic market, benefiting both enterprises and consumers and mitigating the country’s trade deficit. Electric generator shops in District 10′s Ly Thuong Kiet Street are often crowded, as businesses and residents prepare for coming power cuts. Customers are increasingly buying locally manufactured generators from familiar [...]

Furniture sector needs more flare Posted: 23 Mar 2011 09:33 PM PDT Viet Nam’s impressive strides in furniture exports can be maintained in the long term only if it develops its domestic designing capacity, says John Chan Jick Chun, regional director of the American Hardwood Export Council (AHEC) for Southeast Asia and Greater China. Where, according to you, does Viet Nam’s furniture industry stand today? Viet Nam’s [...]

Steel prices cut to boost demand Posted: 23 Mar 2011 09:32 PM PDT Domestic steel prices suddenly dropped to levels similar to those at the start of the year, said the Viet Nam Steel Association (VSA). After two months, the price of steel declined by up to VND300,000 (US$14) per tonne, said deputy chairman of VSA Nguyen Tien Nghi. He added that the steel prices currently stood at [...]

Two-way trade with US soars by 21% Posted: 23 Mar 2011 09:32 PM PDT Two-way trade between Viet Nam and the US topped US$1.71 billion in January, a year-on-year increase of 21.3 per cent, according to data released by the US Department of Commerce on Tuesday. While imports from the US and the country’s exports to the market both grew substantially over the same period last year, imports from [...]

Ministry proposes five steps to reduce demand for dollars Posted: 23 Mar 2011 09:31 PM PDT The Ministry of Planning and Investment (MPI) has proposed five measures to tackle the widespread use of the dollar in the domestic economy. In a ministry website statement, it said the first measure was to increase US dollar reserves to enable more active management of exchange rates; and to use a basket of several currencies [...]

Vietnamobile provides ‘supper-cheap’ charge pack Posted: 23 Mar 2011 08:28 PM PDT Mobile network operator, Vietnamobile, has said that from March 21, it launched to the market the “super-cheap” charge pack with the name of V-Biz for office staff and businesses. According to Vietnamobile, with the V-Biz charge pack worth 65,000 dong, the user will receive the incentives of up to nearly one million dong monthly for [...]

Most banks to tighten property-backed lending Posted: 23 Mar 2011 08:27 PM PDT Vietnam Report said 60% of banks joining its latest poll said that they were planning to tighten up procedures and process of property-backed lending. For long term lending, 20% of respondents will do the same. The result was announced on March 18. Therefore, it can be seen that in 2011, regarding both the government's priority [...]

Vietnam March trade gap drops to $700 mln-report Posted: 23 Mar 2011 08:26 PM PDT Vietnam’s trade deficit will drop to $700 million this month, down some 36 percent from the estimated gap in February, a state-run newspaper reported on Thursday. March exports were estimated at $3.2 billion and imports would reach $3.9 billion, the official Tuoi Tre daily cited Vietnamese customs data as showing. The country’s trade deficit last [...]

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