Vietnam Business News

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• Inflation data could spur rate increase
• Asian energy ministers hold talks as oil prices up 20pct
• Sacombank spends US$3 mil. on Oracle Exadata
• Interbank trading of dollar plunges 42pct, o/n rates down
• Asia to account for over 50pct of global GDP by 2050, says ADB
• Vietnam interbank dollar hits fresh all time high, closer to otc prices
• Local bank offer business lending rate at 26%
• Vietnam business confidence index falls further in q1/2011: survey
• Finance, tax data a must for loans
• Banks offer plastic for travel abroad

Inflation data could spur rate increase Posted: 19 Apr 2011 12:02 AM PDT Vietnam may raise policy rates again after April’s inflation data, but is likely to hold off following China’s footsteps and hike reserve requirements soon, economists and traders said. Some economists expect the monthly consumer price index to be as high as 2-3 percent in April after rising 2.17 percent in March, pushing annual inflation last [...]

Asian energy ministers hold talks as oil prices up 20pct Posted: 19 Apr 2011 12:02 AM PDT Energy ministers from Asian oil producing and consuming countries on Monday meet in Kuwait City to discuss the latest energy market as oil prices soared around 20 percent amid the unrest in the Middle East and North African region. Kuwait’s Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said late Sunday that “the outlook of the market [...]

Sacombank spends US$3 mil. on Oracle Exadata Posted: 18 Apr 2011 11:56 PM PDT Sacombank last Thursday announced its successful deployment of Oracle Exadata Database Machine, allowing the bank to benefit from the solution's predictive analytics to make strategic business decisions in real time. The bank has spent more than US$3 million for this investment, which is the first Oracle Exadata Database Machine to be deployed in Vietnam. The [...]

Interbank trading of dollar plunges 42pct, o/n rates down Posted: 18 Apr 2011 11:56 PM PDT The total inter-bank trading value of dollar fell 42 percent to $3.298 million in the week ending April 6, while that of the dong edged down to 112.527 trillion dong from 157.727 trillion dong, said the State Bank of Vietnam (SBV). Trading value of the dong (mostly for overnight, one-week and two-week terms) was 87.227 [...]

Asia to account for over 50pct of global GDP by 2050, says ADB Posted: 18 Apr 2011 11:55 PM PDT Calling for improved economic collaboration among India, China and Japan, an ADB report has said Asia could re-emerge as engine of global growth by 2050 accounting for over 50 percent of the world GDP, up from 35%, at present. Under the best case scenario, a report prepared by the multilateral lending agency Asian Development Bank [...]

Vietnam interbank dollar hits fresh all time high, closer to otc prices Posted: 18 Apr 2011 10:30 PM PDT Interbank dollar in Vietnam rose to the fresh all time high as the State Bank of Vietnam weakened the midpoint reference dong-dollar exchange rate further by VND5 to VND20,733 on April 19. Accordingly, the ceiling price or the real effective rate rose to VND20,940. The move narrowed the gap between the official and un-official markets [...]

Local bank offer business lending rate at 26% Posted: 18 Apr 2011 10:29 PM PDT Local bank offer to corporate loan interest rate at 26% per annum, local media VTC reported on April 19 citing Dinh Ngoc Hung, director of Next Technology company. Hung said business must produce a yield of 50% per year to afford such a high interest rate. The State Bank of Vietnam's data showed the highest [...]

Vietnam business confidence index falls further in q1/2011: survey Posted: 18 Apr 2011 10:27 PM PDT Vietnam's Business Confidence Index (BCI) fell another 17 points to 109 in the first quarter of this year. Vietnam's Business Confidence Index (BCI) fell another 17 points to 109 in the first quarter of this year, the survey with 333 local enterprises in 11 key sectors by WVB Vietnam Financial Intelligence Services Company Limited (WVB [...]

Finance, tax data a must for loans Posted: 18 Apr 2011 09:05 PM PDT Small and medium businesses should pay more attention to financial and tax reports when applying for loans, HCM City Credit Guarantee Fund deputy head Tran Buu Long said last Saturday. He was speaking at a discussion in the city, organised by the fund, the Saigon Entrepreneurs Club and the Orient Commercial Joint Stock Bank (OCB). [...]

Banks offer plastic for travel abroad Posted: 18 Apr 2011 09:05 PM PDT Following the government's recent decision to reduce the amount of foreign exchange allowed to be taken out of the country from US$7000 to $5000, many banks are promoting their international credit cards. Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) offers to send staff directly to customer's houses to complete the paperwork for issuing [...]

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