Vietnam Business News

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• Gold and dollar plummet
• Savings in dong becoming more attractive
• TienPhongBank expects to gain 2011 pre-tax profit of 460b dong
• Gold saving rate fall further
• Vietnam’s export for apparel products fetches nearly $3.6b in Jan-Apr
• Vinachem aims to obtain Q2 profit of 700b dong
• VPBank to inject more capital this year
• High inflation may force Vietnam to tighten policy
• April 26: VN index falls but 460 threshold sustains
• Foreign currency interest rates tend to drop

Gold and dollar plummet Posted: 26 Apr 2011 12:58 AM PDT The price of gold in Vietnam fell by VND200,000 a tael (1.2 ounces) on April 26 as global price steeply declined under selling pressure in Asia this morning. Sacombank Jewelry Company bought the metal at VND37.26 million and sold at VND37.36 million as of 8:15 am local time. Saigon Jewelry Company, the biggest gold shop [...]

Savings in dong becoming more attractive Posted: 26 Apr 2011 12:56 AM PDT More than half of a month after the US dollar deposit rate has been adjusted down to 3 percent per year while the dong deposit rate is still standing at 14 percent a year, people in HCM City are wondering whether they should make deposit in dong instead of US dollars. After the State Bank [...]

TienPhongBank expects to gain 2011 pre-tax profit of 460b dong Posted: 26 Apr 2011 12:55 AM PDT Tien Phong Commercial Joint Stock Bank (TienPhongBank) has approved the 2011 business plan with expected pre-tax profit of 460 billion dong, increasing by 117 percent against the previous year. In order to realise the year plan, the bank’s leaders have set up main targets of concentrating on raising capital in the first markets (among households [...]

Gold saving rate fall further Posted: 26 Apr 2011 12:55 AM PDT Gold saving rate continued to see fall after large-scaled banks announced new gold deposit rate benchmark. On April 22, Asia Commercial Joint Stock Bank (ACB) announced to adjust the gold saving rate from the highest level of 1 percent per annum and 1.1 percent pa (depending on each type of gold) for 11-month term in [...]

Vietnam’s export for apparel products fetches nearly $3.6b in Jan-Apr Posted: 26 Apr 2011 12:54 AM PDT Vietnam’s export turnover for apparel products in the first four months this year reached nearly $3.6 billion, rising 28 percent from the same period last year, Le Tien Truong, deputy general director of Vietnam National Textile and Garment Group (Vinatex) said. In 2011, the country expects to gain nearly $13 billion of export turnover from [...]

Vinachem aims to obtain Q2 profit of 700b dong Posted: 26 Apr 2011 12:53 AM PDT By the end of the first three months of this year, Vietnam Chemicals Group (Vinachem) reported gaining total revenue of 9.091 trillion dong, increasing by 38 percent against the same period last year, and profit of 750 billion dong, equivalent to 26.7 percent of the year plan. In Q1 of 2011, the company estimated to [...]

VPBank to inject more capital this year Posted: 26 Apr 2011 12:53 AM PDT The Vietnam Prosperity Commercial Joint Stock Bank (VPBank) will increase its chartered capital from the current 4 trillion dong to 5.05 trillion dong this year, heard the general meeting of the bank last week. The shareholders also approved the bank's business plan this year with the total assets to reaching 80 trillion dong. As of [...]

High inflation may force Vietnam to tighten policy Posted: 26 Apr 2011 12:52 AM PDT Vietnam, hit by inflation of more than 17 percent in April, needs to find ways to tighten monetary policy further without causing a spike in interest rates that chokes business, economists said yesterday. They said authorities are likely to raise key rates and dong reserve requirements, but said steps need to factor in what the [...]

April 26: VN index falls but 460 threshold sustains Posted: 26 Apr 2011 12:50 AM PDT Vietnam's stocks resumed its losing track after a strong rebound yesterday as sellers took the chance to exit amid tightening conditions. The benchmark VN Index fell 3.76 points or 0.8% to 461.86. Volume rose 7.6% to 28.3 million shares traded for VND685.33 billion. Analysts cannot see a sustainable rally yet but they see opportunities in [...]

Foreign currency interest rates tend to drop Posted: 26 Apr 2011 12:49 AM PDT Commercial banks are reducing their VND/USD exchange rates to below the ceiling on USD deposit interest rates set by the State Bank of Vietnam (SBV). The SBV on April 25 announced the interbank exchange rates at VND20,708 per US$1. Accordingly, the ceiling level at commercial banks was VND20,730 for buying and VND20,830 for selling. However, [...]

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