Vietnam Business News

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• Viet Nam tourism ranked amongst the best
• Coffee supply up from Vietnam, Indonesia; but prices resilient
• Banks syndicate 400b dong for Phu Quy wind power plant
• Gas stations hoard despite fines
• EVN’s debt tops $450 million
• Hoa Phat drafts mining of 10 tons of gold in Laos
• Vietnam’s electricity import from China increases by 100m kWh/mth
• Accor partners with Savico for Mercure hotel in Danang
• Banks putting shoulders to the wheel
• Overseas Vietnamese invests in 122 projects in HCM City

Viet Nam tourism ranked amongst the best Posted: 05 May 2011 09:10 PM PDT National Geographic [NG) recently rated Viet Nam amongst the World’s Best Guided Expeditions in its sixth annual publication entitled “50 Tours of a Lifetime.” NG recommended its readers to try a 14-day-excursion which is said to be “action-packed with quintessential Vietnamese experiences.” In addition, Lonely Planet recently included Sapa, situated in the northern mountainous province [...]

Coffee supply up from Vietnam, Indonesia; but prices resilient Posted: 05 May 2011 09:10 PM PDT Vietnam raised coffee export forecasts for 2011 by 4 percent and exports from Indonesia nearly doubled last month, but the increase may have little impact on global prices that are underpinned by concerns about scarce good-quality beans. A rally in New York arabica futures to 34-year peaks pushed up London robustas to a new contract [...]

Banks syndicate 400b dong for Phu Quy wind power plant Posted: 05 May 2011 09:09 PM PDT PetroVietnam Power Corp (PV Power) and two partner banks namely Ocean Commercial Joint Stock Bank (OceanBank) and HSBC Vietnam have recently signed a contract to arrange nearly 400 billion dong for Phu Quy wind power plant in the central province of Binh Thuan. The wind power plant with three wind turbines and total designed capacity [...]

Gas stations hoard despite fines Posted: 05 May 2011 09:08 PM PDT Many gas stations in the southern provinces of An Giang, Tien Giang, Long An and Dong Nai are closing or limiting their sales at the risk of being fined. Expecting petrol prices to rise further, many stations have limited their sales to 20,000 dong worth of petrol for every motorbike and 50,000 dong for every [...]

EVN’s debt tops $450 million Posted: 05 May 2011 09:08 PM PDT The Vietnam Electricity Group (EVN) owed 9 trillion dong (US$450 million) in its electricity and coal purchases in the first quarter of this year, according to Sai Gon Tiep Thi Newspaper. Of this amount, EVN owed Petro Power 5.1 trillion dong ($255 million) and the Vietnam National Coal and Minerals Industries Group (VNCOMIN) 552 billion [...]

Hoa Phat drafts mining of 10 tons of gold in Laos Posted: 05 May 2011 09:07 PM PDT Hoa Phat Mineral Co, an affiliate of HPG, has gained the permission of Lao Ministry of Energy and Mining on the result of exploring gold mine in Pac Lai, Xayabury in the north of Laos. Total reserve of gold after exploration is estimated at 10.5 tons. Previously, the company had explored in details on a [...]

Vietnam’s electricity import from China increases by 100m kWh/mth Posted: 05 May 2011 09:07 PM PDT Vietnam’s electricity purchase from China has increased by 100 million kWh per month since April. The country’s total electricity output including both power production and purchase in Jan-April reached nearly 32.7 billion kWh, rising 10.32 percent from the same period last year, of which, electricity purchase was nearly 19.5 billion kWh, a year on year [...]

Accor partners with Savico for Mercure hotel in Danang Posted: 05 May 2011 09:06 PM PDT Global hotel management group Accor on Wednesday announced its partnership with the local trade and real estate services firm Savico to manage and develop Mercure Son Tra Resort in the central coastal city of Danang. Scheduled to be up and running in 2013, the 120-room hotel is expected to help attract more guests to Danang [...]

Banks putting shoulders to the wheel Posted: 05 May 2011 09:05 PM PDT Local banks are working to meet macroeconomy stabilisation measures. Under Directive 01, commercial banks have to reduce lending rates to non-productive areas to below 22 percent of their total outstanding loans no later than June 30, 2011. At least 24 commercial banks will have to restructure their lending activities as their current lending rate to [...]

Overseas Vietnamese invests in 122 projects in HCM City Posted: 05 May 2011 09:05 PM PDT So far, People's Committee of HCM City has granted investment certificates for 122 projects of overseas Vietnamese with a total pledged capital of over $260 million, of which, the capital contribution of overseas Vietnamese was $153 million. In 2010 alone, 15 projects received investment license capitalized at $2.6 million, of which, the capital contribution of [...]

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