Vietnam Business News

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• Blue chips drive national exchanges
• Illegal petrol speculation leads to shortage
• SeABank charges overnight saving rate at 12pct/yr
• Sai Gon-Ha Noi Bank opens Cambodia branch
• Government to create more housing investment funds
• Nation’s printing industry at the crossroads
• Vietnam May FDI pledges fall 80% to $322Mln
• Vietnam faces steel over-supply of 2.7 tons by end-2011: vsa
• Price ceilings for meat to be raised
• Select Cambodian imports to be tax-free

Blue chips drive national exchanges Posted: 26 May 2011 01:14 AM PDT Demand rebounded on the national stock exchanges today with both the VN-Index and HNX-Index closing higher. On the HCM Stock Exchange, the VN-Index was falling more slowly than previous sessions at 10am with a rate just under 1 percent. It then gained 3 percent to finish at 398.04 points. Gainers trippled losers while 28 shares [...]

Illegal petrol speculation leads to shortage Posted: 25 May 2011 11:04 PM PDT Stiffer penalties should be imposed on filling stations to prevent speculation at petrol retailers around the country, according to industry experts. Vuong Thai Dung, deputy general director of the Viet Nam National Petroleum Corporation (Petrolimex), said Government regulations required that petrol retailers be supervised by their wholesalers to create a more transparent petrol manufacturing chain. [...]

SeABank charges overnight saving rate at 12pct/yr Posted: 25 May 2011 11:03 PM PDT Southeast Asia Commercial Joint Stock Bank (SeABank)’s Cong Hoa branch (HCM City) has officially launched “Tiet kiem thong minh” or “Smart Saving” product with the overnight saving rate of 12 percent per year. In addition, SeABank also issued Master card for customer for 45-day purchase of goods without interest with preferential fee, 50 percent lower [...]

Sai Gon-Ha Noi Bank opens Cambodia branch Posted: 25 May 2011 11:02 PM PDT The Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB) was allowed to open a new branch in Cambodia yesterday, according to the State Bank’s Regulation 4081/NHNN-TTGSNH. The branch, located in Phnom Penh, will operate under Cambodian regulations. SHB needs to complete all litigation procedures and prepare for material facilities as well as human [...]

Government to create more housing investment funds Posted: 25 May 2011 11:02 PM PDT The Vietnamese government is on a way to building a new housing development strategy, in which it will establish a series of housing development funds, aiming to increase housing supply for the domestic demands. The information was released at the meeting of the Central Steering Committee on housing and real estate market in Hanoi on [...]

Nation’s printing industry at the crossroads Posted: 25 May 2011 11:02 PM PDT Despite achieving considerable growth, the HCM City printing industry faces numerous challenges that threaten to derail future growth, according to the Printing Association of HCM City. The going was good for the industry from 1993 to 2008 when it grew at an average of 10-15 percent a year. However, in 2009 the growth rate fell [...]

Vietnam May FDI pledges fall 80% to $322Mln Posted: 25 May 2011 11:00 PM PDT Pledges of new investment in Vietnam in May plunged 80% from April to $322 million, the Planning and Investment Ministry’s foreign investment agency said. In May, the country licensed 51 new FDI projects worth $322 million, plunging 80% on month and allowed 11 existing foreign direct investments to increase $343 million, rising 50% on year. [...]

Vietnam faces steel over-supply of 2.7 tons by end-2011: vsa Posted: 25 May 2011 11:00 PM PDT Vietnam construction steel production will exceed demand by 2.7 tons by the end of 2011 as 5 steel mills with a combined capacity of 1.5 million tons/year will come into operation between August and December this year Vietnam construction steel production will exceed demand by 2.7 tons by the end of 2011 as 5 steel [...]

Price ceilings for meat to be raised Posted: 25 May 2011 08:48 PM PDT The price ceilings for cattle and poultry meat listed in Ho Chi Minh City's price-stablization program will be raised as of Thursday, the municipal Department of Finance has said. The finance department said this was aimed to reduce the gap of 23 to 24 percent between controlled prices and market prices. Particularly, prices of pig [...]

Select Cambodian imports to be tax-free Posted: 25 May 2011 08:46 PM PDT Vietnam's Ministry of Finance has decided to waive import taxes on selected agricultural products coming from Cambodia this year. The products include: rice, bananas, mangos, watermelons, durian and shrimp. About 250,000 tons of rice and 3,000 tons of dried tobacco will be imported in 2011 without being taxed, according to the ministry. Eligible products for [...]

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