Vietnam Business News

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• HCM city credit growth +28%, deposit +22.9% yoy in May: gso
• Vietnam c.bank has no policy to issue compulsory bonds
• Pinnacle Entertainment invests $95 million in ACDL
• UN recognises Vietnam’s productive expansion
• HCM City-based banks’ credit growth at 7pct as of May
• Local banks hard to raise holding for foreign partners
• HCM City’s industrial output surges 4.2pct in May
• Steel market may stand still in Jun
• ‘No ceiling on lending interest rate’, SBV Governor confirms
• Vietnam to promote trade with China: official

HCM city credit growth +28%, deposit +22.9% yoy in May: gso Posted: 27 May 2011 12:43 AM PDT By late May, total outstanding loans and total deposits of the banking system in Ho Chi Minh city rose by 28% and 22.9% on year, respectively, the communal General Statistics Office said. In May, total outstanding loans of HCMC-based banks were estimated at VND748.9 trillion, up nearly 2% on year and 7% from the end [...]

Vietnam c.bank has no policy to issue compulsory bonds Posted: 26 May 2011 11:22 PM PDT Vietnam’s central bank does not have any policy to issue compulsory bonds, Governor Nguyen Van Giau was quoted as saying on Friday. The State Bank of Vietnam, the country’s central bank, does not have any policy to issue compulsory bonds, Governor Nguyen Van Giau was quoted as saying on Friday, responding to talk that the [...]

Pinnacle Entertainment invests $95 million in ACDL Posted: 26 May 2011 09:16 PM PDT Asian Coast Development (Canada) Ltd. (ACDL), the owner and developer of the Ho Tram Strip beachfront complex of destination integrated resorts and residential developments in southern Vietnam, announced today that it has entered into a subscription agreement with Pinnacle Entertainment, under which Pinnacle will acquire a 26 per cent equity interest in ACDL in exchange [...]

UN recognises Vietnam’s productive expansion Posted: 26 May 2011 09:15 PM PDT The UN Economic and Social Commission for Asia and the Pacific (ESCAP) has recognised Vietnam's successful expansion of productive capacity as going beyond global average levels. ESCAP said at an annual meeting in Bangkok, Thailand, from May 19-25, that Vietnam was one of the four regional countries most successful in diversifying export-oriented products and expanding [...]

HCM City-based banks’ credit growth at 7pct as of May Posted: 26 May 2011 09:14 PM PDT Total deposits of HCM City-based banks till the end of May is estimated to have reached 792.2 trillion dong, growing 22.9 percent from the same period last year but up only 0.3 percent from last month due to the deposits from individuals saw a fall of 5 percent. However, in comparison with last May, total [...]

Local banks hard to raise holding for foreign partners Posted: 26 May 2011 09:14 PM PDT Many local banks want to raise the holding of foreign investors from 10-15 percent to 20 percent, but this plan seems to be unfeasible as they must seek approval from the Government and the State Bank of Vietnam (SBV) and find a satisfactory striking price. Orient Commercial Joint Stock Bank (OCB) and Mekong Bank are [...]

HCM City’s industrial output surges 4.2pct in May Posted: 26 May 2011 09:14 PM PDT HCM City Statistic Bureau has recently reported the socio-economic situation of the city in May 2011 with satisfactory growth. Particularly, the city’s total turnover of sales and services saw a rise of 2.7 percent from the previous month and 24.9 percent against the same period last year. The industrial production value of Vietnam’s biggest city [...]

Steel market may stand still in Jun Posted: 26 May 2011 09:13 PM PDT The retail of construction steel in the market now fluctuates around 20 million dong per ton, while the steel price sold at the factories (VAT exclusive) ranges between 16 and 17 million dong per ton depending on each type, according to Vietnam Steel Association (VSA). Pham Chi Cuong, the association chairman said that the steel [...]

‘No ceiling on lending interest rate’, SBV Governor confirms Posted: 26 May 2011 09:13 PM PDT Till May 23, total credit provided to the economy has accumulated 135.8 trillion dong or 6.2 percent against the same period of 2010, 1.2 times higher than the country's GDP growth. The State Bank of Vietnam's Governor Nguyen Van Giau had a talk with the local newswire VnExpress about the lending interest rate on May [...]

Vietnam to promote trade with China: official Posted: 26 May 2011 09:10 PM PDT Vietnam attracts great attention from Chinese businesses, and in return, China sees Vietnam as potential market in the future, said Dao Ngoc Chuong, Deputy Head of the Asia-Pacific Market Division Vietnam attracts great attention from Chinese businesses, and in return, China sees Vietnam as potential market in the future, said Dao Ngoc Chuong, Deputy Head [...]

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