Vietnam Business News

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• Interbank forex rate at lowest since Feb 11
• Hong Leong Vietnam and Bac A Bank successfully connect with Smartlink alliance
• Vietnam Airlines borrows Ocean Bank’s $7m loan to buy aircraft
• Vietnam’s total retail sales slowdown in May
• Japanese Aeon retailer to build outlet in Vietnam
• Reducing outstanding loans to non-production sectors an important task
• Eximbank purchases 1,000 tael of gold after two weeks of launching incentives
• Proposal to reduce meat imports
• BIDC opens branch in Hanoi
• Hydropower plants depleting rivers

Interbank forex rate at lowest since Feb 11 Posted: 27 May 2011 09:22 PM PDT The interbank forex rate on May 27 was announced at 20,653 dong per US dollar, the lowest level since February 11 when the rate had been adjusted up to 20,693 dong from 18,932 dong per US dollar, the Nguoi Lao Dong newspaper reported. Ceiling forex rate that commercial banks are allowed to trade decreased to [...]

Hong Leong Vietnam and Bac A Bank successfully connect with Smartlink alliance Posted: 27 May 2011 09:21 PM PDT It is the first time, a foreign bank namely Hong Leong Bank in Vietnam can make ATM transactions under the Smartlink system without any fees. Smartlink Card Services Joint Stock Co (SML) on May 27 officially announced the successful connection with Hong Leong Vietnam One-member Ltd Bank and Bac A (North Asia) Commercial Joint Stock [...]

Vietnam Airlines borrows Ocean Bank’s $7m loan to buy aircraft Posted: 27 May 2011 09:21 PM PDT Vietnam Airlines signed a deal to borrow a $7 million loan from Ocean Bank to buy backup engines for Airbus A321 by Vietnam Airlines, the local newswire VnExpress reported. General Director of national flag carrier, Pham Ngoc Minh said that the loan would help his firm more active in business and service operations. Currently Vietnam [...]

Vietnam’s total retail sales slowdown in May Posted: 27 May 2011 09:20 PM PDT Total retail sales of Vietnam till May 27 has been estimated to gain 762.716 trillion dong, up 22.5 percent against the same period of 2010 but if excluding price increases, May growth of retail sales was only 6.4 percent , Domestic Market Management Group reported. Thus, May retail sales growth rate was only 0.68 percent [...]

Japanese Aeon retailer to build outlet in Vietnam Posted: 27 May 2011 09:20 PM PDT Aeon Co Ltd (Japan) retail group that is known for Jusco supermarket chain plans to enter Vietnam market by 2013. Currently, Aeon is operating in Malaysia market. Nagahisa Oyama, vice president cum business executive director of Aeon in ASEAN, said his group will open the first retail chains in some ASEAN countries. Under the plan, [...]

Reducing outstanding loans to non-production sectors an important task Posted: 27 May 2011 09:15 PM PDT Commercial banks have been told to reduce the outstanding loans to non-production sectors to 22 percent prior to June 30, and to 16 percent by the end of the year. However, small banks fear that they would fail to meet the target. The State Bank of Vietnam in early March 2011, informed that 24 commercial [...]

Eximbank purchases 1,000 tael of gold after two weeks of launching incentives Posted: 27 May 2011 09:44 AM PDT After two weeks of launching the incentives programme of buying gold with 100,000 dong higher price against the quoted forex rate, Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) bought about 1,000 taels of gold from customers, Thanh Nien newspaper quoted Dinh Thi Thu Thao, Eximbank’s deputy general director as saying on May 26. However, [...]

Proposal to reduce meat imports Posted: 27 May 2011 09:44 AM PDT The Animal Husbandry Department of the Ministry of Agriculture and Rural Development has proposed that meat imports must be reduced to encourage local livestock farmers to expand production. According to Hoang Kim Giao, head of the department, prices of livestock have increased from 30-50%, but prices of pork in the country are still lower than [...]

BIDC opens branch in Hanoi Posted: 27 May 2011 09:43 AM PDT The Bank for Investment and Development of Cambodia (BIDC) has opened its first branch in Hanoi with a capital of US$15 million. Established in September 2009, with 100% capital from Vietnam, BIDC is the economic and trade bridge between Vietnamese and Cambodian businesses. BIDV will help boost financial trade between Vietnam and Cambodia. BIDV has [...]

Hydropower plants depleting rivers Posted: 27 May 2011 09:43 AM PDT Construction of hydro power plants has interfered with the water flow in large rivers in the Central Highlands, resulting in a steady depletion of water. Se San drying The 220MW Thuong Kon Tum Hydropower Plant broke ground two years ago on the upper reaches of the Dac Snghe River, which originates from a height of [...]

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