Vietnam Business News

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• Vietnam likely to extend deadline for cutting non-manufacturing loans
• Vietnam gold recovers, interbank forex rate slumps
• Vietnam needs $160b for infrastructure development: EuroCham estimates
• Pepper becomes hot commodity in Gia Lai
• LienVietBank targets over 55pct profit growth in FY2011
• Vietnam’s exports estimated at $34.75b in Jan-May, GSO reports
• Industrial zones see rise in investment
• Banks rely on foreign partners to raise capital
• Tourism investors keen on Hoi An
• Banks may miss restrictive credit targets

Vietnam likely to extend deadline for cutting non-manufacturing loans Posted: 30 May 2011 12:44 AM PDT The State Bank of Vietnam (SBV), the country's central bank, will work with HCMC-based banks to discuss about deadline extension for non production loans this week, state-run newspaper Phap Luat TPHCM quoted a source familiar with the news. The source said, the SBV will investigate non production loans of each bank and likely mull over [...]

Vietnam gold recovers, interbank forex rate slumps Posted: 30 May 2011 12:43 AM PDT Losing 10 dong to 20,643 dong per US dollar, the interbank market saw the deepest fall in forex rate during last week. Meanwhile, gold bar increased by more than 100,000 dong thanks to the push from the world's market, the VnExpress reported. On May 28 morning early, big shops in HCM City announced gold at [...]

Vietnam needs $160b for infrastructure development: EuroCham estimates Posted: 30 May 2011 12:26 AM PDT Vietnam will need about $160 billion from now to 2020 to develop economic infrastructure and technique, according to Alain Cany, Chairman of the European Chamber of Commerce (EuroCham). Representatives of foreign and Vietnamese business community on May 27 in Hanoi met with the representative from the Vietnamese government to discus on business and investment environment [...]

Pepper becomes hot commodity in Gia Lai Posted: 30 May 2011 12:17 AM PDT Hundreds of pepper farmers in the Central Highlands province of Gia Lai feel they have won the lottery. With just one crop they have turned into dong billionaires, thanks to a sharp increase in world pepper prices. In the last crop, pepper prices rose higher than at any point in the previous 15 years, reaching [...]

LienVietBank targets over 55pct profit growth in FY2011 Posted: 30 May 2011 12:17 AM PDT The annual general meeting (AGM) of Lien Viet Commercial Joint Stock Bank (LienVietBank) on May 27 in Hanoi celebrated three years of establishment and passed a plan to change its name to Lien Viet Post Commercial Joint Stock Bank whereby Vietnam Post Corp (VNPost) will become a major shareholder of LienVietBank. The Vietnamese prime minister [...]

Vietnam’s exports estimated at $34.75b in Jan-May, GSO reports Posted: 30 May 2011 12:12 AM PDT Total export of Vietnam during the first 5 months of 2011 will have estimated to reach $34.75 billion, up 32.8% year on year, the General Statistics Office (GSO) reported. Notably, textile and garment export surpassed $5 billion, followed by footwear, seafood and crude oil bringing the export turnover of over $2 billion each in the [...]

Industrial zones see rise in investment Posted: 30 May 2011 12:10 AM PDT Industrial parks and export processing zones in HCM City ar expecting investment to quadruple in the first half of the year, according to the HCM City Export Processing and Industrial Zones Authority. HEPZA has forecast a figure of US$1.352 billion while the comparable figure for last year was $319.5 million. This includes nine new foreign-invested [...]

Banks rely on foreign partners to raise capital Posted: 30 May 2011 12:06 AM PDT One of the ways in which banks are planning to increase their charter capital this year is to have their strategic partners acquire a greater stake – from the current 10 to 20 per cent. However, it is not very clear if this move, aimed primarily at meeting new minimum charter capital requirements, will work [...]

Tourism investors keen on Hoi An Posted: 29 May 2011 11:39 PM PDT Its reputation as the most attractive tourism spot in the central region has helped Hoi An attract more private investors who want to invest in tourism properties. “Every day, there are around 15 – 20 real estate transactions, focusing on garden-houses or land plots next to the river and sea. Most of the customers come [...]

Banks may miss restrictive credit targets Posted: 29 May 2011 11:34 PM PDT Many commercial banks say that all their efforts to reduce lending to non-manufacturing sectors are unlikely to meet the schedule set by the central bank. According to a State Bank of Viet Nam (SBV) directive issued early March, banks have to keep credit growth to 20 per cent this year in order to contain inflation. [...]

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