Vietnam Business News

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• SBV to keep Dollar exchange rates stable
• Japanese retailer eyes Vietnam market
• SOEs to review assets and liabilities in July
• Startling with statistics of public investments
• Vietnam’s timber export hard to fulfill $4b target
• VietinBank plans to issue $500m-$1b worth of international bonds
• VIB applies 12pct/yr interest rate for payment account
• C.bank continues buying dollars for forex reserves
• Credit growth limit will benefit banks, says Moody’s
• Why Jan-May trade gap widened to $6.5b?

SBV to keep Dollar exchange rates stable Posted: 01 Jun 2011 12:42 AM PDT The State Bank of Vietnam (SBV) will keep USD/VND exchange rates stable in the coming time despite pressures from widening trade deficit and decreasing Foreign Direct Investment (FDI) inflows. The State Bank of Vietnam (SBV) will keep USD/VND exchange rates stable in the coming time despite pressures from widening trade deficit and decreasing Foreign Direct [...]

Japanese retailer eyes Vietnam market Posted: 01 Jun 2011 12:42 AM PDT Japanese retailer AEON Co Ltd, well known for its Jusco supermarket chain, plans to enter the Vietnamese market by 2013. With gross revenues of around $15 billion, AEON expects to become one of the three leading retailers in Asia during the next 10 years. Vietnam will become AEON’s 4th foreign market after mainland China, Thailand [...]

SOEs to review assets and liabilities in July Posted: 31 May 2011 11:39 PM PDT A plan to review and re-evaluate the existing assets and debts of many state-owned enterprises will be effective as of July, as stated in the newly-issued draft circular by the Ministry of Finance. Enterprises to undertake the review and re-evaluation process are those with significant total assets, whose book values are no longer consistent with [...]

Startling with statistics of public investments Posted: 31 May 2011 11:38 PM PDT Regardless of the Vietnamese government's measures on cutting down public investments in an effort to curb inflation, the actual results on public investment are raising many challenges. According to the latest figure from the General Statistics Office (GSO), the total actual amount of capital from the state budget for development and investment was estimated at [...]

Vietnam’s timber export hard to fulfill $4b target Posted: 31 May 2011 11:37 PM PDT Facing the current hardships, Vietnam’s export for timber products will be very hard to achieve $4 billion target in 2011, Tuoi Tre (Youth) newspaper quoted Nguyen Ton Quyen, vice chairman of Vietnam Timber and Forest Product Association (Vietfores) as saying. The biggest difficulty for the country’s timber firms is too high input costs (increasing by [...]

VietinBank plans to issue $500m-$1b worth of international bonds Posted: 31 May 2011 11:36 PM PDT Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank-CTG) on May 31 organized its annual general meeting (AGM) and passed a plan to issue about $500 million or $1 billion worth of international bonds with terms of five or 10 years, of which, the bank gives priority for the five-year term bonds. Accordingly, the [...]

VIB applies 12pct/yr interest rate for payment account Posted: 31 May 2011 11:35 PM PDT From May 31, Vietnam International Commercial Joint Stock Bank (VIB) announced adjusting the interest rate and offering free of charge some enclosed utilities for its E-savings product. This is a flexible demand saving account. Apart from saving purpose with the saving rate of 12% per year depending on the value of deposit, this account will [...]

C.bank continues buying dollars for forex reserves Posted: 31 May 2011 11:34 PM PDT As reported by the State Bank of Vietnam (SBV) on May 31, in comparison with the slight rise in the previous week, during the week between May 21 and 27, the forex rate in the forex market has stabilized again. Currently, commercial banks are listing the forex rate around 20,520-20,610 dong/US dollar. With the favorable [...]

Credit growth limit will benefit banks, says Moody’s Posted: 31 May 2011 11:33 PM PDT The international credit rating agency Moody's on its weekly credit outlook issued on Monday said that the limit on credit growth would benefit banks of Vietnam although it can push up the ratio of non-performing loans (NPLs). The central bank of Vietnam has asked all banks to limit the credit growth at 20% this year. [...]

Why Jan-May trade gap widened to $6.5b? Posted: 31 May 2011 11:31 PM PDT Along with inflation, trade deficit is widening and forecasted to rise highly in the last half of 2011. According to Ministry of Industry and Trade, in the first five months, Vietnam announced a trade gap of $6.5 billion. The figure reflected inadequacies as from the start of this year, an array of measures to curb [...]

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