Vietnam Business News

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• Vietnam ready to assist Japan’s reconstruction
• Gold makes sharp correction
• Vietnam’s timber export hard to fulfil $4b target
• Local banks unease as property prices down, trading frozen
• Vietnam tells state firms to sell dollars to help prop currency
• Account transfer amongst banks may be made via ATMs by 2015
• Interbank forex rate sees new bottom at 20,633 dong/US dollar Jun 3
• Insurance provider focuses on developing online services
• Vietnam Development Bank posts 20 pct credit growth
• Telecom market sees slower growth

Vietnam ready to assist Japan’s reconstruction Posted: 03 Jun 2011 09:49 AM PDT Vietnam is ready to participate in Japan’s reconstruction after natural disasters by providing human resources, construction materials and necessary goods for the country. This statement was made by Truong Tan Sang, Politburo member and permanent member of the Secretariat of the Communist Party of Vietnam Central Committee, while meeting with Japan’s parliamentary leaders, Foreign minister [...]

Gold makes sharp correction Posted: 03 Jun 2011 09:49 AM PDT The price of gold in Vietnam retreated to VND37.8 million a tael (1.2 ounces) on June 3 as global price continued going down. Sacombank Jewelry Company bought the metal at VND37.71 million and sold at VND37.77 million as of 9 am local time. Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at [...]

Vietnam’s timber export hard to fulfil $4b target Posted: 03 Jun 2011 09:49 AM 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 chair 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 [...]

Local banks unease as property prices down, trading frozen Posted: 03 Jun 2011 09:48 AM PDT Local banks are unable to sit still near the property loan collection deadline as the property market is going down, the local newswire VnMedia reported June 2. There’s only one month left till June 30, 2011 when all the banks must pull down outstanding loans for non’manufacturing factors (property, securities, and consumption) to 22 percent [...]

Vietnam tells state firms to sell dollars to help prop currency Posted: 03 Jun 2011 09:47 AM PDT State-owned firms in communist Vietnam have been ordered to sell US dollars to commercial banks, official media said Thursday, to address a rising trade deficit and stabilise a weak currency. The State Bank of Vietnam has instructed firms that are more than 50 percent government-owned to sell their dollars held in fixed term and non-term [...]

Account transfer amongst banks may be made via ATMs by 2015 Posted: 03 Jun 2011 09:47 AM PDT From 2013 to 2015, customers in HCM City will be able to make bank transfers amongst commercial banks via ATThis is a key content in the banking service development programme of the State Bank of Vietnam-HCM City Branch in near future. According to Nguyen Van Dung, deputy director of the State Bank’s HCM City branch, [...]

Interbank forex rate sees new bottom at 20,633 dong/US dollar Jun 3 Posted: 03 Jun 2011 09:46 AM PDT The interbank forex rate today Friday (June 3) announced by the State Bank of Vietnam (SBV) dropped 5 dong from yesterday to 20,633 dong/US dollar. This is the lowest level of the interbank forex rate since February 11, 2011, breaking the old bottom of 20,638 dong/US dollar by last weekend. The ceiling forex rate at [...]

Insurance provider focuses on developing online services Posted: 03 Jun 2011 09:46 AM PDT Liberty Insurance Co has recently introduced a variety of additional add-ons on its website of www.LibertyInsurance.com.vn so as to reinforce the company’s capacity of providing insurance products and services for customers on Internet. These new add-ons will help the customers for purchasing car insurance, tourism insurance and accident insurance, check the contract information and declaration [...]

Vietnam Development Bank posts 20 pct credit growth Posted: 03 Jun 2011 09:46 AM PDT After 5 years of operations, by December 31, 2010, Vietnam Development Bank (VDB) had achieved total outstanding loans of around 90 trillion dong, representing an average growth rate of 20 percent per year, accounting for 3 percent of total social capital investment, reported Nguyen Quang Dung, director of VDB. Accordingly, VDB is managing 2445 projects [...]

Telecom market sees slower growth Posted: 03 Jun 2011 09:43 AM PDT Vietnam's telecom market moves into a slower development phase after many years of enjoying annual subscriber growth increases of 170 to 200 percent. The General Statistics Office revealed there were a total of 127.8 million telephone accounts nationwide, down 11 percent from last year, with the number of fixed telephone accounts at 15.5 million, decreasing [...]

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