Vietnam Business News

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• Gold suddenly rises to VND38 million
• Gold Settles Above $1,542 on Dollar Drop, Weak Jobs Report
• Government’s roadmap of fighting “dollarization” on right track: economist
• Vietnam calls for more investment from Japan’s Kansai region
• Financial group proposes new vehicle ownership fee in Vietnam
• Germany, Vietnam to deepen economic, political ties
• Breweries work up a lather
• Power shortages deter investors
• Vietnam looks towards green economy
• CG Meeting to focus on stabilisation

Gold suddenly rises to VND38 million Posted: 06 Jun 2011 01:31 AM PDT The price of gold in Vietnam unexpectedly hit VND38 million a tael (1.2 ounces), the highest level since April 30, on June 6 thanks to the rising momentum on global market. Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.94 million and sold at VND38 million as of 10:05 am local [...]

Gold Settles Above $1,542 on Dollar Drop, Weak Jobs Report Posted: 05 Jun 2011 11:28 PM PDT Gold held onto modest gains Friday to settle above $1,542, after jumping to a two-day high when the dollar tumbled after a soft monthly labor report showed the U.S. economy created far fewer jobs than expected in May. Spot gold slipped to about $1,541.44 a troy ounce after rising to a two-day peak of $1,546.39, [...]

Government’s roadmap of fighting “dollarization” on right track: economist Posted: 05 Jun 2011 11:27 PM PDT The Government's roadmap of fighting "dollarization" is on the right track, flexible and timely, Le Tham Duong, Head of Business at Ho Chi Minh city University of Banking told the online newspaper Dat Viet. Duong welcomed the State Bank of Vietnam (SBV)'s moves to raise dollar reserve requirements and cut dollar deposit interest rate cap, [...]

Vietnam calls for more investment from Japan’s Kansai region Posted: 05 Jun 2011 11:24 PM PDT Party Politburo member Truong Tan Sang has called on enterprises from Japan's Kansai region to invest more in Vietnam, especially in science-technology. During his receptions of leaders of the Kansai Economic Federation, the Osaka Chamber of Commerce and Industry and discussions with leaders of Kansai region's economic groups on June 4, Mr Sang pledged favourable [...]

Financial group proposes new vehicle ownership fee in Vietnam Posted: 05 Jun 2011 11:23 PM PDT A new fee should be introduced to curb the use of cars, a group of financial investors say. The Vietnam Association of Financial Investors has proposed that the government impose an ownership fee of up to 10 times a vehicle's worth to curb imports and traffic congestion in the country. The association, a group of [...]

Germany, Vietnam to deepen economic, political ties Posted: 05 Jun 2011 11:23 PM PDT Vietnam and Germany signed an agreement Saturday in Hanoi for Berlin to provide financing of more than 210 million euros (295 million dollars) for Ho Chi Minh City’s new subway. German Foreign Minister Guido Westerwelle signed the financing pledge during his visit to the Vietnamese capital, where talks focused on deepening political and economic relations [...]

Breweries work up a lather Posted: 05 Jun 2011 10:40 PM PDT Local beer businesses have built more beer breweries and begun importing foreign beer brands to meet high consumption demand, industry experts say. During the first four months of the year, local beer businesses produced 714.6 million litres of beer of various kinds, a surge of 9.2 per cent over the same period last year, according [...]

Power shortages deter investors Posted: 05 Jun 2011 08:52 PM PDT Large foreign players hurt by Vietnam's power shortages have offered the country some words of wisdom to improve the country's power market. Ho Chi Minh City-based Nordic Business Association (NordCham) said several new Nordic companies had increased their present investments and new companies had been established recently. "However, many of NordCham's companies face problems with [...]

Vietnam looks towards green economy Posted: 05 Jun 2011 08:50 PM PDT Vietnam should look towards a green economy that harmoniously combines maintaining economic growth and ensuring social welfare with environmental protection and response to climate change. The statement was made by Minister of Natural Resources and Environment Pham Khoi Nguyen at a national meeting in response to the 2011 World Environment Day (WED) and the 2011 [...]

CG Meeting to focus on stabilisation Posted: 05 Jun 2011 08:46 PM PDT Vietnam's macroeconomic stabilisation will top the agenda of the mid-term Consultative Group Meeting this week in central Ha Tinh province. International development donors will spend most of the meeting's first session discussing the Vietnamese government's efforts to respond to severe economic difficulties. According to the World Bank's lead economist in Vietnam Deepak Mishra, the macroeconomic [...]

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