Vietnam Business News

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• SBV posts net purchase of $877m in Jan-May
• ACB expects to raise cap to over 11tr dong in FY2011
• Hanoi targets 10-12 per cent export growth rate by 2015
• Credit line for students to increase from Aug 1
• Chan May-Lang Co EZ attracts 34 investment projects
• 600b dong to be invested in Lac Trung sub-industry trade complex
• Vietnam dong lending in May declines
• Banks pumping money via ‘trade support’
• VDB to auction 2tr dong of sovereign bonds on Jun 10
• Vietnam’s bonds rise as new regulations boost bank liquidity

SBV posts net purchase of $877m in Jan-May Posted: 06 Jun 2011 10:08 PM PDT The State Bank of Vietnam (SBV) has recently announced a net purchase of $877 million from early this year so far. According to SBV, in May, the forex market continued witnessing positive evolutions and the free forex market continued to be tightly controlled and there were virtually no transactions. Also according to the central bank, [...]

ACB expects to raise cap to over 11tr dong in FY2011 Posted: 06 Jun 2011 10:08 PM PDT In the fiscal year 2011, Asia Commercial Joint Stock Bank (ACB) targets to gain 4.1 trillion dong of pretax profit, rising 32% year on year, total assets at 275 trillion dong, up 34.1% from the end of 2010, of which, the total deposits from customers at 198 trillion dong, growing 43.6% y-o-y and the total [...]

Hanoi targets 10-12 per cent export growth rate by 2015 Posted: 06 Jun 2011 10:07 PM PDT Ha Noi is aiming to post an annual export growth rate of 10-12 per cent from now to 2015 and 14-15 per cent in the period of 2016-20 Ha Noi is aiming to post an annual export growth rate of 10-12 per cent from now to 2015 and 14-15 per cent in the period of [...]

Credit line for students to increase from Aug 1 Posted: 06 Jun 2011 10:07 PM PDT The Prime Minister has recently signed a Decision No 853/QD-TTg adjusting the loan and lending rate for students whereby from August 1, the maximum credit line for students will be raised from 900,000 dong to one million dong per month per person. However, the lending rate will also be adjusted up from 0.5% per month [...]

Chan May-Lang Co EZ attracts 34 investment projects Posted: 06 Jun 2011 08:47 PM PDT Management Board of Chan May-Lang Co Economic Zone said that the zone had attracted 34 investment projects so far with total registered capital of 36.5 trillion dong equaling to $2 billion, including 10 foreign projects worth $1.32 billion. Some big projects set in the zone include Laguna Hue project capitalized at $857 million of Singapore-based [...]

600b dong to be invested in Lac Trung sub-industry trade complex Posted: 06 Jun 2011 08:47 PM PDT Thanh Son Joint Stock Co got the permission from Hanoi municipal People's Committee to invest in Thanh Son high-class apartment and service complex in Lac Trung subindustry zone, Thanh Luong Ward, Hai Ba Trung Dist, the capital city of Hanoi. The project is estimated to cost more than 600 billion dong, designed on a site [...]

Vietnam dong lending in May declines Posted: 06 Jun 2011 08:42 PM PDT The State Bank of Vietnam, the country's central bank raised the OMO interest rate on 7-day mature from 13% to 14-15% a year, however, the interbank interest rate has gone down compared with the end of April. Overnight interest rate now stays at 13% a year, one-week mature at 15% pa, 2 weeks to one [...]

Banks pumping money via ‘trade support’ Posted: 06 Jun 2011 08:41 PM PDT Since the middle of second quarter of 2011, an array of capital support contracts for enterprises have been signed with domestic and foreign banks, majority of these contracts are in key economic fields such as power, airline and petroleum, the Thoi Bao Kinh Te Viet Nam newspaper reported. One of domestic joint stock bank that [...]

VDB to auction 2tr dong of sovereign bonds on Jun 10 Posted: 06 Jun 2011 08:40 PM PDT Vietnam Development Bank (VDN) will tender 1.5 trillion dong worth of 2-year government bonds and 500 billion dong worth of 3-year bonds on June 10, according to the Hanoi Stock Exchange (HNX). Last month VDB only issued 10-year bonds. The bonds with matures of 2 years and 3 years will be issued on June 14. [...]

Vietnam’s bonds rise as new regulations boost bank liquidity Posted: 06 Jun 2011 08:36 PM PDT Vietnam's benchmark bonds rose as improved liquidity boosted banks' demand for the government debt. The dong declined. Bank deposits increased 1.40 percent this year through May 19, the State Bank of Vietnam said in a statement on its website today. The central bank lowered the cap for dollar-deposits for individuals to 2 percent from 3 [...]

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