Vietnam Business News

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• Vietnam gold confidentially retreats – June 08
• Tax on abandoned villas appropriate, expert says
• Retail petrol and oil prices adjustment on the table
• Vietnam Dong lending in May declines
• Enterprises and agencies slow to react to shipping surcharges
• Vietnam’s money supply rises 1.57pct in 2011 through May 19
• Internet opens up endless business opportunities
• Small banks have big hill to climb
• Stockpiled coal declines
• Vietnam should cut lending interest rates first

Vietnam gold confidentially retreats – June 08 Posted: 08 Jun 2011 09:11 AM PDT The price of gold in Vietnam fell below VND38 million a tael (1.2 ounces) on June 3 as global price significantly dropped this morning. Sacombank Jewelry Company bought the metal at VND37.88 million and sold at VND37.97 million as of 9:30 am local time. Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold [...]

Tax on abandoned villas appropriate, expert says Posted: 08 Jun 2011 09:05 AM PDT Statistics from the Ministry of Construction show only around 1,800 out of nearly 2,700 villas are in use in Hanoi, while the remainders are abandoned. In an interview with Dau Tu Tai Chinh Newspaper, property expert Dang Hung Vo said the issue can be curb by taxes. Dau Tu Tai Chinh Newspaper: The Ministry of [...]

Retail petrol and oil prices adjustment on the table Posted: 08 Jun 2011 09:03 AM PDT The Price Management Department has proposed to the Ministry of Finance to adjust the retail prices of petrol and oil for the purpose of balancing benefits of gasoline firms, the state and consumers as the domestic firms are selling at a gain The Price Management Department has proposed to the Ministry of Finance to adjust [...]

Vietnam Dong lending in May declines Posted: 08 Jun 2011 09:03 AM PDT The State Bank of Vietnam, the country’s central bank raised the OMO interest rate on 7-day mature from 13 percent to 14-15 percent a year, however, the interbank interest rate has gone down compared with the end of April. Overnight interest rate now stays at 13 percent a year, one-week mature at 15 percent pa, [...]

Enterprises and agencies slow to react to shipping surcharges Posted: 08 Jun 2011 09:02 AM PDT Vietnamese enterprises and government agencies have voiced their complaints about the unreasonable collection of surcharges applied by foreign shipping firms. However, they have not done the necessary things to settle the problem. Surcharges – the versatile tool of shipping firms In principle, goods owners rarely have to pay CIC (container imbalance charge). However, when the [...]

Vietnam’s money supply rises 1.57pct in 2011 through May 19 Posted: 08 Jun 2011 09:02 AM PDT Vietnam’s money supply rose 1.57 percent from the start of the year through May 19, according to a statement on the central bank’s website. Deposits at banks increased 1.4 percent in the same period, the notice said. Money supply rose 0.28 percent and deposits increased 0.56 percent through May 19 compared with the end of [...]

Internet opens up endless business opportunities Posted: 08 Jun 2011 09:02 AM PDT Developing websites and selling goods under the e-commerce mode prove to be a lucrative business. The internet has helped many people become billionaires. Pennies can make up a fortune A source said that the turnover of lamchame.com, an education forum, in 2010 reached one billion dong. After paying expenses, about several hundreds of millions of [...]

Small banks have big hill to climb Posted: 08 Jun 2011 09:02 AM PDT Local banks face mounting challenges to meet 2011's profit targets on the back of economic vulnerabilities. Some small banks have only fulfilled 20 per cent of their 2011 profit targets despite being halfway through the year. The representative of a small bank with a charter capital of VND2 trillion ($96.6 million) said it raked in [...]

Stockpiled coal declines Posted: 08 Jun 2011 09:02 AM PDT Vietnam Coal and Mineral Industry Group (Vinacomin) said that up to now, Vietnam has consumed 19.1 million tones of coal, of which domestic consumption counted for 12.8 million tones, increasing by 33.3 percent year-on-year. The stockpiled coal reduced by over 1 million tones to 5 million tones. In the first five months, the coal industry [...]

Vietnam should cut lending interest rates first Posted: 08 Jun 2011 09:02 AM PDT Vietnam should cut lending interest rates first before trimming down deposit rates to tame inflation, Nguyen Dai Lai, Former Deputy Head of the Banking Development Department under the State Bank of Vietnam was quoted as saying. Vietnam should cut lending interest rates first before trimming down deposit rates to tame inflation, Nguyen Dai Lai, Former [...]

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