Vietnam Business News

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• Vietnam’ gold reserve equals 20-45% GDP
• Cashew export brings in $42.5m in H1 of May
• Revenue from post and telecommunications surges
• Debts account for over 50% of Vinapco’s charter capital
• Foreign capital flowing into bonds
• Vietnam’s trade deficit with China at nearly $4b in Jan-Apr
• Funding for the poor is too small against inflation in Vietnam
• Vietnam’s economic growth may reach over 7% only after 2014
• ‘Vietnam’s forex reserve reaches $13.5b’, IMF says
• Vietnam dong, gold and interbank rates – June 10

Vietnam’ gold reserve equals 20-45% GDP Posted: 09 Jun 2011 10:49 PM PDT Vietnam's gold reserve is estimated to range between 460 tons (Gold Fields Mineral Services) and 1,000 tons (World Gold Council), equivalent to $21-45billion or 20-45% of Vietnam's GDP in 2010, the local media Vnexpress reported Vietnam's gold reserve is estimated to range between 460 tons (Gold Fields Mineral Services) and 1,000 tons (World Gold Council), [...]

Cashew export brings in $42.5m in H1 of May Posted: 09 Jun 2011 09:16 PM PDT In the first half of May, the country exported extra 5,294 tons of cashew earning $42.5 million with average price of $7,990 per ton, up 47.8% against one year earlier, according to data of customs agency. Meanwhile, statistics of GSO showed that by late May, cashew export of Vietnam reached 53,000 tons worth $397 million, [...]

Revenue from post and telecommunications surges Posted: 09 Jun 2011 09:16 PM PDT The total net revenue from post and telecommunications sector in the first five months of this year was estimated to reach 53.7 trillion dong, rising 16.5% from the same period last year, of which, Vietnam Post and Telecommunications Group (VNPT) gained 34.4 trillion dong, a year on year rise of 11.2%, General Statistics Office (GSO) [...]

Debts account for over 50% of Vinapco’s charter capital Posted: 09 Jun 2011 09:15 PM PDT Vietnam Air Petrol Company (Vinapco) on June 7 announced the difficult situation as two partners still owe jet fuel cost of total 210 billion dong while the firm's charter capital is only 400 billion dong, the VnExpress reported. General Director of Vinapco, Tran Huu Phuc gave details that among the 210 billion dong debts, Indochina [...]

Foreign capital flowing into bonds Posted: 09 Jun 2011 09:12 PM PDT Foreign investors are paying much attention and pouring capital into bonds amid interest rates at banks stay at high. After a long time of standstill, foreign indirect investment (FII) started to return Vietnam, Dr Alan T.Pham, Chief Economist of Vina Securities Co said. Earlier, the SBV Governor Nguyen Van Giau also announced that FII capital [...]

Vietnam’s trade deficit with China at nearly $4b in Jan-Apr Posted: 09 Jun 2011 09:11 PM PDT During the first five months of this year, Vietnam’s trade gap was up to nearly $6.6 billion, of which, as usual, the country’s trade gap from China accounted for the large percentage and is increasing sharply, General Statistics Office (GSO) reported. According to GSO, in Jan-May, Vietnam’s total export turnover reached $34.746 billion while the [...]

Funding for the poor is too small against inflation in Vietnam Posted: 09 Jun 2011 09:10 PM PDT Being as one of the countries that have the highest average depreciation of currencies in the world, inflation is affecting strongly to the life of more than three million poor households in Vietnam. The issue was specially concerned in Consultative Group meeting on June 9 by donators. Minister of Labour, Invalid and Social Affairs, Nguyen [...]

Vietnam’s economic growth may reach over 7% only after 2014 Posted: 09 Jun 2011 09:09 PM PDT Vice Prime Minister Nguyen Sinh Hung told at one of discussions within the Consultative Group meeting on Jun 9 that Vietnam has reduced the budgetary spending by 40 trillion dong through which the budget overspending was cut down to 5.3% of GDP and expected at below 5% by this year end, the local newswire VnExpress [...]

‘Vietnam’s forex reserve reaches $13.5b’, IMF says Posted: 09 Jun 2011 09:08 PM PDT By adding $900 million in May, Vietnam's forex reserve now is estimated to reach $13.5 billion, the International Monetary Fund (IMF) said in the Consultative Group meeting for Vietnam on Jun 9. The close combination between credit and suitably-adjusted forex rate has supported to stabilize the forex market particularly and macroeconomy generally, the organization representative [...]

Vietnam dong, gold and interbank rates – June 10 Posted: 09 Jun 2011 09:06 PM PDT Here’s a snapshot of the Vietnamese dong rates in the official markets and indicative gold prices in Hanoi at 0243 GMT. June 10 June 9 USD/VND mid-point 20,623 20,623 USD/VND interbank 20,530/20,600 20,550/20,610 USD/VND unofficial 20,530/20,560 20,530/20,570 Gold (mln dong per tael) 37.91/38.00 37.83/37.92 Interbank offered rates Overnight 12.5-13 13-13.5 1 Week 14.5-15 14.5-15 1 [...]

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