Vietnam Business News

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• VNBA GS denies proposing dollar slid intervention
• Banks still hard to raise capital despite deposit rate at 18pct/yr
• Gold price drops another 200,000 dong to 37.7m dong/tael
• Bad debts of Vietnamese banks account for 13pct of total outstanding loans: Fitch Ratings
• EU to help Vietnam develop tourism
• Nokia plant in Vietnam to come operational by 2012
• New air link between HCMC and Phan Thiet
• Tra fish gets export price increase
• PetroVietnam expects to earn $6b from oil sales
• Vietnam’s bonds supported by demand at banks; dong weakens

VNBA GS denies proposing dollar slid intervention Posted: 15 Jun 2011 12:05 AM PDT The Vietnam Bank Associations didn't propose the State Bank of Vietnam (SBV) to stop allowing dollar exchange rates to fall further, Duong Thu Huong, the VNBA's General Secretary told the local newswire HCM city Phap Luat to refute the bias. Dollar exchange rates have recently kept falling down, even to the lowest level since the [...]

Banks still hard to raise capital despite deposit rate at 18pct/yr Posted: 15 Jun 2011 12:04 AM PDT The total deposits of banking system often grew at least 2.5% per month in past years. However, in the first five months of this year, the total deposits of the banking system grew only 1.5% from the end of last year. Although almost banks have increased the saving rate, they still find it hard to [...]

Gold price drops another 200,000 dong to 37.7m dong/tael Posted: 15 Jun 2011 12:04 AM PDT The gold price in the domestic market in the morning June 14 continued to slip 200,000 dong to trade at 37.57-37.68 million dong/tael. Particularly, at 9:12 am, the gold price of Bao Tin Minh Chau Co was listed at 37.57 million dong per tael (buying price) and 37.67 million dong/tael (selling price) and the SJC [...]

Bad debts of Vietnamese banks account for 13pct of total outstanding loans: Fitch Ratings Posted: 15 Jun 2011 12:04 AM PDT Bad debt is corollary of the process of too hot credit growth in previous years, plus the lending fever for real estate and securities massively during 2006-2007. Although the State Bank of Vietnam (SBV) has asked commercial banks to restrict too high credit growth, in fact, in recent 10 years, the credit growth has been [...]

EU to help Vietnam develop tourism Posted: 14 Jun 2011 10:27 PM PDT Kenneth Atkinson, managing director of Grant Thornton Vietnam stated that the European Union plans to grant 11 million euros ($15 million) to help Vietnam develop its tourism sector. He said the EU will focus on issues like exemption of visas to Vietnam. Several Asian countries like Hong Kong, Malaysia and Singapore have exempted visas for [...]

Nokia plant in Vietnam to come operational by 2012 Posted: 14 Jun 2011 10:27 PM PDT Nokia Group is under the Vietnamese government's consideration to enjoy incentives to install production plant in Vietnam, the VnExpress reported. Deputy Prime Minister Hoang Trung Hai ordered Bac Ninh provincial People's Committee to consider investment certificate for the creation of Nokia Vietnam Co Ltd. Accordingly, Nokia Vietnam will take participate in producing, processing and assembling [...]

New air link between HCMC and Phan Thiet Posted: 14 Jun 2011 10:27 PM PDT Vietnam Air Service Company (VASCO), a helicopter service provider, has coordinated with Sea Links City, to offer a new air service link from Ho Chi Minh City to the Phan Thiet resort town on June 11. The helicopter service will provide a 40 minute service from Tan Son Nhat International Airport in Ho Chi Minh [...]

Tra fish gets export price increase Posted: 14 Jun 2011 10:26 PM PDT The export price of Vietnam 's Tra fish in the six first months of this year saw increases over the same period last year in most markets, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Accordingly, Tra fish sold to Switzerland earned the highest price of $4.43 /kg, followed by Japan market [...]

PetroVietnam expects to earn $6b from oil sales Posted: 14 Jun 2011 10:25 PM PDT Vietnam National Oil and Gas Group (PetroVietnam) estimates to reach total revenues of 340 trillion dong during the first six months of 2011, fulfilling 68% of the year's plan and growing by 45% year on year. In which, the revenues earned from oil sales is expected to be $5.8 billion, up 34% against one year [...]

Vietnam’s bonds supported by demand at banks; dong weakens Posted: 14 Jun 2011 10:24 PM PDT Vietnam's five-year bonds were little changed, leaving their yield near this month's low, amid speculation improved liquidity at banks will boost demand for government securities. The dong weakened. The State Treasury sold 3 trillion dong ($146 million) of five-year and three-year bonds on June 9 at yields of 12.65 percent and 12.7 percent, respectively, according [...]

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