Vietnam Business News

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• Vietnam – the world’s 2nd largest gold hoarder
• Airport project expected to receive 100m passengers/year
• S.Korean partners acquire stocks of PVN in affiliates
• Vinacomin to import coal to meet demand
• MOF proposes to defer and lower personal, corporate and dividend income tax
• Special mechanism needed to attract FDI to infrastructure
• JICA aids Vietnam’s expressway construction
• Dennis Gartman: gold could reach $1650 by year’s end
• Long Thanh airport project approved
• Vietnam’s Petrolimex sets ipo for July

Vietnam – the world’s 2nd largest gold hoarder Posted: 15 Jun 2011 11:25 PM PDT Vietnam is hoarding between 460 and 1,000 tons of gold worth around US$21 to $45 billion, second only to India, according to figures released last week. The figures take into account gold held by the people and stored at banks. The data were released during the conference in Hanoi themed "The effect of the gold [...]

Airport project expected to receive 100m passengers/year Posted: 15 Jun 2011 10:14 PM PDT Prime Minister has approved the Long Thanh international airport projection covering 5,000 hectares in the southern province of Dong Nai. It is expected to receive 100 million passengers and five million tons of cargo a year, according to the VnExpress. The project includes a 4F airport (in line with international standards). Construction will be started [...]

S.Korean partners acquire stocks of PVN in affiliates Posted: 15 Jun 2011 10:11 PM PDT Vietnam National Oil and Gas Group or PetroVietnam (PVN) and South Korean partners have signed an important deal on transferring a part of PVN's stocks in two affiliates operating in real estate construction and securities. The announcement was made in the investment promotion conference which was held in South Korea, the Vietnam News Agency reported. [...]

Vinacomin to import coal to meet demand Posted: 15 Jun 2011 10:11 PM PDT With the limited coal reverse in Dong Bac (North East) basin, Vietnam Coal and Mineral Group (Vinacomin) expectes that it could not meet the domestic coal demand by 2015, for which it will be forced to import about 6 million tons of black gold a year. In Red River basin, the trial mining will be [...]

MOF proposes to defer and lower personal, corporate and dividend income tax Posted: 15 Jun 2011 10:10 PM PDT The Ministry of Finance (MoF) has proposed to the government to defer and cut down the personal imcome tax, corporate tax and dividend income tax The Ministry of Finance (MoF) has proposed to the government to defer and cut down the personal imcome tax, corporate tax and dividend income tax, the online newspaper Tuoitre reported [...]

Special mechanism needed to attract FDI to infrastructure Posted: 15 Jun 2011 08:46 PM PDT The Ministry of Transport (MOT) has proposed to apply an additional special mechanism to call for foreign investment into the infrastructure sector. Despite a lot of great efforts, Vietnam has not succeeded in calling for foreign investment into infrastructure projects. Dau tu has quoted an official from the Ministry of Planning and Investment as saying [...]

JICA aids Vietnam’s expressway construction Posted: 15 Jun 2011 08:45 PM PDT The Ministry of Finance and the Japan International Cooperation Agency (JICA) signed an agreement in Hanoi on June 15 under which JICA will provide 40.946 billion JYP in loan for Vietnam to carry out two expressway sections. This second loan for fiscal year 2010 will be used for the building of Ho Chi Minh – [...]

Dennis Gartman: gold could reach $1650 by year’s end Posted: 15 Jun 2011 08:44 PM PDT Strategic investor Dennis Gartman, author of the Gartman Letter, thinks the trade is long gold. With the Fast Traders saying the path of least resistance in the stock market is probably lower, you may be looking for a trade that could go higher. And strategic investor Dennis Gartman, author of the Gartman Letter, thinks the [...]

Long Thanh airport project approved Posted: 15 Jun 2011 12:18 PM PDT The Prime Minister has approved the Long Thanh International Airport Project in the southern province of Dong Nai on June 14. The airport is expected to serve as an entrepot in the Southeast Asia region and will be large enough for receiving aircraft A380-800, 100 million passengers a year and 5 million tonnes of cargo [...]

Vietnam’s Petrolimex sets ipo for July Posted: 15 Jun 2011 09:03 AM PDT Petrolimex, Vietnam’s top oil importer and distributor, is preparing an initial public offering (IPO) for July, state media quoted Vuong Thai Dung, the company’s deputy general director, as saying on Wednesday. The IPO was approved in late May. The firm has said it would offer 27.43 million shares, or 2.56 percent of its registered capital [...]

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