Vietnam Business News

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• Rising US dollar sends gold to near VND38 million
• Weaker dollar feeds growing trade deficit
• Expo to push VN manufacturing potential
• Marine tourism and defence should be linked, says chief
• Risk management to protect cotton industry
• Overfishing affects seafood exports
• Tourism sector priorities sea, island visits
• Vietnam to import 1m tons of petrol from Jul 15
• Deposit rate hikes no answer to mobilization woes
• Government bond yields continue to ease to 12.3%

Rising US dollar sends gold to near VND38 million Posted: 17 Jun 2011 01:16 AM PDT The price of gold in Vietnam unexpectedly approached VND38 million a tael (1.2 ounces) on June 17 although global price climbed for two trading sessions in a row. Most jewelers quoted the prices above VND37.9 million, an increase of VND40,000-50,000 a tael over the previous day. Sacombank Jewelry Company bought the metal at VND37.87 million [...]

Weaker dollar feeds growing trade deficit Posted: 16 Jun 2011 09:51 PM PDT The State Bank of Viet Nam has taken a controversial series of tough measures to reduce the dollarisation of the economy, regain control of unstable foreign exchange markets and ease the downward pressure on the value of the Vietnamese dong. “The recent series of measures aim to control foreign reserves and ease tensions on forex [...]

Expo to push VN manufacturing potential Posted: 16 Jun 2011 09:48 PM PDT Vietnamese enterprises will have the opportunity to access the latest manufacturing and tool technologies at the 8th Viet Nam International Precision Engineering, Machine Tools and Metalworking Exhibition (MTA) held in HCM City next month. The four-day (July 5-8) event, covering 8,800sq.m is the largest ever exhibition of its kind to be held in the city, [...]

Marine tourism and defence should be linked, says chief Posted: 16 Jun 2011 09:48 PM PDT Marine tourism development should be linked closely to national defence and security, Viet Nam National Administration of Tourism director- general Nguyen Van Tuan said yesterday. It should also be put in the context of national socio-economic development, Tuan told a workshop on the tourism development master plan held in the capital. Under the plan, by [...]

Risk management to protect cotton industry Posted: 16 Jun 2011 09:47 PM PDT A greater focus on risk management will prevent Viet Nam’s cotton industry from being damaged by volatile global prices, a US trade official has said.   Dr Gary Adams, vice-president of the National Cotton Council of America’s Economic and Policy Analysis, speaking at a seminar in HCM City on Wednesday, said ways to tackle price [...]

Overfishing affects seafood exports Posted: 16 Jun 2011 09:47 PM PDT Seafood processors are facing a severe shortage of raw materials and have called on the Ministry of Agriculture and Rural Development to make concrete plans to resolve this. Speaking at a seminar held in HCM City on Tuesday, Nguyen Thi Thu Sac, head of the Viet Nam Association of Seafood Exporters and Producers (VASEP)’s Seafood [...]

Tourism sector priorities sea, island visits Posted: 16 Jun 2011 08:54 PM PDT Sea and island tourism development was the top priority of Vietnam's tourism sector and attached with ensuring security and defence in the context of the national socio-economic development, affirmed General Director of the Vietnam National Administration of Tourism (VNAT) Nguyen Van Tuan. Tuan said that under the sea and island development scheme devised by VNAT [...]

Vietnam to import 1m tons of petrol from Jul 15 Posted: 16 Jun 2011 08:53 PM PDT Vietnam will have to import one million tons of petrol from July 15 to ensure the domestic supply when Dung Quat Oil Refinery suspends operations for a 2-month maintenance, the local newswire VnExpress said Nguyen Hoai Giang, general director of Binh Son Refining and Petrochemical Ltd Co (BSR), the facility's operator on June 15. The [...]

Deposit rate hikes no answer to mobilization woes Posted: 16 Jun 2011 08:52 PM PDT Banks still see capital mobilization growing slowly or going into decline despite liquidity in the banking system improving and deposit rates being raised. At some banks, even though there has been a trend of selling U.S. dollar funds and depositing Vietnam dong proceeds at high interest rates, the capital raising situation hasn't improved much. The [...]

Government bond yields continue to ease to 12.3% Posted: 16 Jun 2011 08:50 PM PDT Vietnam Government bond yields continued to fall to 12.3-12.45% in an auction of VND5 trillion worth of 2-year, 3-year and 5-year bonds on June 16, according to Hanoi Stock Exchange (HNX) on primary investors's optimism about macroeconomic outlook. Government bond fixings were 12.42% p.a. for 2-year term and 13%p.a. for 3-year and 5-year terms, down [...]

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